The Global Battery Market is expected to experience a positive growth due to the increasing number of smart phone users, and increasing environmental concerns that has promoted the use of electrical vehicles.
Batteries are electrochemical cells, which are electrically charged to provide a static potential for power. Some common batteries include sealed lead acid battery, nickel- cadmium battery, nickel-metal hydride battery, and lithium ion batteries among others. Different applications of batteries include portable computers, cellular phones, home appliances, audio and video equipment, toys, and electric vehicles. Sealed lead acid batteries are inexpensive and can hold a charge for upto three years. Lithium-ion batteries are safe and stable and have the highest energy capacity. Till a few years back, the automotive industry majorly used nickel-metal hydride (NiMH) batteries for high performance applications in electric vehicles. However, the trend has shifted to Lithium-ion batteries owing to its higher energy density. Lithium-ion batteries use a combination of anode and cathode materials based on features such as cost, life-span, safety, and performance among others.
The growing demand for mobile devices and increasing penetration of smartphones primarily drives the growth of the battery market. There has been an increased demand of batteries from renewable energy systems, which supports the market growth. The growing use of batteries in varied industries such as aerospace and defense, healthcare, and electronics among others boosts the adoption. There has been an increasing application of batteries in battery electric vehicles owing to environmental concerns. Regulations regarding vehicle emissions coupled with environmental concerns supplement the growth of battery market. Lithium ion batteries are being increasingly used in BEVs to increase driving distance and overall performance. There has been an increased demand of batteries in emerging economies owing to development of electronics and automotive sectors. Global players are expanding their business in developing region to increase their customer base and improve the geographical outreach.
The global Battery market is segmented on the basis of type, end-user, and geography.
Geographically, the global Battery market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to dominate the global battery market during the forecast period. The increasing demand from the automotive sector is expected to drive the growth of the battery market in this region. The growing disposable income and improving lifestyle of consumer also accelerates the adoption of mobile devices and consumer goods, thereby supporting the growth of the battery market. There has been a growing demand of batteries from industries such as healthcare, automotive, electronics, and consumer goods among others in the region. Growing acceptance of green technology and electric vehicles in the region has resulted in increasing adoption of battery electric vehicles. Increasing initiatives and investments by governments in the region to support renewable energy systems boost the adoption of batteries in the region.
Key players in the global Battery market are: