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). 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.
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.
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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 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 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,
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.
Latest News
February 2019:
Energizer-branded phones by Avenir Telecom, is set to launch a new mobile phone
that has a battery power of 18000 mAh.
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