Battery Market Expected to Expand at 4 % CAGR | Global Industry Economic Impact, Dynamics, Historical Analysis and Research Conclusions by 2023

Market Overview:-

In automotive industry, the demand for battery is increasing at a rapid pace owing to the government support environment-friendly modes of transport. Automotive battery manufacturers across the world are getting fair subsidies to enforce the production capacity. Moreover, the lithium-ion battery is one of the latest discoveries which offers sufficient energy and supports large vehicles so that they can run smoothly. The increasing demand for lithium-ion battery will boost the market growth in the future. Also, increasing need for technological development, security of energy supply, and development of new battery application along with decreasing price of raw materials for manufacturing innovative products will boost the industry growth. There has been a growing need for self-consumption of PV electricity for household storage systems. This is one of the major reasons fuelling the market growth.

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Batteries provide the electric energy to automobiles for starting, lighting and ignition. The rising demand of hybrid, semi-hybrid and fully electric vehicles will drive the global battery market. Also, the adoption rate of these batteries in passenger vehicle is increasing, which will drive this market. Recent innovations, which provide for high-efficiency and longer power back-up in smartphones/ tablets and PCs enable this technology to reach a wider range of audiences. Emerging technologies such as flexible batteries and aluminum-ion batteries, are expected to increase the competition. The high purchase price creates a major limitation for the consumers to adopt lithium battery into their devices or systems. Safety issues related to battery usage may hamper the growth of global battery market, which otherwise has been projected to grow at 4% in the next five years.

Industry Top Key Players:-

The prominent players driving the global market for battery are Douglas Battery (U.S.), Johnson Controls Inc (U.S.), The Furukawa Battery Co. Ltd (Japan), Penn Manufacturing Company Inc.(U.S.), Exide Technologies (U.S.), and many more.

Global Battery Market Segmentation:-

The global market for battery has been segmented by battery type, by application, and by region.

The market has been segmented into Lead acid, Lithium-ion, Nickel metal hydride, and Nickel-cadmium on the basis of battery type. Among these, Lithium-ion is expected to witness the highest growth rate during the forecasted period. Lithium-ion battery market is mainly driven by industrial and automotive applications. Lead acid batteries dominated the market before the evolution of Lithium-ion battery. Lead acid battery market is anticipated to grow in the coming years, but Lithium-ion market is likely to be higher than Lead acid.

The market has been segmented into portable, automotive and industrial on the basis of application. Among these, automotive was the largest segment owing to the increasing demand for plug-in hybrid vehicles, electric vehicles, and hybrid vehicles. The SLI application in the automotive segment has contributed to the high battery demand for lighting, starting, and ignition of the vehicle.

The market has been segmented into Asia Pacific, Europe, North America, and Rest-of-the-World based on the region.

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Market Research Future Analysis:

There are many elements that hold the growth of global battery market. Contribution to the global industrial scenario is estimated to increase significantly in the forecast period. Asia-Pacific is dominating the battery market due to factors such as growing demand from automobile and industrial sectors. Moreover, steady growth in domestic production and exports of automobiles coupled with expanding vehicle fleet is projected to drive demand for batteries. Additionally, rising penetration of two-wheelers in semi urban and rural India is projected to surge replacement demand for two-wheeler batteries during the forecast period.

Regional Analysis:-

Asia Pacific to Continue its Dominance:-

Owing to the rising demand for industrialization and automobiles, Asia Pacific is witnessed to dominate the global battery market, followed by North America and Europe. Developing countries in Asia Pacific like India and China are anticipated to hold the largest market share due to rising production of automotive. Increasing number of electric vehicles and demand from consumer electronics segment in Japan and China are driving the market growth.

North America will show a steady growth rate during the forecasted period due to the increased production of technologically advanced vehicles and eco-friendly initiatives.

MAjor Points Table Of Contents:-

1 Executive Summary

2 Research Methodology

3 Market Dynamics

4 Global Battery Market, By Battery Type

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5 Global Battery Market, By Application

6 Regional Market Analysis

7 Competitive Analysis

8 LIST OF TABLES

9 LIST OF FIGURES

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