ID: MRFR/AM/1363-HCR | February 2021 | Region: Global | 185 pages
Battery Market size is projected to be worth USD 324.18 Billion by 2028, registering a CAGR of 15.34% during the forecast period (2021 - 2028), The market was valued at USD 115.42 Billion in 2020.
The batteries are portable products that provide electric energy to a wide range of items. The hybrid battery market is experiencing its peak demand during the forecast period. The latest batteries are a combination of exceptional power source and cost-effectiveness. Besides, this plenty of vehicles and technology industry adapt to these hybrid batteries. The battery contains a cell that transforms the chemical energy into electrical energy.
The primary use of the battery is as a backup power supply. Today, many countries are experiencing sudden electricity shutdowns. The top industries work without any disturbance with the hybrid batteries. They're the most effective backup alternative when there is no electricity. It is a crucial aspect in commercial, transport and industrial spaces. Due to the increasing demand for the transport market, the global battery market size is also constantly growing. These escalating demands will increase the batteries market Value by 4%.
Covid 19 analysis
Covid 19 has caused severe damage to the economy. Every industry is affected by the pandemic. Also, the battery market has experienced significant loss during covid 19. Moreover, the top players in the battery market did not earn much revenue due to this. The reason for this is the low demand from the end-users. Most of the automobile companies were shut down during the pandemic. Due to this, the global battery market Revenue experienced a downfall. However, the battery market is gradually starting its production. Due to this, the batteries market Trends is increasing in the forecast period.
The mounting integration of electronics in various sectors drives the batteries market growth. The vehicle industry is a crucial end-user of batteries. Today, the vehicle industry is focusing on innovation. Vehicle manufactures are integrating electronics into the vehicle system for plenty of reasons. Some of the reasons are to refine the vehicles power performance and for efficient fuel usage. These electronics integrated with the vehicle system require hybrid batteries. This innovation in the vehicle industry is the significant battery market driver.
The use of electronics in vehicles enhances efficiency, connectivity and safety. The increasing requirement of efficiency in the automobile market is fueling the demand for batteries market. Also, vehicle-powered batteries are cost-efficient. Today, carbon emissions from fuel vehicles pollute the atmosphere. Many governments are taking an effective measure to mitigate this issue. Due to this, there is a massive promotion for battery-powered vehicles. The battery-powered vehicles do not release any harmful gas into the atmosphere. Further, this governmental initiative is another demand driving factor for the batteries market. These factors subsequently increase the batteries market Value in the forecast period.
The growing demand for hybrid vehicles provides promising growth opportunities for the batteries market. There is an increasing awareness of hybrid-vehicles. Hybrid-vehicles come with plenty of benefits such as fuel efficiency, less carbon emission and low cost. All these factors attract customers to the hybrid vehicle market. Hybrid vehicles completely function through hybrid batteries. Also, the top automobile markets are adapting to this technology at a rapid pace. It provides excellent future scope for the batteries market. Further, the global batteries market is increasing its investment in R&D. It offers solutions to use the batteries more effectively shortly. Therefore, the increasing R&D and demand for hybrid vehicles will ultimately positively change the batteries market Outlook.
The hybrid market is a much-awaited technology in the upcoming years. Even though it comes with plenty of benefits, the infrastructure required for its development is inadequate. There are plenty of barriers to the implementation of hybrid batteries in the vehicle fuel system. The underdeveloped infrastructure is the significant restraint of the batteries market. Also, the batteries are prone to damages. Due to several conditions battery may burn or explode. It is extremely-unsafe when using in vehicles. Some of the reasons for this are high temperature and pressure on the battery. The safety issues related to hybrid batteries are the main restraints in this market. Without the proper solution to these common issues, the battery market may experience disturbances in the market. The underdeveloped infrastructure and safety issues act as the major-restraint to the batteries Industry.
Cost is the biggest concerns in the batteries market. The initial cost of hybrid batteries is highly-expensive. Also, the life span of batteries is very short. Therefore, the industries need to purchase these often. Due to this high initial rate many vehicle industries remain hesitant to the usage of hybrid batteries. Also, there is plenty of technical limitation when using batteries on vehicles. These reasons pose a significant challenge to the vehicle market. The uses of electricity are wide. However, the usage of batteries is highly-limited. The hybrid batteries can only be used in some parts of vehicles. They are not suitable for every task. These limitations in batteries can affect the future demand of this market.
The cumulative batteries market Analysis suggests the various developments required. There is a serious-requirement to solve the technical issues in new-age batteries. Making hybrid batteries more essential is important for the batteries market future. Investing in R&D is the essential to solve this issue. Also, innovation is required to use hybrid batteries effectively. There are only a few areas in which hybrid batteries are applicable. More R&D can solve all these limitations in the batteries. Also, investing more in research programs substantially increases the market growth in the forecast year 2022.
North America holds the largest batteries market Share. The increasing awareness about eco-friendly vehicles is the crucial demand for driving factors in the region. North America is increasing the investments of batteries R&D. Also, government policies and initiatives regarding eco-friendly vehicles are major-attributes for batteries market growth. Also, the batteries market is exponentially growing in North America during the forecast period of 2022.
By Battery Type
By market type
The adoption of battery-powered technology is happening at a rapid pace in North America. Some of the other large batteries markets are South America, Europe, Asia Pacific and the middles east. Further, the presence of successful automakers in this region is the primary reason for batteries market growth. The environmental welfare initiates for pollution-free vehicles are higher in these areas that raise the demand for batteries. Europe is another productive batteries market in the world. The steady demand in these areas is due to a rise in R&D and technological enhancements. Also, the escalating greenhouse emission reduction programs boost the regional demand of the batteries market.
The batteries market is expanded into the competitive landscape of well-established players. The key players are offering a wide range of new batteries for versatile applications. There is promising scope for new developments and innovation by the key players. Also, the key players are responsible for the 4% growth in 2022.
|Market Size||2030 : Significant Value|
|CAGR||15.34% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Panasonic Corporation (Japan), Johnson Controls (US), Delphi Automotive LLP (UK), Robert Bosch GmbH (Germany), EXIDE Technologies (US), LG Chem (South Korea), Saft Groupe SA (France)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The upwelling in demand for electric vehicles is anticipated to boost the market.
Zhejiang Haijiu Battery Co. Ltd, Chaowei Power Holding ltd and The Furukawa Battery Co. ltd are influencing the market.
A 15.34% CAGR is foreseen in the market during the forecast period.
The market is expected to display a steady earning potential in the forecast period.
The region in North America is assessed to head the development of the market.