Battery Industry
Market Research Future (MRFR) expects the global battery market to achieve a CAGR of 4% during the forecast period (2018-2023).
Battery Industry: 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.
Battery Industry 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 Battery Industry 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 industry, 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).
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.
Leading Competitors
The leading companies shaping the worldwide batter industry 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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