Battery Market (By Product: Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, Others; By Application: Automotive Batteries, Industrial Batteries, Portable Batteries) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global battery market is anticipated to grow at a CAGR of around 8.3% during the forecast period 2020 to 2027 and to reach around US$ 165.3 Bn by 2027.
Market Dynamics
Flourishing automotive sector across the globe, high penetration of electric vehicle is resulting in growing demand for rechargeable batteries is a major factor expected to drive the growth of global market. In addition, flourishing consumer electronics sector in emerging economies and increasing demand for high lithium ion batteries are among other factors expected to further support the growth of target market.
High government spending on development of renewable energy infrastructure, increasing demand for clean energy, coupled with demand for efficient energy storage system are among other factors expected to further support the growth of target market.
Major players approach towards business development through strategic merger and acquisitions in order to increase the customer share and enhance the revenue share is another factor expected to further support the target market growth.
- In 2019, Tesla an automotive company acquired Hibar Systems, a company that specializes in high-speed battery manufacturing systems for electric vehicles. This is expected to help the company to enhance the profit ratio.
- In 2019, EnerSys acquired NorthStar Battery Company a leader in battery technology and energy storage solutions. This acquisition is expected to help the company to enhance the product portfolio and increase the revenue.
In addition, product development activities by players and innovative product offerings are among other factors expected to further support the growth of target market.
- In 12018, Exide launched Epiq a new range of automotive batteries with a six-year warranty. This product launch is expected to attract new customer across the globe and is expected to enhance the customer bases and increase the revenue share.
However, factors such as high cost of batteries and rising environmental regulation are factors expected to hamper the growth of global market. In addition, limited usage of lead-acid batteries is another factor expected to further challenge the growth of target market.
Rapid technological advancements in battery storage system, along with rising renewable energy projects across the globe are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, major players approach towards developing countries in order to track the untapped market is another factor expected to revenue support the target market growth.
Battery Market Segment Analysis, 2019
The global battery market is segmented into product and application. The product segment is further bifurcated into lead acid, lithium ion, nickel metal hydride, nickel cadmium, and others. Among application the automotive batteries segment is expected to account for significant revenue share in the global market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to rising renewable energy projects. In addition, presence of major players operating in the country and innovative product offerings are among other factors expected to further support the growth of target market in this region.
Asia Pacific is expected to witness faster growth in the near future owing to flourishing automotive sector in emerging economies. In addition, high penetration of electric vehicle in developing countries and high passenger vehicle sale is resulting in demand for lead-acid batteries further expected to support the growth of regional market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Battery Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Product, Application and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Battery Market (Product: Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, and Others; Application: Automotive Batteries, Industrial Batteries, and Portable Batteries) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global battery market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global battery market segment by product, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global battery market size and segment markets by product, application and geography along with the information on companies operating in the market. The battery market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Saft Groupe, A123 System, BYD Company Limited, GS Yuasa, Hitachi, East Penn Manufacturing Company Incorporated, Duracell, EnerSys, Exide Technologies, LG Chem Limited, NEC Corporation, and Panasonic Corporation.
Market Segmentation
Market By Product
- Lead Acid
- Lithium Ion
- Nickel Metal Hydride
- Nickel Cadmium
- Others
Market By Application
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
Market By Region
North America
- US
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Which are the major factor expected to drive the growth of global battery market?
Flourishing automotive sector across the globe, high penetration of electric vehicle is resulting in growing demand for rechargeable batteries is a major factor expected to drive the growth of global market.
Which application segment is expected to account for significant revenue share in the battery market?
Among application the automotive batteries segment is expected to account for significant revenue share in the global market.
Which region is expected to account for significant revenue share in the battery market?
The market in North America is expected to account for significant revenue share owing to rising renewable energy projects.
Why Asia Pacific is expected to witness faster growth in battery market?
Asia Pacific is expected to witness faster growth in the near future owing to flourishing automotive sector in emerging economies.
What is the market size on battery market in 2027?
According to Acumen Research and Consulting, The global battery market in 2027 is expected to be worth above US$ 165.3 Bn.
What is the CAGR of the global battery market?
The CAGR of the global battery market from 2020-2027 is above 8.3%.
What are the players considered in the report scope?
Some of the players considered in the report scope are Exide Technologies, LG Chem Limited, NEC Corporation, and Panasonic Corporation.
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