Battery Market Segmentation by Product (Lead Acid, Lithium-Ion, Nickel Metal Hydride, Nickel-Cadmium, and Others); and by Application (Automotive, Industrial, Portable, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3474 | Published Date: Feb 08, 2023
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:
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.
Our in-depth analysis of the global battery market includes the following segments:
· January 2021- Tesla bagged a new deal with Japanese brand Panasonic to continue its supply of batteries from the company up until at least 2022. It is reported that Panasonic will begin producing prototypes of the 4680 for Tesla.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are increasing demand for batteries from automotive applications and growing popularity of portable consumer electronics.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Ans: Mismatch in demand and supply of raw materials for battery manufacturing is estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by product, application, and by region.
Ans: 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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