Our in-depth analysis of the rapid charging batteries market includes the following segments:
By Battery Types:
By Distribution Channel:
On the basis of regional analysis, the rapid charging batteries market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in North America is anticipated to hold the largest market share on the back of high investments in rapid charging batteries technology in the region. Moreover, the market in Asia Pacific is anticipated to record the highest CAGR on the back of high adoption rate of electric vehicles and smartphones in the region.
The global rapid charging batteries market is further classified on the basis of regions as follows:
Governments across the world have been promoting electric vehicles to meet their carbon emission targets. Electric vehicle companies are trying to make the charging process swifter and convenient. Vehicles with the fastest charging technology often is the first choice of the customer. Owing to these factors, the rapid charging batteries market is expected to witness a substantial growth and therefore, grow at a significant CAGR during the forecast period 2020-2028. The market is segmented by battery type into lead acid, lithium ion and nickel metal hydride. The lithium ion segment is anticipated to grow at the fastest rate on the back of rising smartphone sales and newer models being launched frequently in the markets. CLICK TO DOWNLOAD SAMPLE REPORT
Rising Electric Vehicle Sales
Rising electric vehicle sales owing to low fuel consumption, efficient performance and lower taxes is anticipated to drive the market growth during the forecast period.
Increasing Need for Rapid Charging In Medical Equipment
Owing to space constraints and safety issues, many medical therapies require rapid charging for the devices. Increasing investment in rapid charging batteries research and development to invent sophisticated technology that helps in efficient and safe charging is projected to drive the market growth during the forecast period.
Rising Smartphone Sales and Wearable Technology Demand
Rising sales of smartphones with rapid charging feature is anticipated to drive the market growth during the forecast period. Moreover, rising adoption of wearable technology such as smart watches, wrist bands and smart rings has led to rising demand in fast charging technology is estimated to result in favourable market growth as well.
High Cost of Technology
When the technology involved in developing the rapid charging batteries becomes increasingly developed, the cost of innovation is estimated to increase significantly. The cost of the skilled labor involved in developing such technologies might also increase in the coming years, which is predicted to hamper the market growth during the forecast period.
Intense Competition and Demand for Better Features
Due to rise in the key players dominating the market, the intense competition might squeeze the profit margins forcing the mid-scale companies to adopt different strategies. It is estimated to negatively affect the market growth during the forecast period. Rapid charging requires a high current flow which could have an adverse impact on the life of the battery. Furthermore, wireless charging stations and pads for charging various devices are often stationery and lack mobility. These factors are predicted to negatively affect the market growth over the forecast period.
May 16, 2020: Ford Motors claimed that Mustang Mach-E would be able to travel up to 119 Kilometers with ten minutes of charge. It would be supported by rapid charging solutions which would offer practical access to recharge the vehicle at public places or at home.
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: Payel Roy, Dhruv Bhatia