The adoption of electric vehicles or EVs has increased significantly in the past few years. People these days have become increasingly aware regarding the condition of the environment, which has been impacted severely due to carbon emissions, and are opting for eco-friendly solutions. The use of EVs instead of traditional fuel-based vehicles can help in reducing the emission of greenhouse gases significantly. Due to this, governments of several countries are also formulating strict regulation for encouraging the adoption of these vehicles.

A major component of an electric vehicle is the battery, which is why, the global lead-acid battery market is registering considerable growth. The demand for these batteries is further rising because of the surging inclination towards renewable energy sources. Renewable energy is largely dependent on batteries, which makes lead­–acid batteries highly important products when it comes to utilizing green energy. The renewable energy installations are rising across the globe, majorly in the European Union, which is further driving the demand for lead–acid batteries.

Technologies advancements regarding energy storage devices, such as lead–acid batteries, is a key trend being witnessed in the domain. Lead–acid batteries are utilized for a large number of applications and are in high demand because of their compatibility with an extensive range of consumer electronics. Manufacturers have further started focusing high-performance variants in order to deal with the limitations of traditional lead–acid batteries.

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By 2023, the lead-acid battery market is expected to generate a revenue of $70.7%, increasing from $56.9 billion in 2017, and is predicted to grow at a 3.7% CAGR during the forecast period (2018–2023). On the basis of construction, the market is divided into valve-regulated lead–acid (VRLA) and flooded, between which, the flooded division accounted for the larger share of the market in 2017. These batteries are a cost-effective solutions for entry-level start and stop systems and are being widely utilized in marine applications.

In terms of application, the market is divided into leisure, automotive, uninterrupted power supply, utilities, marine, telecommunications, construction, and oil gas. Out of all these, the oil gas application is projected to advance at the fastest pace during the forecast period. Owing to the rise in EP activities, the demand for energy storage devices and use of UPSs in the oil gas industry are growing at a rapid pace.

Geographically, the lead–acid battery market was dominated by Asia-Pacific (APAC) during the historical period (2013–2017), and the region is further projected to account for the largest share of the market during the forecast period as well. The rising disposable income of people in the region is leading to the growth of the automotive industry, which, in turn, is driving the demand for lead–acid batteries in the region. Moreover, the increasing adoption of energy storage is also driving the regional market.

In conclusion, the market is being driven by increasing sales of electric vehicles and growing focus on renewable energy sources.