April 29, 2021
According to the business intelligence report titled ‘GLOBAL Battery Market 2019-2027’, available with Market Study Report LLC, global battery market is speculated to register 6.91% CAGR between 2019-2027.
Rising demand from automobile sector, in cohorts with escalating sales of electric vehicles, and widespread adoption of UPS systems are key factors driving expansion of global battery market. Moreover, proliferating demand of energy storage systems, usage of rechargeable batteries in consumer products, and adoption in defense & motive sector applications will facilitate industry growth.
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For the unversed, battery refers to a technology that stores energy to be used later in case of emergencies like power outages and blackouts or high power demand. It contains electrochemical cells which transform stored chemical energy into electric energy directly.
While above mentioned factors aid market expansion, harmful effect of lead-acid batteries on the environment, wavering raw material costs, and strict compliance with standards will hinder global battery industry proliferation. Furthermore, easy availability of fake batteries and emergence of supercapacitors are poised to limit the market growth over the forecast period.
According to battery type, global battery industry is segregated into lead-acid battery, lithium-ion battery, nickel metal hydride battery, nickel cadmium battery, and others. Speaking of application scope, the marketplace is segmented into automotive, industrial, and portable.
From the regional frame of reference, Asia Pacific battery market is projected to showcase lucrative growth trends over the analysis period. Rising usage of electric vehicles, increasing research & development efforts by institutions, and investments by multinational organizations for amplifying manufacturing capacity are key factors responsible for growth of the domain in APAC.
Key players profiled in the report are A123 Systems LLC, Exide Technologies LLC, Samsung SDI Co., Crown Battery Manufacturing Co., BYD Co. Ltd., Shenzhen BAK Power Battery Co. Ltd., Hitachi Ltd., Toshiba Corporation, Panasonic Corporation, C&D Technologies Inc., NEC Corporation, Murata Manufacturing Co. Ltd., GS Yuasa Corporation, LG Chem Ltd., Saft Groupe S.A., Duracell International Inc., East Penn Manufacturing Co., Eveready Industries India Ltd., Eversys S.A., and Johnson Controls International plc.
These companies are making investments, and indulging in partnerships, mergers, acquisitions to gain a competitive advantage over other contenders, and to multiply their profit returns.