According to the research report titled ‘GLOBAL BATTERY MARKET 2019-2027’, available with Market Study Report, global battery market is expected to grow with a CAGR of 6.91% between 2019 and 2027.
 

Growing demand for energy storage systems along with increasing number of electric vehicles are key factors fueling the growth of global battery market. Rising adoption of battery systems in automotive sector and consumer inclination towards adopting UPS are further aiding the market expansion.
 

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For those unfamiliar, batteries are energy-storing systems which are utilized for stocking energy in order to be used later in case of blackouts or power shortages as well as when in need of high power. A battery usually comprises of multiple electrochemical cells which are adopted for producing electrical energy from chemical energy.
 

Shifting preferences towards adopting rechargeable batteries and increasing utilization of the product in defense and automotive industries are also stimulating global battery market trends.
 

However, rising concerns regarding the adverse environmental impact of lead-acid batteries and strict regulatory scenario may act as restraining factors to the overall market growth. Additionally, advent of supercapacitors, easy availability of counterfeit products and fluctuating prices of raw materials may also hamper the industry remuneration.
 

In terms of battery type, the market is segmented into nickel cadmium batteries, nickel metal hydrate batteries, lithium-ion batteries and lead-acid batteries. The application scope of worldwide battery market consists of portable, automotive and industrial segments.
 

From the regional perspective, global battery market is split into North America, Asia-Pacific, Europe, Middle East & Africa and Latin America, with key focus on countries such as South Africa, Saudi Arabia, Turkey, United Arab Emirates, Mexico, Brazil, Australia & New Zealand, South Korea, Japan, China, India, Russia, Italy, Spain, France, Germany, United Kingdom, Canada and the United States.
 

The report claims that Asia-Pacific battery market is predicted to expand significantly during the study duration. Escalating investments towards R&D activities, rising adoption of electric vehicles and favorable initiatives undertaken by multinational corporations are favoring the regional market outlook.
 

Strong lead-acid battery manufacturing base in India, Japan and China, regulatory focus towards infrastructural development and mounting demand from automotive industry have enabled Asia-Pacific to vastly contribute to global battery industry remuneration.
 

The competitive landscape of global battery market is defined by companies such as Eveready Industries India Ltd., Toshiba Corporation, Samsung SDI Co., East Penn Manufacturing Company Inc., Murata Manufacturing Co. Ltd., Shenzhen BAK Battery Co. Ltd., Exide Technologies, Saft Groupe S.A., EnerSys, Panasonic Corp., NEC Corporation, Crown Battery Corp., Johnson Controls International plc, Hitachi Ltd., GS Yuasa Corp., BYD Co. Ltd., LG Chem Ltd., Duracell International Inc., C&D Technologies Inc., and A123 Systems LLC among others.