Global Battery Market: Overview
The rapid increases in battery technology are gaining demand mostly from consumer electronics. Technologies such as grid power, industrial, and domestic storage are boosting the prospects of the battery market. As per the recent findings by US Department of Energy, it is projected that by year 2020, the annual battery production will reach 10,000-500,000. The growing production including import and export of batteries worldwide offered opportunities worth $115.62 billion in 2018, and the global battery market will prosper at a compound annual growth rate of 8.21% during the forecast period of 2019-2025.
APAC is most lucrative, leading with a regional share of around 31.09% in 2018. Growing disposable income among urban populations in the region is leading for high demand for plug-in hybrid and electric vehicles. Furthermore, growing government policies of using non-toxic products that do not affect the environment are influencing the growth of the battery market in the region.
Global Battery Market: Outlook
Battery is the device made up of one or more than one electrochemical cells. Battery works on a principal of electromotive force. The increasing demand for portable batteries requires the fastest charging function, which is relatively known as lithium iron phosphate (LiFePO4) battery technology.
The major applications in battery market are automotive and consumer electronics, with lead-acid batteries extensively used in vehicles. Moreover, increasing concerns towards sustaining fossil fuel reserves and increasing prices of petrol and diesel is leading to a change in the automotive industry, moving towards electric vehicles, which is stroking the battery market. Superior performance and durability of lead-acid and other batteries are gaining demand in the automotive sector. Also, rising use of mobile phones along with other consumer electronic devices demands for an external portable battery that are gaining traction from various consumers which will stroke the growth of battery market with CAGR of 6.97% through to end period.
Global Battery Market: Growth Drivers
- Growing concerns towards environment globally as well as decreasing oil reserves are the main factors for the increasing demand for battery for electric vehicles. 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.
- Rise in disposable income and increasing use for smartphones among the population across the globe, in turn, is excelling the demand for battery used in smartphones.
- The increased focus of the governments towards reducing greenhouse gas (GHG) emissions, the rise in a 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.
Global Battery Market: Trends
- Aqueous lithium-ion batteries are less heavy, durable, and they can be manufactured in different shapes hence these batteries have been great interest for military use.
- LIB batteries are less flammable in nature that makes them engaging for industries that prioritize safety over energy density such as airplanes and submarines.
- 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 of 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 companies to propel in battery market.
- 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 the power to charge other devices, water resistant along with LED and great sounding wireless music. This innovation is gaining a lot of traction from the 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: Challenge
Over the development in the battery industry, lithium batteries have become a crucial part of the electric vehicles (EV). The growing demand of EV are influencing the battery market but with some of the challenges faced by the industrial designer and manufactures there are urgent need to find the solution. These batteries are of high power and more complex in manufacturing. The battery life of vehicles degrades with time due to several factors such as high temperature and also affects the performance of the running vehicles. In order the cool the batteries, adding of coolants while manufacturing is one of the solutions to overcome the challenge and maintain the shelf life of the battery.
Global Battery Market: Key Players Perspective
Some of the major companies in battery market are Delphi Automotive LLP, Samsung SDI Company Limited, Toshiba Corporation, Delphi Automotive LLP, Panasonic Corporation, LG Chem, Saft Groupe SA, GS Yuasa Corporation, Trojan Battery Company, and A123 Systems.
Battery Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Battery Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Battery market, and its segmentation on the basis of product type that includes Primary or Non-Rechargeable, Secondary or Rechargeable and by Application watches, calculators, mobile phones, camcorders, computers, cars, trucks, buses, locomotives, satellites, robots, and submarines.
Battery Market Report: Industry Coverage
The report analyses the product demands by the Battery Market on the basis of end-user industry that includes Aerospace, Defense & Military, Electrical & Electronics, Marine, Medical, Mining, and Automotive. The Battery market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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