Rapid changes in automotive, consumer electronics and various other sectors have increased the consumption of electricity as a primary fuel. Owing to heavy usage and minimum downtime, fast charging of the batteries has become an utmost necessity. However, rapid charging technology has not kept pace with the other features that have been added to the devices which results in faster drainage of the battery. The high currents required to increase the charging speed have been known to decrease efficiency. Hence, charging optimization strategies are being planned by various companies to overcome all the challenges of rapid charging with a focus on maintaining the temperature of the battery.
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 owing to low fuel consumption, efficient performance and lower taxes is anticipated to drive the market growth during the forecast period.
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 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.
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.
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.
Our in-depth analysis of the rapid charging batteries market includes the following segments:
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:
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