Battery Market Share, Latest Innovations and New Tech Development | Global Industry Professional Survey Analysis with Focus on Company Profiles and Forecast to 2023

Global Battery Market Expected to Expand at 4 % CAGR – Forecast to 2023
Battery Market by Battery Type, by Application and by Region | Industry to Grow at 4 % CAGR by Forecast to 2023

Market Overview:-

According to a new report by Market Research Future (MRFR), the global market for battery is expected to show a 4 % CAGR over the forecast period. Battery provides electric energy to automobiles for ignition, starting and lighting. Batteries are majorly used in uninterruptible power supplies (UPS), portable electronic equipment, and automotive. The global market for battery has witnessed remarkable growth over the past few years and is anticipated to maintain the growth status over the forecast period.

Competition Analysis:-

The prominent players driving the global market for battery are Douglas Battery (U.S.), Johnson Controls Inc (U.S.), The Furukawa Battery Co. Ltd (Japan), Penn Manufacturing Company Inc.(U.S.), Exide Technologies (U.S.), and many more.

Douglas Battery held their latest Douglas U class in Dallas, TX, which was organized by the local representative group, Southland Battery. The class consisted of one sales coordinator and 12 technicians from all over the country. After two days of hands-on training, the class left with a better understanding of charger serving and battery.

 

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Global Battery Market Segmentation:-

The global market for battery has been segmented by battery type, by application, and by region.

The market has been segmented into Lead acid, Lithium-ion, Nickel metal hydride, and Nickel-cadmium on the basis of battery type. Among these, Lithium-ion is expected to witness the highest growth rate during the forecasted period. Lithium-ion battery market is mainly driven by industrial and automotive applications. Lead acid batteries dominated the market before the evolution of Lithium-ion battery. Lead acid battery market is anticipated to grow in the coming years, but Lithium-ion market is likely to be higher than Lead acid.

The market has been segmented into portable, automotive and industrial on the basis of application. Among these, automotive was the largest segment owing to the increasing demand for plug-in hybrid vehicles, electric vehicles, and hybrid vehicles. The SLI application in the automotive segment has contributed to the high battery demand for lighting, starting, and ignition of the vehicle.

The market has been segmented into Asia Pacific, Europe, North America, and Rest-of-the-World based on the region.

Drivers and Restraints:-

The increasing demand for fully electric, semi-hybrid and hybrid vehicles will drive the global market for battery. With the rising consumption of technological innovations, laptops, and mobiles, growing disposable income, emerging economies, and government initiative to replace fuel vehicles over battery vehicles are some of the prominent factors fuelling the market growth.

In automotive industry, the demand for battery is increasing at a rapid pace owing to the government support environment-friendly modes of transport. Automotive battery manufacturers across the world are getting fair subsidies to enforce the production capacity. Moreover, the lithium-ion battery is one of the latest discoveries which offers sufficient energy and supports large vehicles so that they can run smoothly. The increasing demand for lithium-ion battery will boost the battery market growth in the future. Also, increasing need for technological development, security of energy supply, and development of new battery application along with decreasing price of raw materials for manufacturing innovative products will boost the industry growth. There has been a growing need for self-consumption of PV electricity for household storage systems. This is one of the major reasons fuelling the market growth.

Meanwhile, the cost involved and safety issues associated with battery usage might act as a hindrance to the growth of the market. Alternatives such as diesel generators and fuel cells along with uncertain regulations might inhibit the market growth in the future.

Industry Developments:-

In January 2018, Contemporary Amperex Technology Co Ltd (CATL) has announced for USD 2 billion IPO in Shenzhen, to construct two battery plants which will include a giant 24 GWh facility which will help to massively boost the output.

On 31st August 2016, Douglas Battery introduced a new line of LegaC2™ high-frequency modular chargers. These new line chargers featured industry’s most efficient, most compact, and most versatile designs, available as wall-mounted or a free-standing design.

 

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Asia Pacific to Continue its Dominance:-

Owing to the rising demand for industrialization and automobiles, Asia Pacific is witnessed to dominate the global battery market, followed by North America and Europe. Developing countries in Asia Pacific like India and China are anticipated to hold the largest market share due to rising production of automotive. Increasing number of electric vehicles and demand from consumer electronics segment in Japan and China are driving the market growth.

North America will show a steady growth rate during the forecasted period due to the increased production of technologically advanced vehicles and eco-friendly initiatives.

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