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Battery Market Size will Grow Profitably in the Near Future by 2025

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Battery Market, By Function Type(Rechargeable, Non-Rechargeable), By Battery Type(Lead Acid, Nickel Metal Hydride, Lithium-Ion, Nickel Cadmium, Others), By End-Use Industry(Automotive, Aerospace, Marine, Electrical & Electronics, Energy Storage, Oth
Battery Market Size will Grow Profitably in the Near Future by 2025
A battery is a device, which consists of one or more electro-chemical cells with connections
provided externally, to power electronics and electrical devices.
Rising demand for energy management, coupled with the growing need for energy storage
are driving the global battery market, and the trend will be the same over the forecast
period. Batteries are used in applications such as automotive, aerospace, marine, etc.
Increasing demand for hybrid and electric vehicles in the coming years will create
significant growth opportunities for the growth of battery market. The availability of
alternatives such as diesel generators and fuel cells along with unfavorable rules and
regulations might restrain the battery market growth in some regions.
The global battery market was over US$ 13.6 billion in 2017 and is projected to expand at a
CAGR over 9.5% during 2018 – 2025.
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Rechargeable batteries had the major share of the global battery market in 2017.
Growing need for the energy supply security, coupled with technological development and
increasing disposable income of consumers are assisting the growth of rechargeable
battery market over the forecast period.
UPS, mobile phones, residential energy storage systems, automobiles, aircrafts, etc. are
some of the major applications of rechargeable batteries. Increasing implementation in all
this equipment will trigger the market growth till the end of forecast period. In further,
rising need to meet the energy storage demand, coupled with the implementation of
batteries in various utilities will further accelerate the market growth till the end of 2025.
Lead Acid batteries had the major share of the global battery market in 2017.
Li-Ion battery market is predicted to be the fastest growing segment by 2025, owing to a
significant rise in the production of electric vehicles. Effective commercialization of electric
and hybrid vehicles by OEM’s will create favorable opportunities for the market to grow till
the end of the forecast period. Increasing strictness on vehicle emission, coupled with
rising need for fuel efficiency, the automotive manufacturers are implementing Li-ion
batteries in the automobiles, which will be a favorable factor for the market growth. Major
manufacturers like Honda Motor Company, and BMW Motors announced their strategic
measures towards the development of electric and hybrid.
Currently, the lead acid batteries are dominating the battery market regarding volume. This
segment is expected to hold the majority market share by 2023. Lead acid batteries for the
automotive end-use industry, will have a significant impact on the dominant market share
over the forecast period. Moreover, the cost of lead-acid batteries is lower than lithium-ion
batteries. However, factors such as shorter cycle life, performance, and lower lifespan and
performance contribute to the less market growth till the end of the projected period.
Global Battery Market for automotive had the highest market share in 2017.
The battery market size for automotive is projected to have the highest share over the
entire forecast period, owing to rising demand for batteries from electric and hybrid
vehicles. According to OICA, the global passenger cars production reached 73.4 million in
2017, increasing from 72.0 million in 2016. Their production is expected to grow at a
moderate rate, owing to the increasing demand for transportation. The automobile
batteries’ demand for automobiles is usually proportional to the increasing demand for
transportation. The automotive electrical systems are getting developed, and more
technological components are integrated by the into them by the manufacturers, primarily
to increase comfort and safety.
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Asia Pacific held the largest battery market share in 2017
The demand for batteries is high in the Asia Pacific region, as economic, infrastructural,
industrial, and technological developments are on a huge rise from the past few years.
Huge population in the Asia Pacific region makes this region an attractive market for
battery market. Growing demand for automobiles, especially for electric and hybrid
vehicles, and commercial aircrafts will provide significant opportunities for the Asia Pacific
battery market to grow till the end of the forecast period. The dominant market share is
majorly attributed by the countries such as Japan, India, and China. Japan has set its targets
to reach half of the world’s battery production by the end of 2020. This country also has a
subsidy program, which gives the batteries for 66% of the actual cost for businesses and
houses which install the Li-ion batteries.
Increasing need for renewable energy generation across various countries of this region
are favoring the growth of the Asia Pacific battery market over the previous years.
Additionally, favorable government policies by many countries encouraging the renewable
energy storage systems will create more opportunities for this market to grow over the
coming years. All these policies and laws will drive the batteries demand, which in turn,
will provide further growth prospects for the battery manufacturers in this region.
Multinational Players
Key players in the global battery market include East Penn Manufacturing Co., Exide
Industries, GS Yuasa Corporation, LG Chem Ltd., C&D Technologies, Enersys, FIAMM,
Johnson Controls Inc., Lishen Battery, Sony Corporation, and Tesla among several others.
Several key manufacturers are implementing strategies to incorporate innovative battery
solutions for automobiles. For instance, in 2014, BMW announced to introduce a plug-in
hybrid core model starting with 3 series. Mercedes Benz plans to develop one plug-in
model electric vehicle for every four months till end of 2017. Another player, Toyota is also
developing technology to introduce PHEV by the end of 2018.
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