Global Battery Market Quadruples By 2023 with A Decent CAGR of 4%; Asserts MRFR

“Global Battery Market”
Market Research Future published a half cooked research report on “Global Battery Market” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023

Worldwide Battery Market – Synopsis

Worldwide Battery Market has grown substantially over the past few years owing to the increasing demand for high power and high capacity batteries coupled with the market proliferation of portable electronic devices and applications. Market penetration of smart devices such as Smart Phone has ensured the boosting growth of battery market owing to the consumer demand for long-lasting and a durable batteries that can run throughout the day without getting discharged and have a long-life.  These factors make the market ever increasing further escalating it to greater heights on the global platform.

Accrediting the fabulous growth the Battery market is perceiving currently and the growth prospects the market is demonstrating, Market Research Future (MRFR) has recently published a brilliant study report giving out the complete market insights till 2023. In its study report MRFR foretells that the global Battery market will accrue enormously by 2023 registering a substantial 4% of a CAGR during the forecast period 2017-2023. 

Key Players

The Furukawa Battery Co. ltd (Japan), Camel Group (Italy)Zhejiang Haijiu Battery Co. Ltd (China), Exide Technologies (U.S.), Fengfan Co. Ltd.(China), Chaowei Power Holding ltd (China), Douglas Battery (U.S.), Johnson Controls Inc. (U.S.), and Penn Manufacturing Company, Inc.(U.S.) are some of the leaders driving the Global Battery Market. Profiling those in its analysis MRFR finds out their strategies placing them at the forefront of completion.

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Worldwide Battery Market – Competitive Landscape

Characterized by the presence of several well-established and small players, the global Market of Battery appears to be highly competitive. Key trends observed among the market players include collaboration, acquisition, and expansion, product launch and partnership. Some of the other strategies adopted by vendors in the market include greater commercialization of their products, promotion initiatives through trade exhibitions, increased collaboration.

Industry/ Innovation/ Related News:

February 21, 2018 – Apple Inc. (US) a technology giant announced that it is signing a long term partnership deal with the battery materials providers; securing thousands of metric tons of material per year.   Through this, the company is looking forward to achieve its strategic goal. This move also puts the company in direct competition with other giants who are looking for a similar agreement & advantage.

February 22, 2018 – Saft (France) one of the leading global battery maker announced its partnership with Siemens, Solvay & Manz to research, develop and build a new generation of batteries. The alliance is part of the company’s efforts to develop battery manufacturing to compete with Asian and U.S. manufacturers.

February 21, 2018 Enel Green Power (Germany) a global player in energy business announced its plans to build 22-megawatt lithium-ion battery storage plant in Brandenburg (a German Province). For the project, Enel is investing around USD 20 million.

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Worldwide Battery Market -Regional Analysis

Attributing to the burgeoning industrialization & automobiles market in the region; Asia-Pacific is the leading market of Batteries globally. Countries like China and India are expected to hold the largest market share of the market due to the rising automotive production activities. Simultaneously, augmenting demand for the consumer electronics coupled with the increasing number of electric vehicles in China and Japan are driving the regional battery market.

North America region is also one of the prominent contributors in the market growth. Owing to the rising number of environmental awareness programs & initiatives along with the increasing demand for the futuristic vehicles, the region is expected to grow rapidly during the   forecast period.

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