The global Battery Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Battery Market is expected to reach USD 132.55 billion by 2024. Battery is known for creating electricity using metals or liquids that are good conductors of electricity. The battery has two electrodes, which are positive and negative ends. It is made up of three key constituents like electrolyte, anode, and cathode.
Key Players:
- Saft Groupe
- A123 Systems
- GS Yuasa
- BYD Company Limited
- Hitachi
- Duracell
- East Penn Manufacturing Company Incorporated
- EnerSys
- Eveready Industries
- Exide Technologies
- Johnson Controls
- LG Chem Limited
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Growth Drivers:
Batteries that must be thrown away after use are termed as primary batteries; whereas the batteries that can be recharged are termed secondary batteries. The Battery Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Low cost of raw materials, growth in need for security of energy supply, emerging several novel applications for batteries, technological enhancement, and growing disposable income are documented as major factors of Battery Market that are estimated to enhance the growth in the years to come. However, presence of alternatives like diesel generators and fuel cells may restrain overall market growth in the coming years. Battery Market is segmented based on type, application, and region.
Application Outlook:
- Automobile
- Industrial
- Portable
Product Outlook:
- Lead Acid
- Lithium ion
- Nickel Metal Hydride
- Nickel Cadmium
- Others
Lead acid batteries sector accounted for the substantial market share of Battery and is estimated to lead the overall market in the coming years. The lithium-ion batteries sector is estimated to grow at highest CAGR with fastest pace in the coming years.
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Globally, Asia Pacific accounted for the significant market share of Battery and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be growing demand for industrialization and automobiles and high demand from consumer electronics. The emerging countries like India and China are the key consumers of Battery in this region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
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