Global Battery Market Outlook
According to the International Organization of Motor Vehicle Manufacturers (OICA), around 970 million vehicles were manufactured in the year 2017, which is a 2.36% increase from the preceding year. The global automotive needs are increasing at an exponential pace, which is anticipated to escalate the adjacent industries related to it. Batteries are one such raw material that is being employed at a large scale in the automotive vehicles. Taking this factor into account, the global battery market revenue is subjected to witness unconventional profit in the near future.
Additionally, as per the GSMA reports, more than 923 million mobile connections were recorded from 2017 to 2019. The exuberant demands for smartphones from all over the world has fuelled the battery market exceptionally. Moreover, the demands for electronic devices such as laptops, speakers, and smart watches has also proved to drive the battery market to a greater extent.
Battery is a source of energy which uses electrochemical fuel cells to transform chemical energy into electricity. Lithium-ion, voltaic, silver oxide, and nickel iron are some of the most commonly used batteries across industries. Batteries are considered essential energy storage systems that provide uninterruptible power supply. Batteries are extensively used in numerous industries such as automotive, electronic, defence and other end-user industrial segments.
According to a market research report from IndustryARC, the global battery market size is around $68 billion to $70 billion as of 2018. The global demands in the market is expected to increase at a CAGR of around 5% to 6% during the forecast period of 2019 to 2025. North-America is measured as the most fulfilling market place for the battery market with a global market share of around 30%. The industrial automation in these developed regions is considered as one of the most prominent reasons for the increasing demands, supporting the global battery market.
In terms of applications, the largest demand for batteries is seen from the electric vehicle segment of the automotive industry, and is estimated to increase at an incredible CAGR of 21%going through 2025. According to the International Energy Agency, the United States had the second-highest electric market share with about 280,000 cars sold in 2017. Such impulsive demands for alternative fuel driven vehicle is expected to drive the growth of the global battery market.
The information presented is from the IndustryARC’s report titled “Battery market: by type (primary or non-rechargeable, secondary or rechargeable), by application (watches, calculators, mobile phones, camcorders, computers, cars, trucks, buses, locomotives, satellites, robots, submarines, others), by end-user industry (aerospace, defence & military, electrical & electronics, marine, medical, mining, automotive, others), by geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) – forecast (2019-2025).
Battery Market Companies: Recent Developments
Some of the major key players in the market are Panasonic, SAFT, Tesla, Exide, LG Chem, Samsung, A123, Duracell, eCobalt, Amperex Technology, Johnson Control, and Toshiba.
The French company is indulged in the designing, development, and manufacturing of batteries that are applied in transport, defence, and aerospace industry. The company also develops batteries that are used in satellites. In 2017, the company achieved a major milestone when the 200th satellite equipped with its lithium-ion battery took flight in the second Iridium NEXT mission. These satellites are built by Thales Alenia Space, who uses batteries manufactured by SAFT in their satellites.
The start-up company branched out of A123Technologies and developed a landscape changing the product for electric vehicle power storage by packing more kilowatts into each kilogram of the battery using its innovative design and advance manufacturing units. The company aims to develop high density batteries integrated in lighter extent which will expand the range of electric vehicles. 24M believes that robust and lightweight batteries are subjected to optimise the electric vehicle market segment.
The global energy needs is scaling the battery market. Numerous end-user industries are employing batteries to cater to the power supply demands. Reducing fossil fuel reserves and emerging alternative energy resources is one of the major growth driver. Another factor that is fuelling the growth in the battery market is the proliferating demands from the smartphone industry. With such an influx from major end-user industries, the battery market is proposed to witness huge profits in the near future.
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- Lithium-Ion Battery Market
- Automotive Battery Market
- Next Generation Battery Market