The “Global Battery Market Outlook, 2026” report has been added to ResearchAndMarkets.com’s offering.
London, NFAPost: The global battery market is classified on basis of type (primary & secondary), technology (lead-acid, lithium-ion, nickel-cadmium & nickel-metal hydride), and application (automotive, industrial & portable).
A battery consists of one or multiple cells which facilitate the conversion of chemical energy into electricity. Batteries are used to supply primary power or act as the back-up power supply in transport, industrial, or commercial applications. With the demand in the global transportation market increasing, the market for batteries is also projected to grow.
The rising number of electrical circuits and devices in the transportation industry is one of the major factors driving this growth. New markets that further boost battery growth is the electric bicycle and storage systems for renewable energy, from which homeowners, businesses, and developing nations are benefiting.
Large grid storage batteries collect surplus energy during high activity and bridge the gap when the input is low or when user demand is heavy. The overall battery market is expected to grow at a CAGR of over 8% during the forecasted period of 2021-26.
The Middle East & Africa and Asia Pacific region together are expected to account for a market share of over 50% by the end of the forecasted period. The number of people without access to electricity in the African region is to increase by over 600 million in 2030, despite efforts to boost electrification.
The Sub-Saharan and rural south Asian regions, in particular, are expected to be one of the central hotspots for off-grid solar initiatives. As a result, the use of energy storage with solar photovoltaic technology has been gaining popularity in these countries, which is likely to create an enormous opportunity for the battery market.
Significant increases in battery energy density will probably require a disruptive technology involving a lithium anode. The lithium-ion battery segment is expected to cross a market of USD 60 Billion by the end of the forecasted period, recording the highest CAGR. The demand-supply mismatch of raw materials is the hindrance to the market growth.
On the other hand, major factors driving the market include declining prices, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics. High demand for portable electronics, including LCDs, smartphones, tablets, and wearable devices, is boosting the growth of lead-acid battery segment. The market is expected to observe substantial growth on account of technological advancements in terms of enhanced efficiency, cost-effectiveness, and product innovation. The market-leading segment of lead-acid batteries is expected to report the lowest CAGR of 5.98% through the forecasted period.
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. In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles.
Falling battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating a demand for battery technologies. The automotive sector recorded at a market of USD 37.65 Billion in 2015 is expected to be the major application segment for the battery market in the near future. The share of portable battery applications is expected to decline further to a share of 32.54% by the end of the year 2026.
The market comprises a network of players, including major global players as well as localized regional players. Most of these companies are headquartered in China, making it the highest contributing country, with 12.69% in 2020.
Key players in the global battery market
Robert Bosch GmbH,
Saft Groupe SA,
Delphi Automotive LLP,
Contemporary Amperex Technology Co. Limited,
BYD Co. Ltd,
GS Yuasa Corporation,
LG Chem Ltd,
Saft Groupe S.A.,
Samsung SDI Co. Ltd,
Sony Corporation, Tesla, Inc., and
TianJin Lishen Battery Joint-Stock CO., LTD.
A123 System LLC, BYD Company Limited, C&D Technologies Inc, Clarios, Contemporary Amperex Technology Corporation Limited, GS Yuasa International Limited, Hitachi Chemical Corporation Limited, LG Chem Limited, Panasonic Corporation, Saft Group SA, Samsung Corporation Limited, Sony Corporation, Toshiba Corporation
This report would help you answer the following questions:
1. What is the market size and forecast of the Global Battery Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Battery Market during the forecast period?
3. Which region outstands in the Global Battery Market?
4. Which are the segments to invest in over the forecast period in the Global Battery Market?
5. What is the competitive strategic window for opportunities in the Global Battery Market?
6. What are the technology trends and regulatory frameworks in the Global Battery Market?
7. What are the major company in the Global Battery Market?