|Study Period:||2018- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The global battery market is expected to register a CAGR of more than 9.5% during the forecast period of 2021 - 2026, reaching a value of around USD 188.68 billion by 2026, up from USD 88.49 billion in 2019. With the COVID-19 outbreak, the industry witnessed a negative impact in terms of battery production and sales during Q1 and Q2 2020 because a majority of the battery industry supply chain is concentrated in China. For instance, lithium-ion battery sales decreased for electric vehicles (EV) in the United States and China. At the same time, in European countries, like Germany, it increased with growth in EV sales by nearly 8.5% in Q1 2020. The primary driver for the market includes the declining price of a lithium-ion battery and the increasing adoption of electric vehicles. However, factors, like a mismatch in demand and supply of raw materials for battery manufacturing, are likely to hinder the market growth during the forecast period.
- The automotive batteries segment is expected to witness significant growth during the forecast period owing to the increasing adoption of electric vehicles across several major and emerging economies in the world.
- The number of people without access to electricity in the African region is expected to increase from 588 million in 2016 to about 602 million in 2030, despite efforts to boost electrification through grid connectivity. The Sub-Saharan region, in particular, is expected to be one of the central hotspots for off-grid solar initiatives. As solar energy is an intermittent source and generates power only during the daytime, the use of off-grid solar power in conjunction with energy storage substantially enhances the utilization of solar PV units. As a result, the use of energy storage with solar PV has been gaining popularity in developed countries, which is likely to create a huge opportunity for the battery market in the near future.
- Asia-Pacific is expected to dominate the market during the forecast period, with the majority of the demand coming from China, India, Japan, and South Korea.
Scope of the Report
The battery market report includes:
|Nickel-metal Hydride (NiMH) Battery|
|Nickel-cadmium (NiCD) Battery|
|Nickel–zinc (NiZn) Battery|
|Sodium–sulfur (NAS) Battery|
|Zinc-manganese Dioxide Battery|
|Small Sealed Lead-acid Battery|
|Other Technologies (Dual Carbon Battery, Zinc-carbon Battery, Silver-oxide Battery, etc.)|
|Automotive Batteries (HEV, PHEV, and EV)|
|Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)|
|Portable Batteries (Consumer Electronics, etc.)|
|Power Tools Batteries|
|Middle-East and Africa|
Key Market Trends
Automotive Batteries to Witness Significant Growth
- The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries in the near future. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion battery industry growth.
- A range of different vehicle types is now available globally, featuring increasing degrees of hybridization and electrification. There are various types of vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles, and electric vehicles (EVs).
- In developed and developing economies, both alike, the adoption of electric vehicles is increasing at a significant growth rate. The United States and China are already leading in global EV sales, along with other developing economies, like India, which has already begun transforming its public transportation infrastructure for EVs.
- In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicles on a large scale.
- Falling battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for battery technologies.
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Asia-Pacific to Dominate the Market
- Asia-Pacific has multiple growing economies with substantial natural and human resources, with China and India expected to be major investment hotspots for battery companies in coming years, on account of policy-level support, from the governments, thus, encouraging the manufacturing sector.
- The deployment of electric vehicles and the installation of renewable power plants in China and India are increasing rapidly, which is expected to foster massive demand for batteries.
- China is the largest market for electric vehicles (EV), with over 1.06 million EVs sold during 2019, and it is expected to remain the world’s largest electric car market. China accounted for almost 50% of the global electric car sales in 2019.
- The increasing adoption of electric vehicles is in line with the clean energy policy. In order to reduce the demand-supply gap, the Government of China is planning to ease restrictions on automakers importing cars into the country.
Asia-Pacific is likely to be the dominant player in the battery market, supported by increasing urbanization and consumer spendings across several countries, such as India and China, which is expected to ramp up the demand for technically advanced devices and vehicles due to the benefits provided by the same.
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The global battery market is fragmented. Some of the major players operating in this market include Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Duracell Inc., EnerSys, GS Yuasa Corporation, Clarios, LG Chem Ltd, Panasonic Corporation, Saft Groupe SA, Samsung SDI Co. Ltd, Sony Corporation, Tesla, Inc., and TianJin Lishen Battery Joint-Stock Co. Ltd.
With the COVID-19 outbreak, electric vehicle (EV) sales in the United States dropped by nearly 2.6% in October 2020. However, in the case of the hybrid electric vehicle (HEV), there was no such severe impact. During October 2020, 47,382 HEVs (18,146 cars and 29,236 luxury touring) were sold in the United States, up by 44.71% from the sales in October 2019. Thus, such a trend in the country has not caused any severe impact on the battery industry.
Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type, till 2026
4.4 Import and Export Analysis, by Major Technology Type and Major Countries, in USD, till 2019
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitute Products and Services
4.9.5 Intensity of Competitive Rivalry
4.10 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1.1 Primary Battery
5.1.2 Secondary Battery
5.2.1 Lead-acid Battery
5.2.2 Lithium-ion Battery
5.2.3 Nickel-metal Hydride (NiMH) Battery
5.2.4 Nickel-cadmium (NiCD) Battery
5.2.5 Nickel–zinc (NiZn) Battery
5.2.6 Flow Battery
5.2.7 Sodium–sulfur (NAS) Battery
5.2.8 Zinc-manganese Dioxide Battery
5.2.9 Small Sealed Lead-acid Battery
5.2.10 Other Technologies (Dual Carbon Battery, Zinc-carbon Battery, Silver-oxide Battery, etc.)
5.3.1 Automotive Batteries (HEV, PHEV, and EV)
5.3.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)
5.3.3 Portable Batteries (Consumer Electronics, etc.)
5.3.4 Power Tools Batteries
5.3.5 SLI Batteries
5.3.6 Other Applications
5.4.1 North America
5.4.4 Middle-East and Africa
5.4.5 South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 BYD Co. Ltd
6.3.2 Contemporary Amperex Technology Co. Limited
6.3.3 Duracell Inc.
6.3.5 GS Yuasa Corporation
6.3.6 Clarios (Formerly Johnson Controls International PLC)
6.3.7 LG Chem Ltd
6.3.8 Panasonic Corporation
6.3.9 Saft Groupe SA
6.3.10 Samsung SDI Co. Ltd
6.3.11 Tesla Inc.
6.3.12 TianJin Lishen Battery Joint-Stock Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Battery Market market is studied from 2018 - 2026.
What is the growth rate of Battery Market?
The Battery Market is growing at a CAGR of >9.5% over the next 5 years.
Which region has highest growth rate in Battery Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Battery Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Battery Market?
Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Duracell Inc., Exide Industries Ltd., Tesla Inc. are the major companies operating in Battery Market.