Battery Market Size, Share, Growth, Trends and Forecast Report, 2024
by Susan Hill Business ConsultantThe 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.
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.
Access
full research report on global battery market:
www.grandviewresearch.com/industry-analysis/battery-market
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Created on Oct 15th 2019 04:09. Viewed 488 times.