Battery Market Analysis

The Battery Market Growth is expected to reach 10.5% CAGR. Also, the Battery Market Revenue is anticipated to expand up to USD 280 Billion by the studied forecast period.

COVID-19 Analysis

The COVID-19 outbreak has shaped the dynamics of the world economically, geographically, politically, and socially. The novel coronavirus has been declared communicable and contagious even through surfaces which have been containment owing to in proximity of infected people. The entire world had shut to any communications, gatherings, and activities. People had been subjected to follow guidelines to act proactively while purchasing and utilizing the basics of daily lives. The auto industry experienced the wrath of the pandemic owing to stop on any transport movement sans any proper regulation. The battery market too suffered a negative effect as the industry is concentrated in China mostly. The sales of lithium-ion batteries faced an immense downfall during this phase. The demand and supply had a drastic shift owing to reduced export-import of raw materials.

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Drivers

Burgeoning Need for Portable Electronics to Boost Market Growth

The high demand for portable electronics such as wearable devices like fitness bands, along with tablets, and smartphones, and LCDs will boost market growth over the forecast period.

Opportunities

Technological Advances to offer Robust Opportunities

Technological advances such as product innovation, enhanced efficiency, and cost-effectiveness will offer robust opportunities for the market over the forecast period.

Restraints

Lack of Awareness in Rural Areas to act as Market Restraint

The lack of awareness in rural areas and dynamically hanging prices of raw material prices may act as market restraints in the forecast period.

Challenges

Stringent Government Authorities’ Emission Rules to act as Market Challenge

The stringent government authorities’ emission rules, norms, and regulations in developed countries for generating battery powers as these release harmful emissions in the environment may act as market challenge over the forecast period.

Battery Market Segmentation:

By battery type, the global battery market has been segmented into lead acid, lithium ion, nickel metal hydride, and nickel cadmium. The Lead acid segment has widely penetrated the automotive sector and presently holds a substantial share of the global market. Meanwhile, the rapid developments in the lithium ion segment are projected to lead the expansion of the market in the upcoming years.

By application, the global battery market has been segmented into portable, automotive, and industrial.

Regional Analysis

APAC to Hold Dominant Position in Battery Market

The APAC region will hold a dominant position in the battery market over the forecast period. High demand for automobiles, rapid industrialization and urbanization, high rate of production activities of automobiles in China and India, increase in the segment of electric vehicles, transportable electronics, and consumer electronics, growing automobile production, rapid development in the industrial sector, availability of skilled workforce, low production and setup costs, increase in the purchasing power of the population, elevated standard of living, expansion of the end-user industries of batteries, and the booming economy of China and Japan are adding to the global battery market growth over the forecast period.

The global battery market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.

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Key Players

Eminent players profiled in the global battery market report include Douglas Battery (U.S.), Johnson Controls Inc(U.S.), Zhejiang Haijiu Battery Co. Ltd (China), CamelGroup (Italy), Exide Technologies (U.S.), Penn Manufacturing Company, Inc.(U.S.), The Furukawa Battery Co. Ltd (Japan), Chaowei Power Holding Ltd (China), and Fengfan Co. Ltd.(China).

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