According to Market Research Future (MRFR)’s analysis, the global battery market is poised to thrive at a steady CAGR of 4% during the forecast period. The advancements introduced in the battery industry is anticipated to lead the expansion of the market over the next couple of years.
Although lead-acid battery has penetrated major industries for revenue generation, the innovation of the lithium-ion battery has revolutionized the battery market. It is likely to boost the growth trajectory of the market in the forthcoming years by increasing the market presence of lithium-ion batteries.
The growing demand for electric cars supported by the governments for reducing carbon footprint is driving the proliferation of the battery market. An upsurge in demand has been expected from the booming automotive sector which is projected to benefit the expansion of the market over the assessment period.
The rising consumption of smartphones is also prognosticated to have a favorable impact on the growth of the battery market. The changing consumer behavior pattern of the consumers is promoting product development and innovation in the market. This, in turn, is expected to influence the expansion of the battery market positively in the foreseeable future.
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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.
The global battery market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to dominate the global market through the forecast period. The rapid industrialization and urbanization are fostering growth in the regional battery market. A rise witnessed in the purchasing power of the population coupled with an elevated standard of living has led to the expansion of the end-user industries of batteries. The growing demand for automobiles is the key factor responsible for driving the expansion of the battery market in the region. The booming economy of China trailed by Japan are likely to contribute significantly towards the proliferation of the market over the next couple of years.
North America is a vital revenue pocket expected to exhibit substantial growth over the review period. The growth is primarily attributable to the rising demand for electric and hybrid automobiles in the region.
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Battery Market Companies Covered:
Some of the leading players profiled in this MRFR report are Douglas Battery (U.S.), Penn Manufacturing Company, Inc. (U.S.), Exide Technologies (U.S.), Johnson Controls Inc (U.S.), Zhejiang Haijiu Battery Co. Ltd (China), Chaowei Power Holding Ltd (China), The Furukawa Battery Co. Ltd (Japan), CamelGroup (Italy) and Fengfan Co. Ltd. (China)
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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