How Will Rapid Urbanization Propel Lead–Acid Battery Sale?
The global automobile production surged from 52,146,292 units between January 2020 and September 2020 to 57,262,777 units between January 2021 and September 2021, as per the OICA. Furthermore, the IEA estimates that global PHEV car and BEV car stock will grow from 3,346,713 units in 2020 to 16,335,941 units by 2025 and 6,850,327 units in 2020 to 29,626,576 units by 2025, respectively. The increasing adoption of EVs and the burgeoning vehicle demand will, therefore, encourage the use of lead–acid batteries in the upcoming years. Additionally, the accelerating urbanization rate and the ongoing industrial revolution will propel the lead–acid battery market growth in the foreseeable future. The rapid urbanization and industrialization creates will create a huge requirement for power, owing to which households and manufacturing units deploy such energy storage devices in abundance. According to the World Urbanization Prospects: 2018 Revision by the Population Division of the UN, the global...