Battery is a device that provides the electric energy to automobiles for starting, lighting and ignition. The Global Battery Market has seen a remarkable growth over the past few years and it has been anticipated that the global market will maintain the growth status during the forecast period. The rising demand of hybrid, semi-hybrid and fully electric vehicles will drive the global battery market. Also the adoption rate of these batteries in passenger vehicles, is increasing, which will drive this market. Rising consumption of mobiles and laptop, technological innovations, emerging economies and growing disposable income & government initiatives to replace fuel vehicle over battery vehicles, are some of the major factors, which are driving the global market.
However, both safety issues related to battery usage and the cost involved may hamper the growth of global battery market. The Global battery Market is expected to grow by a CAGR of 4% during the forecast period.
Rise in demand for electronic devices such as smartphones and tablets as well as government regulations to reduce the pollution are some of the major factor which drives the demand for the growth of battery market. Additionally, increasing demand for electric vehicles also pushing the battery market towards growth. Automotive batteries are rechargeable batteries that supply electric energy to automobiles. With the continuous rise in production and sales of automobiles, the global automotive battery market has been witnessing increase in sales. Furthermore, constant increase in the demand for electricity and depletion of fossil fuels have encouraged countries across the globe to focus more on the generation of electricity through renewable energy sources.
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Market Research Future Analysis:
There are many elements that hold the growth of global battery market. Contribution to the global industrial scenario is estimated to increase significantly in the forecast period. Asia-Pacific is dominating the battery market due to factors such as growing demand from automobile and industrial sectors. Moreover, steady growth in domestic production and exports of automobiles coupled with expanding vehicle fleet is projected to drive demand for batteries. Additionally, rising penetration of two-wheelers in semi urban and rural India is projected to surge replacement demand for two-wheeler batteries during the forecast period.
The leading players in the battery market are
- Exide Technologies (U.S.),
- Douglas Battery (U.S.),
- Penn Manufacturing Company, Inc.(U.S.),
- Johnson Controls Inc(U.S.),
- The Furukawa Battery Co. ltd (Japan),
- Zhejiang Haijiu Battery Co. Ltd (China),
- Chaowei Power Holding ltd (China),
- CamelGroup (Italy)
- Fengfan Co. Ltd.(China)
Regional Analysis of Battery Market
Asia-Pacific is dominating the market of battery due to the rising demand for automobiles and industrialization. The developing countries in Asia-Pacific such as China and India are expected to hold the largest market share of the battery market due to rising automotive production activities. Rising demand from consumer electronics segment and increasing number of electric vehicles in China and Japan are driving the market towards growth.
North America region is also vital in the growth of global battery market, due to the rising eco-friendly initiatives & production of technologically advanced vehicles. This region will grow at a good pace during the forecast period.
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