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

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