Battery Market Size, Share | Growth Drivers, Trends, Demands – Global Forecast to 2030
Research Reports
Mar 15, 2022
Various factors are fuelling the global battery market share. As per the recent MRFR market estimates, such factors include the growing need for electric cars that is supported by the government to reduce carbon footprint, booming automotive sector, the growing consumption of smartphones, consumers changing behavior pattern, growing popularity of consumer electronics, increasing need for portable electronics like wearable devices such as fitness bands, tablets, smartphones, and LCD displays, decreasing fossil fuel reserves, high CO2 emissions, promising government initiatives, and increasing demand during the COVID-19 pandemic.
The global Battery Market is likely to grow at a 4% CAGR in the forecast period 2022 2027, according to the latest Market Research Future (MRFR) analysis. Batteries are used for supplying primary power or serve as back-up power supply in commercial applications, industrial, or transport. Nickel cadmium, nickel metal hydride, and lead acid are the different types of batteries that owing to its alluring features and perks and have wide industrial, automotive, and portable applications.
On the contrary, safety issues associated with battery use and high cost involved may limit the global battery market over the forecast period.
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Key Players
The prominent players in the battery market report include Fengfan Co. Ltd. (China), CamelGroup (Italy), Chaowei Power Holding ltd (China), Zhejiang Haijiu Battery Co. Ltd (China), The Furukawa Battery Co. ltd (Japan), Johnson Controls Inc(U.S.), Penn Manufacturing Company, Inc.(U.S.), Douglas Battery (U.S.), and Exide Technologies (U.S.), among others.
The global battery market is fragmented as well as competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the rising needs of the customers, such as partnerships, collaborations, geographic expansions, contracts, joint ventures, new product launches, and more. Additionally, these players are also making huge investments in R&D activities for strengthening their portfolios and also make a hold in the market
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global battery market based on battery type and application.
By battery type, the global battery market is segmented into nickel cadmium, nickel metal hydride, and lead acid. Of these, the lead acid segment will lead the market over the forecast period.
By application, the global battery market is segmented into industrial, automotive, and portable. Of these, the automotive segment will dominate the market over the forecast period.
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Regional Analysis
By region, the global battery market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, the APAC region will sway the market over the forecast period. Rising need for automobiles, growing industrialization, the presence of developing countries such as India and China, rising automotive production activities, growing demand from consumer electronics, and rising number of electric vehicles in Japan as well as China are adding to the global battery market over the forecast period. Besides, rapid development in the industrial sector and availability of skilled workforce, and low production and set up costs in China and India are also adding market growth.
In North America, the global battery market will have a healthy growth over the forecast period. Rising eco-friendly initiatives, production of technologically advanced vehicles, decrease in the price of li-ion battery, growing sales of consumer electronics, rapid adoption of electric cars, and growing renewable sector are adding to the global battery market growth in the region.
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In Europe, the global battery market is predicted to have promising growth over the forecast period. Increasing production of electric vehicles, the region being the foremost producers of automobiles, the presence of several key automotive producers are adding to the global battery market growth in the region.
In RoW, the global battery market will have steady growth over the forecast period.
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