Global Battery Market Scenario:
According
to Market Research Future (MRFR)’s analysis, the global battery
market size 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. 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.
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.
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)
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