Global Battery Market is Estimated to be USD 88.49 billion in 2019, and It Is Projected to Reach USD 188.68 billion by 2026; at a CAGR of 9.5% During the Forecast Period 2021 - 2026

Global Battery Market is Estimated to be USD 88.49 billion in 2019, and It Is Projected to Reach USD 188.68 billion by 2026; at a CAGR of 9.5% During the Forecast Period 2021 - 2026

Batteries: Introduction

You might have come across many types of batteries in your life, whether you are an engine or not. The places where you use batteries are alarms, clocks, smoke detectors, trucks and motorcycles etc. In these places, either small disposable batteries or large rechargeable batteries are used.        

In the last decade, batteries have become a very important source of energy. Even if you talk about prior to the last decade, they were a crucial part of our lives, which were used for powering several portable devices like Walkman, Transistors Radios, Cameras and handheld games etc.      

In the form of chemicals, the electrical energy is stored in the Battery. Later by an electrochemical reaction, the stored chemical energy is converted into direct current (DC) electric energy. In 1800, the first batteries were invented by Alessandro Volta, an Italian physicist.     

Under the electrochemical reaction in the Battery, electrons are transferred from one material to another (called electrodes) through an electric current.                                                          

The Global Batteries Market Forecast:

The Global Batteries Market is projected to register a CAGR of more than 9.5% over the forecast period 2021 – 2026. The global batteries market was worth USD 88.49 billion in 2019, And It is expected to reach USD 188.68 billion by 2026. 

The Global Batteries Market Overview: 

The COVID-19 epidemic has impacted the industry, and the battery industry suffered an adverse impact on sales and production in Q1 and Q2 2020 due to the fact that a large portion of the battery industry's supply chain is located in China. For instance, sales of lithium-ion batteries declined to electric cars (EV) across both the United States and China. However, it increased for European countries, including Germany, the battery sales increased, thanks to an increase in sales of electric vehicles of almost 8.5 % in Q1 2020.

The principal driver of the market is the falling cost of lithium-ion batteries and the rising use of electric automobiles. However, some factors, like the inconsistency in the demand and supply of raw materials used in the manufacture of batteries, could limit the growth of the market over the forecast time.

The automotive batteries market is expected to see significant growth over the forecast period due to the rising use of electric vehicles in various emerging and major economies around the globe.

A large portion of the population who do not have electricity access within the African region is projected to grow by 588 million in 2016 and reach 602 million by 2030, despite efforts to improve electrification via grid connectivity. The Sub-Saharan region specifically is anticipated to be among the most popular hotspots of off-grid solar energy initiatives. Since the solar power source is an infrequent energy source that produces power only in the daytime, the usage of off-grid solar energy with energy storage greatly enhances the efficiency of solar PV systems. This is why the storage of energy using solar PV is growing in popularity in advanced countries and is expected to provide a massive opportunity to the market for batteries in the very near future.

Asia-Pacific is predicted to dominate the market in the forecast timeframe, The majority part of the market is directly from China, India, Japan, along South Korea.

Market Trend and Dynamics of the Global Batteries Market:

Automotive Batteries to Witness Significant Growth

The automotive industry is anticipated to be among the main end-user segments of lithium-ion batteries within the next few years. The increasing use of electric cars is expected to be a major catalyst for lithium-ion battery expansion.

A variety of types of vehicles are now offered worldwide and includes growing degrees of hybridization as well as electrification. There are a variety of vehicles, such as Hybrid-electric Vehicles (HEVs) as well as plug-in hybrid electric cars, along with electric cars (EVs).

The falling prices of batteries and the advancements in technology are predicted to bring electric vehicles at a price that is competitive on the market, resulting in the need for battery technology.

Asia-Pacific to Dominate the Market

Asia-Pacific is home to multiple economies that are growing with significant human and natural resources. China and India are predicted to be significant investment destinations for battery companies over the next years due to policies-based support from governments, thus boosting the manufacturing sector.

The adoption of electric vehicles as well as the construction of solar power generation plants in China, as well as India, are growing rapidly, and it is expected to increase the demand for batteries.

China is the biggest marketplace for electric vehicles (EV) and has more than 1.06 million EVs sold in 2019. And is predicted to remain the world's biggest electric car market. China was responsible for nearly 50% of global electric vehicle sales in the year 2019.

The growing use of electric automobiles is in accordance with the clean energy policy. To help lessen the gap between demand and supply in the market, China's Government is planning to relax restrictions on automakers who import cars to the country.

The Key Market Segmentation of the Global Batteries Market: 

Global Batteries Market can be divided into Product Types, Technology, Applications, and Geographical landscapes, etc. 

Batteries Market Segmentation By Product Type:

Primary Battery, Secondary Battery

Batteries Market Segmentation By Technology:           

Lead-acid Battery, Lithium-ion Battery, Nickel-metal Hydride (NiMH) Battery, Nickel-cadmium (NiCD) Battery, Nickel–zinc (NiZn) Battery, Flow Battery, Sodium–sulfur (NAS) Battery, Zinc-manganese Dioxide Battery, Small Sealed Lead-acid Battery, Other Technologies (Dual Carbon Battery, Zinc-carbon Battery, Silver-oxide Battery, etc.)

Batteries Market Segmentation By Application:

Automotive Batteries (HEV, PHEV, and EV), Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.), Portable Batteries (Consumer Electronics, etc.), Power Tools Batteries, SLI Batteries, Other Applications,

Batteries Market Segmentation By Geographical Landscape:

North America, Europe, Asia Pacific, South America, Middle East and Africa

Major Key Players in the Global Batteries Market Are:

  • GS Yuasa International Ltd.
  • BYD Company Ltd.
  • A123 Systems LLC
  • Sony Corporation
  • Eveready Industries
  • Hitachi Chemical Co., Ltd.
  • Samsung SDI Co., Ltd.
  • Toshiba Corporation
  • Johnson Controls
  • NEC Corporation,
  • Panasonic Corporation
  • LG Chem Ltd.
  • Saft
  • Contemporary Amperex Technology Co.

What Our Report Provides And Why Our Offering Is Better:

This report provides historical data, forecasts as well as revenue growth at the global, regional and country levels. It also includes analysis, industry trends and consumption patterns details for each region, major country, and segment from 2021 to 2026.

The report on the Global Battery Market consists of market trends, market drivers, restraints, opportunities, threats, segment revenue and market strategies. It also shows market share contributions by each regional and country market. The report also includes an industry analysis, competitive landscape, financials of companies, and impact analysis.

This report provides a comprehensive view of the Global Battery Market, along with market trends, changing dynamics, deep market and regional segmentation, analysis and evaluation, regional landscape, major investments, product launches, product offering, and detailing of historical, current, and projected revenues. 

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