Battery is a device that provides the electric energy to automobiles for starting, lighting and ignition. The global battery market has seen a remarkable growth over the past few years and it has been anticipated that the global market will maintain the growth status during the forecast period. The rising demand of hybrid, semi-hybrid and fully electric vehicles will drive the global battery market. Also the adoption rate of these batteries in passenger vehicles, is increasing, which will drive this market. Rising consumption of mobiles and laptop, technological innovations, emerging economies and growing disposable income & government initiatives to replace fuel vehicle over battery vehicles, are some of the major factors, which are driving the global market.
However, both safety issues related to battery usage and the cost involved may hamper the growth of global battery market. The Global battery market is expected to grow by a CAGR of 4% during the forecast period.
Asia-Pacific is dominating the market of battery due to the rising demand for automobiles and industrialization. The developing countries in Asia-Pacific such as China and India are expected to hold the largest market share of the battery market due to rising automotive production activities. Rising demand from consumer electronics segment and increasing number of electric vehicles in China and Japan are driving the market towards growth.
North America region is also vital in the growth of global battery market, due to the rising eco-friendly initiatives & production of technologically advanced vehicles. This region will grow at a good pace during the forecast period.
The leading players in the battery market are Exide Technologies (U.S.), Douglas Battery (U.S.), Penn Manufacturing Company, Inc.(U.S.), Johnson Controls Inc(U.S.), The Furukawa Battery Co. ltd (Japan), Zhejiang Haijiu Battery Co. Ltd (China), Chaowei Power Holding ltd (China), CamelGroup (Italy) and Fengfan Co. Ltd.(China)
The report for Global Battery Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advance Waterstop, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2027: Significant Value|
|CAGR||4% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Battery Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Exide Technologies (U.S.), Douglas Battery (U.S.), Penn Manufacturing Company, Inc.(U.S.), Johnson Controls Inc(U.S.), The Furukawa Battery Co. ltd (Japan), Zhejiang Haijiu Battery Co. Ltd (China), Chaowei Power Holding ltd (China), CamelGroup (Italy) and Fengfan Co. Ltd.(China)|
|Key Market Opportunities||New product launches and R&D Amongst major key players|
|Key Market Drivers||Rising demand of hybrid, semi-hybrid and fully electric vehicles|
Frequently Asked Questions (FAQ) :
The market is all set to record a notable CAGR of 4% in the next few years.
Increasing use of mobiles and laptops, technological advancements, emerging countries, mounting disposable income and government initiatives would ensure that the market size expands magnificently by 2023.
Fengfan Co. Ltd.(China), Penn Manufacturing Company, Inc.(U.S.), CamelGroup (Italy), Douglas Battery (U.S.), The Furukawa Battery Co. ltd (Japan), Chaowei Power Holding ltd (China), Zhejiang Haijiu Battery Co. Ltd (China), Exide Technologies (U.S.), Johnson Controls Inc(U.S.), are the chief players in the market.
Surge in the number of eco-friendly initiatives and the increasing production of technologically advanced vehicles make North America a strong market for battery.
India and China hold the largest share in the APAC market.