Global Battery Market Report 2021-2026: Driven by Focus on Convenience, Comfort and Energy Savings, the Rising Proliferation of Smart Homes Presents Steady Growth Opportunities for Batteries Market
DUBLIN, June 21, 2022 -- The "Battery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Battery Market to Reach US$173.7 Billion by the Year 2026
The global market for Battery estimated at US$105.6 Billion in the year 2021, is projected to reach a revised size of US$173.7 Billion by 2026, growing at a CAGR of 10.3% over the analysis period.
Lead Acid, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$46.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Ion segment is readjusted to a revised 16.7% CAGR for the next 7-year period. This segment currently accounts for a 29.3% share of the global Battery market.
The battery industry banks on replacement sales as demand growth is related to service life. Even long-lasting rechargeable secondary batteries need replacement in the long run. These factors make replacement sales the driving force behind market growth.
Another important factor which of late is influencing demand for batteries is product safety and environmental sustainability. Reflective of the fact is the growing global momentum towards banning of hazardous substances, such as mercury, cadmium, and lead from batteries.
Already armed with the growing knowledge of harmful impact of batteries, certain regions such as Europe, have formulated directives, which restrict the usage of hazardous components like cadmium in batteries. Therefore, it is not surprising that in the coming years, battery chemistries such as Nickel-cadmium (Ni-Cd), would witness lackluster growth, particularly in the developed markets, where environmental concerns are gaining paramount attention among consumer groups and manufacturers alike.
Presently, the consumer batteries market is dominated by secondary batteries segment. The secondary/rechargeable batteries segment would see lithium-ion rechargeable batteries display the maximum growth opportunities, driven by the widespread popularity of smartphones and notebooks/laptops.
On the other hand, although alkaline batteries would continue to be a dominant force in the primary batteries market, fastest growth in the segment, however would emanate from emerging chemistries such as primary lithium, thereby offering stiff competition to existing chemistries in the segment.
Region-wise, emerging markets will be the chief contributors propelling the market forward in the years to come, all thanks to rising income levels of consumers in these regions. Going forward, battery manufacturers will continue to provide longer lasting batteries by improving the energy density of existing chemistries or by using new chemistries. This factor, coupled with the continuing emergence of power hungry electronic devices, will continue to drive the consumer battery industry forward in the coming years.
Rapid pace of industrialization, growing demand for auto industry and the significant investments being made into the sector in countries such as China and India will drive growth. With Asia-Pacific home to some of the leading electronics companies, the Li-ion batteries market is poised for growth. Renewable energy sector in Asia is gaining strength, due to the need to cut down greenhouse emissions and to meet the growing energy requirements of the developing economies.
China especially is a promising market due to the country being a global manufacturing hub of EVs, which make use of Li-ion batteries. The region`s Li-ion battery market also benefits from China`s leadership in production of electronic devices. India is also expected to emerge as a major market for Li-ion batteries, due to the country`s target to achieve 100% EV sales by the year 2030.
The battery market in North America is projected to register improved growth due to rising demand for consumer electronics, high uptake of electric vehicles, expansion of the renewable energy sector and declining costs of Li-ion batteries. The region remains a leading consumer of advanced batteries and is witnessing consistent focus on battery-related innovations.
The regional market is gaining from favorable policies that are offering desired boost to electric vehicles. Government policies are paving way for large-scale production of electric vehicles and encouraging customers to embrace the technology. Europe is anticipated to experience a strong growth in the coming years as a result of increasing production and uptake of electric vehicles. European market for Li-ion batteries is being driven by the growing adoption of EVs and the rising sales of portable electronic devices.
The increased focus on energy storage systems, specifically for renewable energy technologies, is presenting growth opportunities for the market. The US market for Li-ion battery will be driven by the rising emphasis on use of energy storage systems and the growing importance of clean energy technologies. With the country being an active adopter of battery storage systems based on Li-ion technology, there is high growth potential in this segment. The growing consumer electronics industry is also expected to fuel demand for Li-ion batteries.
MARKET TRENDS & DRIVERS
- Li-ion Battery Registers Strong Growth with Expanding Applications in Consumer Electronics, Electric Vehicles and Energy Storage Sectors
- A Comparative Review of Key Properties of Different Li-ion Batteries
- Existing and Emerging Applications of Lithium-Ion Batteries
- China Dominates Li-ion Battery Production, US and Europe Make Efforts to Gain Strong Position
- Leading Li-ion Battery Mega Factories Worldwide: Ranked by Storage Capacity in GWh Per Annum
- Robust Outlook for EVs Opens New Avenues of Growth for EV Batteries
- Pandemic Impact on EVs and Prospects for Battery Technologies
- Electric Micromobility Rises in Prominence Amid Covid-19 Pandemic
- Global Automakers Focus on Securing Raw Materials for EVs
- Projected Demand for Metals and Minerals from Li-ion Battery Packs Used in Passenger EVs by Type for the Years 2025 and 2030
- Rising Sales of Electric Buses Bolsters Demand for Li-ion Batteries
- Shortfall of Raw Materials to Augment Cost of EV Batteries
- Major Players Operating in the EV Battery Space
- Production of Electric Cars Set to Increase Focus on Recycling
- Li-ion Batteries Emerge as the Dominant Technology for Grid-Scale Energy Storage
- Comparison of Key Features for NaS Battery, Lithium-ion Battery, and Flow Battery Technologies
- Rapid Growth of Renewable Energy Market Drives Opportunities
- Increase in Offshore Wind Installations Presents New Opportunities
- Lithium-ion Solar Batteries Hold an Edge over Lead Acid Batteries for Residential Solar Customers
- Key Trends Driving the Battery Energy Storage Systems Market
- Rapid Proliferation of Smart Homes Bodes Well for Battery Uptake
- Driven by Focus on Convenience, Comfort and Energy Savings, the Rising Proliferation of Smart Homes Presents Steady Growth Opportunities for Batteries Market
- Smart Cities & IoT Push Up the Need for Smart Batteries
- New Battery Chemistry and Modularity at the Forefront of Innovations in UPS Systems
- Battery Management Gains Precedence
- Backup Power Demand Gives Special Thrust to Lead-Acid Batteries amid COVID-19
- Graphene Holds the Potential to Enhance Attributes of Li-ion Batteries
- Smart UPS Systems Built on Li-Ion Batteries Present Exciting Opportunities for Data Centers to Leverage Stored, Unused Energy
- Increasing Adoption of Li-ion Batteries in Data Centers
- Complex Infrastructure and Scale of Modern Data Centers Necessitates Energy Storage: Potential for Flow Batteries
- Demand for Portable Batteries Set to Rise in Tandem with Expansion of Portable Applications
- Opportunities and Challenges of Sustainable Battery Production
- Li-ion Batteries Offer Support for Industrial Applications
- Increased Preference for Li-ion Batteries by Motorcycle Manufacturers Due to High Resistivity to Drive the Market Growth
- Dynamics in the Consumer Batteries Space
- Growing Demand for Mobile Computing Devices To Spur Demand
- Widespread Use of Li-ion Batteries in Smartphones
- Li-ion Batteries Gain Momentum in Wearable Devices
- Demand for Smart Batteries Pushes Up the Importance of Battery Fuel Gauge ICs
- The Rise of Drones Spurs Demand for Drone Batteries
- Advanced Batteries for UAV Drones
- Nickel Cadmium Batteries: Declining Demand Deters Market Prospects
- Decelerating Demand Deters Nickel Metal Hydride Batteries Segment
- Flow Batteries Gain Demand
- Smart Grids Elevate the Prospects for Flow Batteries
- Pandemic Impact on the Vanadium Redox Battery Market
- Vanadium Flow Batteries: Unveiling the Much Needed Energy Storage Breakthrough
- Global Next Generation Advanced Batteries to Witness Rapid Growth as Industry Focuses on Sustainability
- Lithium Polymer Battery Attracts Growth
- Lithium Sulphur Batteries Demand to Accelerate
- Lead-Acid Batteries Remain Central to the Automotive Industry
- Short Life of Lead Acid Batteries & Growing Vehicle PARC Fuels Opportunities for Aftermarket Batteries
- Auto Production Halts Induced by Chip Shortages Hobbles Much Awaited Recovery
Rising Share of Electronics in Automobiles to Augment Demand
- Growing Significance of Solid-State Batteries Over Traditional Lithium-ion Battery Systems to Drive the Market Growth
- Solid-State Technology Seeks Role in EV Domain
- Battery Chemistry Improvements Augment Innovations & Advancements
- Researchers Aim to Develop Advanced Li-Ion Batteries for Electric Vehicles
- Inadequacies of Electrolyte-based Li-Ion Battery Cells Prompt New R&D Investments
- Select Battery Innovations and Developments
- Favorable Demographic & Socio-Economic Trends Strengthen Market Prospect
FOCUS ON SELECT PLAYERS (Total 262 Featured)
- A123 Systems LLC
- BYD Company Ltd.
- Contemporary Amperex Technology Co. Ltd.
- Duracell Inc.
- EnerDel, Inc.
- Eveready Industries India Ltd.
- Exide Technologies, Inc.
- GS Yuasa International Ltd.
- Hitachi High-Tech Corporation
- Johnson Controls International PLC
- LG Chem Ltd.
- NEC Corporation
- Panasonic Corporation
- Robert Bosch GmbH
- Saft Groupe SA
- Samsung SDI Co., Ltd.
- Sony Corporation
- Tesla, Inc.
- Toshiba Corporation
- Trojan Battery Company
For more information about this report visit https://www.researchandmarkets.com/r/u1qjuc
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