Battery Market Analysis, Trends, Size, and Forecast. Battery Market Industry Overview, Market Growth, Market Share, Syndicate Report, and Business Research Reports – US and UK
Description
Global Battery Market: by Product (Lead Acid, Li-ion, Ni-cd, Nickle Metal Hydride), by Application (Residential, Commercial, and Industrial), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
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The battery market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive market analyses, capturing all the battery market aspects.
Battery Market Introduction
The battery market size is USD 18.4 billion in 2019 and is expected to register a CAGR of 4.55% during the forecast period, 2021-2027. A battery is a device made up of one or more electrochemical cells. Battery works on a principle of electromotive force. The increasing demand for portable batteries requires the fastest charging function, boosting the growth of lithium iron phosphate (LiFePO4) battery technology.
Factors Affecting the Battery Industry Over the Forecast Period
- The rapid demand for electric equipment and advancement in battery technology is increasing demand for batteries across the globe and boost the global market's growth.
- Industrial and commercial sectors increase the demand for batteries due to increased power consumption and power backup.
- Technologies such as grid power, domestic inverters are estimated to boost the growth of the battery market.
- Growing disposable income among urban populations in developing countries, especially in the Asia Pacific region, is increasing the demand for automobiles which will have a positive impact on the production and sale of automotive batteries
- Moreover, increasing demand for plug-in hybrid and electric vehicles and government subsidies on them is expected to accelerate the growth of the battery market.
Impact of COVID-19 on Battery Market:
The outbreak of the COVID-19 has declines the manufacturing of automobile OEMs due to complete lockdown across the globe has negatively impacted the revenue of battery manufacturers. The pandemic has slowed battery supply chains as most of the battery cells are produced in China, thereby highlighting overwhelming dependence on China and associated supply chain risks. This has spurred interest among various stakeholders for localization of the supply chain in the US and Europe regions to mitigate the supply chain risks.
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Scope of the Report
The report outlines the global battery market study based on product and application.
Based on the product, the battery market has been segmented into –
- Lead Acid
- Li-ion
- Ni-cd
- Nickel Metal Hydride
Based on the application, the battery market has been segmented into –
- Residential
- Commercial
- Industrial
- Automotive
- Manufacturing
- Marine
- Others
Battery Market: Regional Outlook
The global battery market is geographically categorized into North America, Asia Pacific, Europe, South America, the Middle East, and Africa. The Asia Pacific is projected to hold the largest market share in the global battery market due to the presence of key end-use industries and the rapid growth of electric automobile production across the region. Moreover, increasing industrialization and growing demand for portable electric devices across the region are the key factors for the growth of the Asia Pacific battery market. Furthermore, North America is anticipated to project a healthy CAGR growth in the global market during the forecast period.
Key Global Battery Market Competitors Includes –
The global battery market is highly fragmented, with a large number of small players across the globe. The key battery manufacturers operating in the global market are –
- Toshiba Corporation
- Sony Corporation
- Samsung SDI Co., Ltd.
- Saft
- Panasonic Corporation
- NEC Corporation,
- LG Chem Ltd.
- Johnson Controls
- Hitachi Chemical Co., Ltd.
- GS Yuasa International Ltd.
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