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.
In addition, augmented demand for wearable & mart devices coupled with other consumer electronics/gadgets is a major factor fostering growth of the global Battery market to an extent. Moreover, Key manufacturers are making significant investment in the field of R&D activities which in turn proves to be a strong market driving factor for Battery market. Burgeoning automotive industry owing to its constant demand for batteries; provides an exponential impetus to the Battery market growth.
Also growing market proliferation of Electric Vehicles (EV) which run on batteries instead of fuel has ensured glorious growth promising a good fortune for the Battery market. Increasing industrialization and Robotic Process Automation have changed the spectrum of business processing. These robots require strong battery backup power to complete the daily tasks. This further defines future landscape of Battery market.
On the other hand, supply and cost volatility of raw materials involved in battery manufacturing is likely to restrict the market growth. Simultaneously, safety issues related to battery usage and the cost involved may hamper the growth of global battery market. Nevertheless, improved economy that has raised consumer purchase affordability worldwide is expected to propel the market growth of Battery during the anticipated period allowing the market to continue to enjoy its heyday for the next 6 long years. Battery-Market expected to post a growth rate of 4% CAGR between 2017 and 2023
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Latest Industry Updates:
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.
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) and Fengfan Co. Ltd.(China)
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.
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Lithium ion dominates the battery type segment of global battery market
Lithium-ion batteries are now widely implemented as the power or energy source for everything from portable electronics to electric vehicles. Lithium-ion batteries offer high storage capacity, better efficiency and longer life than other batteries. The demand for these batteries is increasing in various applications such as consumer electronics products and automotive application. Lithium-ion batteries are widely implemented as the power or energy source for everything from portable electronics to electric vehicles. The rising demand for electronic devices and the stringent government regulations to control pollution level, are expected to drive the lithium-ion battery market during the forecast period.
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