ID: MRFR/SEM/0636-HCR | September 2022 | Region: Global | 100 pages
Impact of COVID-19 on the Global Next Generation Batteries Market
COVID-19 has impacted the global economy in several ways as the pandemic has forced the halting of the production and other operations in the industrial sector. This pandemic has not only caused disruptions in the supply chains of the industries, but it also has influenced the current scenario of the growth of various industries such as automotive and transportation. Moreover, as most countries worldwide have imposed lockdown restrictions, which have not only impacted the import & export of goods & services but has also interrupted the production of goods and materials. The global market for next-generation batteries has been negatively impacted by the COVID-19 pandemic. The rising demand for electric vehicles and the growing use of consumer electronic appliances are some of the factors that have fuelled the growth of next-generation batteries such as lithium-ion and nickel-cadmium in the global market. As per the International Renewable Energy Agency, the number of electric passenger cars is expected to reach over 200 million by 2030. However, the crisis caused by the COVID-19 pandemic has considerably disrupted this momentum.
FIGURE: GLOBAL BATTERY ELECTRIC VEHICLES (BEVS), 2013-2018 (MILLION UNITS)
The demand for lithium-ion batteries is expected to witness a 25% decline due to COVID-19 owing to disruptions in the supply chain and order cancellations. Many countries across the world, such as the US, India, and Germany, are heavily dependent on other countries. Thus, the outbreak has resulted in disrupting the global supply of next-generation batteries. All these factors are likely to affect the next generation batteries market in the coming months as the production and sales of next-generation batteries have been heavily affected by the COVID-19 pandemic. Additionally, the global players in the market are trying to develop new business models to address the situation in the global market.
Source: Primary Experts, Secondary Sources, and MRFR Analysis
Source: International Energy Agency