The global battery market is expected to
reach USD 132.55 billion by 2024, according to a new report by Grand View
Research, Inc. Majorly consisting of primary and secondary batteries, the
growth will be attributed to growing demand for secondary batteries that are
rechargeable on account of rising demand for smart gadgets and electronics such
as tablets, smartphone and other portable devices including the digital camera
and laptop.
Technological advancements in
terms of cost reduction and enhanced efficiency are expected to open new
avenues for the global market over the forecast period. Rising use in aircraft
emergency systems in case of non-availability of APU’s for braking, ground
operations and restarting the APU is expected to fuel high capacity battery
demand. Low cost and high density of lead acid battery will encourage use in an
emergency power supply and grid storage applications thus supplementing the
market growth.
Browse full research report on Battery Market: http://www.grandviewresearch.com/industry-analysis/battery-market
Further key findings from the report suggest:
- Li-ion based batteries are expected to emerge as the
most dominant segment owing to the growing demand in the automotive
industry coupled with portable devices and electric power trains. The auto
industry is experiencing high growth in plug-in hybrid and electric
vehicles segment which is expected to propel demand. In addition,
successful commercialization and lucrative incentives have been
encouraging OEMs to introduce new hybrid and electric models in the
market.
- Ni–Cd batteries find applications in portables
devices such as wireless & cordless telephones and emergency lighting,
rising use for which will drive market demand. Growing application scope
in railways for emergency braking, locomotive starting, air-conditioning,
coach lighting and power for signaling will further propel growth.
- Industrial application accounted for over 30.0% of
the global market in 2015. The industrial application includes
wheelchairs, golf carts, aviation, satellites, grid storage, forklifts and
power tools. Rising energy requirements have resulted in increased use of
storage applications on grid and off grid which has directly impacted
demand for battery storage systems. Rapid industrialization in emerging
economies of Asia Pacific and Latin America will utilize batteries in UPS
devices, material handling systems, and power tools thus fueling market
demand.
- Asia Pacific dominated the global battery market with
revenue over USD 23.00 billion in 2015 on account of the presence of a
majority of manufacturers in Japan and South Korea. Budding consumer
electronics industry in India, Malaysia, Singapore and Thailand is
expected to result in high demand for lithium-ion batteries in the next
eight years. Increasing automobile production in India and China is
projected to propel demand for lead acid batteries in the near future. In
addition, laxity for regulations in these countries regarding automotive
emissions and fuel efficiency is expected to provide immense potential for
market growth.
- The global industry includes major conglomerates such
as Hitachi, Sony, LG, Panasonic and GS Yuasa. Companies are moving towards
lithium ion battery manufacturing owing to high potential in consumer
electronics and electric vehicle market. Key companies are engaged in
manufacturing of batteries with varying capacities suitable for different
applications. Automotive Energy Supply Corporation and Panasonic are major
shareholders in the lithium-ion electric vehicle segment. In February
2016, Johnson Controls Inc. made investments in its facility in Germany to
improve its production capacity.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the global battery market
on the basis of product, application and region:
Battery Product Outlook (Revenue, USD Million, 2013 -
2024)
- Lead
Acid
- Lithium
ion
- Nickel
Metal Hydride
- Nickel
Cadmium
- Others
Battery Application Outlook (Revenue, USD Million, 2013 -
2024)
- Automobile
- Industrial
- Portable
Battery Regional Outlook (Revenue, USD Million, 22013 -
2024)
- North
America
- U.S.
- Europe
- Germany
- UK
- Asia
Pacific
- China
- Japan
- Latin
America
- Brazil
- MEA
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-battery-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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