A battery is a device, which consists of one or more electro-chemical cells with connections provided externally, to power electronics and electrical devices.
Rising demand for energy management, coupled with the growing need for energy storage are driving the global battery market, and the trend will be the same over the forecast period. Batteries are used in applications such as automotive, aerospace, marine, etc. Increasing demand for hybrid and electric vehicles in the coming years will create significant growth opportunities for the growth of battery market. The availability of alternatives such as diesel generators and fuel cells along with unfavorable rules and regulations might restrain the battery market growth in some regions.
The global battery market was over US$ 13.6 billion in 2017 and is projected to expand at a CAGR over 9.5% during 2018 – 2025.
Rechargeable batteries had the major share of the global battery market in 2017.
Growing need for the energy supply security, coupled with technological development and increasing disposable income of consumers are assisting the growth of rechargeable battery market over the forecast period.
UPS, mobile phones, residential energy storage systems, automobiles, aircrafts, etc. are some of the major applications of rechargeable batteries. Increasing implementation in all this equipment will trigger the market growth till the end of forecast period. In further, rising need to meet the energy storage demand, coupled with the implementation of batteries in various utilities will further accelerate the market growth till the end of 2025.
Lead Acid batteries had the major share of the global battery market in 2017.
Li-Ion battery market is predicted to be the fastest growing segment by 2025, owing to a significant rise in the production of electric vehicles. Effective commercialization of electric and hybrid vehicles by OEM’s will create favorable opportunities for the market to grow till the end of the forecast period. Increasing strictness on vehicle emission, coupled with rising need for fuel efficiency, the automotive manufacturers are implementing Li-ion batteries in the automobiles, which will be a favorable factor for the market growth. Major manufacturers like Honda Motor Company, and BMW Motors announced their strategic measures towards the development of electric and hybrid.
Currently, the lead acid batteries are dominating the battery market regarding volume. This segment is expected to hold the majority market share by 2023. Lead acid batteries for the automotive end-use industry, will have a significant impact on the dominant market share over the forecast period. Moreover, the cost of lead-acid batteries is lower than lithium-ion batteries. However, factors such as shorter cycle life, performance, and lower lifespan and performance contribute to the less market growth till the end of the projected period.
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Global Battery Market for automotive had the highest market share in 2017.
The battery market size for automotive is projected to have the highest share over the entire forecast period, owing to rising demand for batteries from electric and hybrid vehicles. According to OICA, the global passenger cars production reached 73.4 million in 2017, increasing from 72.0 million in 2016. Their production is expected to grow at a moderate rate, owing to the increasing demand for transportation. The automobile batteries’ demand for automobiles is usually proportional to the increasing demand for transportation. The automotive electrical systems are getting developed, and more technological components are integrated by the into them by the manufacturers, primarily to increase comfort and safety.
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Asia Pacific held the largest battery market share in 2017
The demand for batteries is high in the Asia Pacific region, as economic, infrastructural, industrial, and technological developments are on a huge rise from the past few years. Huge population in the Asia Pacific region makes this region an attractive market for battery market. Growing demand for automobiles, especially for electric and hybrid vehicles, and commercial aircrafts will provide significant opportunities for the Asia Pacific battery market to grow till the end of the forecast period. The dominant market share is majorly attributed by the countries such as Japan, India, and China. Japan has set its targets to reach half of the world’s battery production by the end of 2020. This country also has a subsidy program, which gives the batteries for 66% of the actual cost for businesses and houses which install the Li-ion batteries.
Increasing need for renewable energy generation across various countries of this region are favoring the growth of the Asia Pacific battery market over the previous years. Additionally, favorable government policies by many countries encouraging the renewable energy storage systems will create more opportunities for this market to grow over the coming years. All these policies and laws will drive the batteries demand, which in turn, will provide further growth prospects for the battery manufacturers in this region.
Key players in the global battery market include East Penn Manufacturing Co., Exide Industries, GS Yuasa Corporation, LG Chem Ltd., C&D Technologies, Enersys, FIAMM, Johnson Controls Inc., Lishen Battery, Sony Corporation, and Tesla among several others.
Several key manufacturers are implementing strategies to incorporate innovative battery solutions for automobiles. For instance, in 2014, BMW announced to introduce a plug-in hybrid core model starting with 3 series. Mercedes Benz plans to develop one plug-in model electric vehicle for every four months till end of 2017. Another player, Toyota is also developing technology to introduce PHEV by the end of 2018.
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