Global Battery Market Scenario:
According
to Market Research Future (MRFR)’s analysis, the global battery market is
poised to thrive at a steady CAGR of 4% during the forecast period. The
advancements introduced in the battery industry is anticipated to lead the
expansion of the market over the next couple of years.
Rise in demand for electronic devices such as
smartphones and tablets as well as government regulations to reduce the
pollution are some of the major factor which drives the demand for the growth
of battery market. The growing demand for electric cars supported by the
governments for reducing carbon footprint is driving the proliferation of the
battery market. An upsurge in demand has been expected from the booming
automotive sector which is projected to benefit the expansion of the market
over the assessment period.
Additionally, increasing demand for electric vehicles
also pushing the battery market towards growth. Automotive batteries are
rechargeable batteries that supply electric energy to automobiles. With the
continuous rise in production and sales of automobiles, the global automotive
battery market has been witnessing increase in sales. Furthermore, constant
increase in the demand for electricity and depletion of fossil fuels have
encouraged countries across the globe to focus more on the generation of
electricity through renewable energy sources.
Key Players
The leading players in the battery market are Exide
Technologies (U.S.), Douglas Battery (U.S.), Penn Manufacturing Company,
Inc.(U.S.), Johnson Controls Inc(U.S.), The Furukawa Battery Co. ltd (Japan),
Zhejiang Haijiu Battery Co. Ltd (China), Chaowei Power Holding ltd (China),
CamelGroup (Italy) and Fengfan Co. Ltd.(China)
Segmentation
The market has analyzed the market based on battery
types, applications and end-uses in the regions of North America, Europe, APAC
and rest of the world. On the basis of battery types it includes lead acid,
lithium ion, nickel metal hydride and nickel cadmium. Lithium ion is one of the
largest segments by battery type. Lithium-ion battery is a kind of rechargeable
battery, which is used in various industries and comes with a great life cycle
with the high energy density. On the basis of applications it includes portable,
automotive and industrial. Automotive segment holds the largest segment.
Automobile segment is witnessing continuous expansion, especially in developing
economies and, thus impacting the battery market positively. The new
fuel-saving technologies such as micro hybrid systems are also leading to
higher battery usage.
Regional
Analysis:
The
global battery
market share, by region, has been segmented into North America, Europe,
Asia Pacific, and the Rest of the World. Asia Pacific is expected to dominate
the global market through the forecast period. The rapid industrialization and
urbanization are fostering growth in the regional battery market. A rise witnessed in the purchasing power of
the population coupled with an elevated standard of living has led to the
expansion of the end-user industries of batteries. The growing demand for
automobiles is the key factor responsible for driving the expansion of the
battery market in the region. The booming economy of China trailed by Japan are
likely to contribute significantly towards the proliferation of the market over
the next couple of years.
North
America is a vital revenue pocket expected to exhibit substantial growth over
the review period. The growth is primarily attributable
to the rising demand for electric and hybrid automobiles in the region.
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