Battery Market Information by Battery Type (Lead acid, Lithium Ion, Nickel Metal Hydride and Nickel Cadmium), by Application (Portable, Automotive, Industrial) and Region - Forecast to 2030

Battery Market Overview

The Battery Market Growth is expected to reach 10.5% CAGR. Also, the Battery Market Revenue is anticipated to expand up to USD 280 Billion by the studied forecast period 2021-2028. Batteries are essential devices that are primarily used in the automotive industry. They are used for providing electric energy to automobiles for lighting, ignition, etc. Furthermore, a wide variety of vehicles have crucial features like hybridisation and high electrification degree.

Therefore, due to the growing Battery Market Opportunities, the demand for better electric vehicles will increase. As a result, the revenue is also evaluated to increase drastically. Apart from that, the Asia-Pacific region is expected to dominate the market in the future years.

COVID-19 Analysis

The coronavirus pandemic has led to significant economic disruption across several countries worldwide. Due to this, social gatherings travelling, etc., were restricted. As a result, important industries, including the automotive sector, suffered drastically. In addition, the supply of batteries was restricted as they are primarily transported from China. Hence, the demand and supply reduced the import and export of raw materials.

Market Dynamics

• Drivers

The increasing demand for transportation and electronic vehicles is a prominent driver for Battery Market. Along with that, incentives provided by the government and fuel saving with the use of electronic vehicles will further drive the market growth. Also, the development of new electric and hybrid automotive vehicles from the OEMs is anticipated to boost the market growth. Furthermore, several other factors, such as increased efficiency, cost-effectiveness, etc., will further fuel the market growth.

• Restraints

The safety issues associated with battery usage is expected to be a significant restraint for the market growth. Along with that, the poorly developed infrastructure for manufacturing and supply of electronic vehicles can further hamper the Battery Market Demand in the studied forecast period.

• Opportunities

Furthermore, several Battery Market Opportunities are anticipated to improve the market growth. The rising demand for electronic and hybrid vehicles will offer new opportunities for the market. Also, the development and research for these vehicles will further fuel the market growth in the upcoming years.

• Challenges

There are several challenges expected to restrain the market growth in the forecast period. First, the initial costs of these vehicles are high, and they are also available in a limited range. Along with that, the volatile price of oil can also challenge the Battery Industry to grow.

• Cumulative Growth Analysis

The Compound Annual Growth Rate (CAGR) of the Battery Industry is projected to touch up to 10.5%. Along with that, the revenue of the market is also anticipated to increase up to USD 280 billion by the studied forecast period 2022-2030. Since the past several years, the demand for batteries in the automotive sector has increased significantly. Thus, the market is evaluated to experience significant growth.

• Value Chain Analysis

Additionally, the Battery Market Forecast suggests that the value chain of the market will improve with the growing awareness among consumers. However, the market is still trying to overcome the financial disruption caused by the coronavirus pandemic. Apart from that, the ever-increasing demand for portable electronics such as smartphones, tablets, LEDs, LCDs, and wearable devices like smartwatches, fitness bands, etc., are anticipated to improve the value chain of the Battery Industry.

Segment Overview

As per the Battery Market Reports, the market is segmented into technology, type, and application. Based on application, the market is segmented into SLI Batteries, Automotive Batteries, Portable Batteries, Industrial Batteries, and Power Tool Batteries. The automotive batteries are further segmented into PHEV, HEV, and EV. The portable batteries are again divided into consumer electronics. Along with that, the industrial batteries are segmented into Stationary, Motive and Others.

Based on technology, the Battery Industry is divided into Lead-acid Battery, Flow Battery, Nickel-metal Hybrid Battery, Small Sealed Lead-acid Battery, Sodium-sulfur Battery, Zinc-manganese dioxide battery, Lithium-ion battery, Nickel-ion battery, and others.

Based on the type, the Battery Industry is again divided into Secondary Battery and Primary Battery.

Regional Analysis

On the basis of region, the Battery Market is divided into North America, Asia-Pacific, South and Central America, Europe and the Middle East and Africa. According to Battery Market Analysis, the Asia-Pacific region is expected to dominate the market in the future years. Due to the increasing demand for industrialisation and automobiles, the market will expand. Major countries such as India and China hold a strong position in the market growth.

Along with that, rising initiatives by the government and promoting environmentally friendly devices and vehicles by the governments in North America are also expected to have significant growth. Furthermore, the use of advanced technologies in the European region will also have a considerable impact. However, the Middle East and African region are also considered to experience substantial Battery Market Growth.

Competitive Landscape

The Key Players apply various business strategies to expand their business. For example, they do mergers, partnerships, collaborations, new ventures, etc., with other companies. Hence, they have a significant role in uplifting the economy and market growth.

The key players in Battery Industry are as follows.

• The Furukawa Battery Co. Ltd. (Japan)


• Zheijiang Haijiu Battery Co. Ltd. (China)


• Johnson Controls Inc. (US)


• Exide Technologies (US)


• CamelGroup (Italy)


• Chaowei Power Holding Ltd. (China)


• Penn Manufacturing Company, Inc. (US)


• Exide Technologies (US)


• Fengfang Co. Ltd. (China)


• Saft Groupe SA (France)


• Delphi Automotive LLP (UK)


• GS Tuasa (Japan)


• Panasonic Corporation (Japan)


• LG Chem (South Korea)

Recent Developments

China alone in 2019 sold around 1.06 million electronic vehicles. Also, this growth will increase further in the upcoming years. Thus, it is expected that China will hold above 560% of the share globally in exporting electric cars.

Also, the US will sell above 45000 hybrid electric vehicles in 2020. This included luxury touring vehicles around 3000 and cars above 18000. Thus it has increased the Market Revenue by 44.7%.

Report Overview

The overview of the Battery Market Report is listed below.

• Market Overview


• COVID-19 Analysis


• Dynamics of the Market


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Analysis


• Recent Development

Report Score and Segmentation

• Study Period- 2022-2030


• Base Year- 2021


• Forecast Period- 2022-2030


• Historical Period- 2020-2021

Segmentation

By Technology

• Lead-acid Battery


• Flow Battery


• Nickel-metal Hybrid Battery


• Small Sealed Lead-acid Battery


• Sodium-sulfur Battery


• Zinc-manganese dioxide Battery


• Lithium-ion Battery


• Nickel-ion battery


• Others

By Application

• SLI Batteries


• Automotive Batteries
  
  
  
  • PHEV
  
  
  • HEV
  
  
  • EV
  
  
  
  


• Portable Batteries


• Industrial Batteries


• Power Tool Batteries
  
  
  
  • Consumer Electronics
  
  
  
  

By Type

• Secondary Battery


• Primary Battery

By Region

• North America


• Asia-Pacific


• South and Central America


• Europe


• The Middle East and Africa