Global Battery Market
Scope
Market
Research Future (MRFR) expects the global battery market to achieve a CAGR of
4% during the forecast period (2018-2023).
Top Drivers and Primary
Challenges
Batteries
have emerged as a pivotal component in the increasingly electrified world. Their
combination of advanced battery technologies and technical features has led to the
creation of new and more sophisticated products. For instance, extended life
duration along with the autonomy of batteries deployed in electric mobility can
boost the demand for autonomous equipment such as robots for personal care or gardening
etc.
Furthermore,
trends in flexible or miniaturized batteries are expected to find widespread use
in applications like internet-of-things and wearables. The Battery
Market Share is steadily climbing the success ladder backed by the
rising use of batteries for electric mobility. Additionally, markets such as batteries
for portable electronic equipment are tasting success as well, and are
predicted to remain lucrative in the coming years as well. In the constantly
evolving world of transportation, latest advancements in rechargeable batteries
performance are giving rise to a host of opportunities for transport with reduced
emissions as well as high environmental performances.
Growing
consumption of laptops and mobiles, emerging economies, increasing disposable
income as well as government initiatives and technological innovations are
bound to help the market have an ardent growth during the conjectured
timeframe.
Battery Market
Segmentation
Battery
type and application are the primary segments considered for the thorough
examination of the global battery market.
In
terms of the battery type, the global battery market share covers lithium-ion, lead-acid,
nickel-cadmium, and nickel-metal hydride. The lead-acid segment enjoys the utmost
demand from the automotive sector and as a result, accounts for a significant
portion of the market. In addition, consistent advancements in the lithium-ion
segment can lead to strong market growth in the following years.
Application-based
segments identified in the report are automotive, industrial and portable.
Regional Insight
The
global battery market share, geographically, can be broken down into North
America, Asia Pacific (APAC), Europe, along with the Rest of the World (RoW).
APAC
is projected to be the most lucrative market for battery in the ensuing years,
backed by the sizeable investments being made by private organizations and the
high adoption rate of electric vehicles (EVs). Amplifying number of research
and development (R&D) activities by renowned research institutions along
with the initiatives undertaken by multinational organizations striving to
develop the next generation batteries has led the region to the top position in
the global market. The region is known for high availability of highly skilled and
promiscuous workforce, which also gives a significant boost to the market.
The
battery market in North America is generating considerable revenue, thanks to
the reducing lithium-ion battery prices and rising use of electric vehicles.
The high sale of consumer electronics also favors the regional market. The United
States (U.S.) along with Canada is known for being a pioneer in the innovation field
of the battery market. The region is also considered to be one of the significant
consumers of batteries.
The
companies in Europe control a vast share of intellectual property as well as technological
know-how in the worldwide battery industry. The region has managed to make its
presence felt in the battery pack assembly sector, and is abuzz with strong funding
opportunities and a highly skilled workforce. Also, the high environmental
standards make Europe a strong contender in the battery market across the
globe.
Leading Competitors
The
leading companies shaping the worldwide batter market include Fengfan Co. Ltd.
(China), Exide Technologies (U.S.), Johnson Controls Inc (U.S.), Chaowei Power
Holding Ltd (China), Penn Manufacturing Company, Inc. (U.S.), The Furukawa
Battery Co. Ltd (Japan), CamelGroup (Italy), Zhejiang Haijiu Battery Co. Ltd
(China), Douglas Battery (U.S.), among others.
Related
Reports: https://uberant.com/article/679931-motor-control-centers-mmc-market-in-depth-analysis-global-forecast-to-2023/
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