Global Battery Market: Growth Forecast and Demand Analysis
Gaining strong traction from growing ubiquity of smartphones and governmental emphasis on promoting electric vehicle usage, the global battery market is poised for fruitful returns, according to a newly published business intelligence report by IndustryARC. As per the evaluations of the report, the global battery market size was around $68 billion to $70 billion in 2018, and the demand is projected to grow at a CAGR of 5% to 6% during the forecast period of 2019 to 2025. The report is titled “Battery Market: By Type (Primary or Non-Rechargeable, Secondary or Rechargeable), By Application (Watches, Calculators, Mobile Phones, Camcorders, Computers, Cars, Trucks, Buses, Locomotives, Satellites, Robots, Submarines, Others), By End-User Industry (Aerospace, Defense & Military, Electrical & Electronics, Marine, Medical, Mining, Automotive, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Forecast (2019-2025),”
Browse 66 Market Tables, 177 Figures spread through 152 slides and an in-depth TOC “Battery Market (2019 - 2025)”
Global Battery Market: Leading Segments
As per the IndustryARC report, North America led with a regional share of around 30% in 2018, whereas the electric vehicles end use segment is growing at a CAGR of nearly 21% through to 2025. Lead-acid battery is used in vehicles. Additionally, increasing concerns towards fossil fuel caused pollution and increased price of petrol and diesel are leading to a major disruption in the automotive industry. Consumers are now moving towards electric vehicles, which is stroking the battery market. Superior performance and durability of lead-acid batteries with the increasing automobile sales in markets of the United States and Canada are chiefly driving the North American battery market growth.
Global Battery Market: Trends
- Advances in battery technology have led to faster charging, higher energy densities, and reduced battery degradation. Combined with the expansion of motors with higher evaluation and consistency, improvements in battery chemistry have reduced costs and upgraded the enactment and proficiency of vehicles.
- Aqueous lithium-ion batteries are lighter, durable, and they can be manufactured in different shapes, which reasons why these batteries have been of great interest for military use.
- LIB batteries is less flammable in nature that makes them engaging for industries that prioritize safety over energy density such as airplanes and submarines.
- The increased focus of the governments towards reducing greenhouse gas (GHG) emissions, the rise in number of power outages, and the availability of manufacturers who provide lithium iron phosphate batteries at comparatively lower prices, are major factors that will drive battery market growth.
- Manufacturers are constantly improving lithium-ion with new enhanced chemical combinations to increase the battery aging life. Increasing demand for wearable devices can boost the battery market performance.
- Researchers are now considering replacing lithium ion batteries with ions and electrolytes such as zinc, aluminum, magnesium, and sodium. These batteries will be cheaper and potentially safer, that will help battery market companies find newer customers.
- Energizer, recently launched a smartphone with a whopping 16,000mAh battery. This development will influence other manufacturers in the battery market.
- Firefly is the innovative development in battery market. This power bank is combined with power to charge other devices, water resistant along with LED and great sounding wireless music. This innovation is gaining lot of traction from population more engaged in outdoor activities such as camping.
- A company named Pisen in 2017, developed a laser pointer power bank. This laser power bank battery is so efficient that with one charge it can work for a whole year. The battery capacity is very powerful that it has been chosen by over millions of customers all over the world.
Global Battery Market: Competitive Landscape
Some of the major companies in battery market are Panasonic, SAFT, Tesla, Exide, LG Chem, Samsung, A123, Duracell, eCobalt, Amperex Technology, Johnson Control, and Toshiba.
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Automotive Battery Market: By Battery Type (Lead Acid Batteries, Lithium Ion Batteries, Nickel Cadmium, Others); By Function (Electric Propulsion, SLI); By Engine Type (ICE vs EV); By Vehicle Type (Passenger, Two wheeler, Commercial); By Geography - Forecast (2018-2023)
Lithium Ion Battery Market: By Material Type (Cathode, Anode, Electrolytic Solution, Others (Separator, Binder, Foils, & others)) By Application (Electronics, Automotive, Industrial, Others (Energy, Medical, & Military)) & Geography - Forecast(2019 - 2025)
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