The global battery market is estimated to garner a sizeable revenue and grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the ever-increasing demand for batteries from automotive applications, and growing popularity of portable consumer electronics, such as smartphones, LCD displays and tablets. In 2019, more than 3.2 billion people purchased a smartphone globally. The number grew up to 3.5 billion in the following year, i.e., 2020. Along with these, rising emphasis on fuel efficiency coupled with implementation of stringent emission norms by government bodies of developed nations, are also expected to provide lucrative opportunities for market growth in the forthcoming years. In addition to these, decreasing revenue on fossil fuels and surge in carbon dioxide emissions around the world, are projected to offer abundant opportunities for market growth in the near future.
The market is segmented by product into lead acid, lithium-ion, nickel metal hydride, nickel-cadmium, and others, out of which, the lead acid segment is anticipated to hold the largest share in the global battery market on account of the growing applications of these batteries in industries namely, automotive, telecommunication, electric bikes and uninterrupted power supply. Apart from these, high reliability and low cost of lead acid batteries are also predicted to drive growth to the market segment in the imminent time. Furthermore, on the basis of application, the automotive segment is assessed to acquire the largest share during the forecast period, which can be credited to the rise in demand for batteries from electric vehicles, and high requirement for batteries for starting, lighting and ignition (SLI) application in the automotive sector. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increase in automobile production, and high production of consumer electronics in emerging economies such as China and India. For instance, in 2020, more than 30 percent of the cars around the world were produced in China. The automobile production was about 1.5 million units in April 2020, which rose up to 2.3 million units by the end of the year. Additionally, rapid industrial development is also anticipated to boost the growth of this region’s market by the end of 2030. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the growing adoption of electric vehicles, significant reduction in the cost of lithium-ion batteries and robust growth of renewable energy sector in the region.
The global battery market is further classified on the basis of region as follows:
Our in-depth analysis of the global battery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for batteries from automotive applications and growing popularity of portable consumer electronics.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Mismatch in demand and supply of raw materials for battery manufacturing is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing automobile production, and high production of consumer electronics in emerging economies such as China and India.
The major players in the market are Panasonic Corporation, GS Yuasa International Ltd., BYD Company Ltd., A123 Systems LLC, Samsung SDI Co., Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The automotive segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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