Global Battery Market by Application (Industrial, Portable, Automotive), by Product (Lead Acid, Ni-cd, Nickle Metal Hydride, Li-ion) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global battery market was worth USD 108.4 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 14.1%) between 2020 and 2027. High demand for the automotive market is responsible for the market's growth. Rechargeable batteries are used in non-rechargeable and electrical vehicles. Over the forecast period, the use of lithium-ion batteries as a product type is expected to increase due to the increasing popularity of consumer electronics. The market is experiencing high demand for portable electronics such as LCD displays, smartphones and tablets, as well wearable devices like fitness bands. Technological advancements that improve efficiency, cost-effectiveness and innovating products are expected to drive substantial growth in the market. The strict emission standards set by governments in developed countries like the United States and United Kingdom, as well as growing awareness towards fuel efficiency, will drive demand for batteries.

In 2019, the U.S. market for battery storage systems was worth USD 10.49 billion. The U.S. government cheered stakeholders in both the renewable industry and electric vehicles (EVs) industries. This has resulted in a higher demand for battery energy storage systems, primarily Li-ion batteries. The adoption rate of EVs in the United States is increasing at a rapid pace. Along with Canada and the United States, the U.S. is a leader in electric vehicle sales.

Market growth will be driven by declining fossil fuel reserves and promising government initiatives. Children's toys, light beacons and remote controls, as well as electronic keys, are heavily powered by non-rechargeable battery components. They are expected to experience a decrease in stake to rechargeable battery due to their efficiency and longer lifespan.

The Asia Pacific and Africa developing markets are expected to increase battery demand for electric bicycle applications. They also will support storage applications like the levelling of load in renewable energy sources such as solar and wind. There is huge potential for market growth due to the expected increase in aircraft and automobile production in APAC countries, including China and India.

The use of battery-operated equipment has increased with technological advances in battery technology. Hybrid Electric Vehicles are equipped with a variety of features that require a lot of battery power. These include power windows, a GPS navigation system, air-conditioning systems, air conditioning systems, and display information about the battery level.

Product Insights

The market can be further divided by product into Lead Acid, Lithium Ion, Nickle Metal Hydroide, and Nickel Cadmium. In 2019, the lead-acid batteries segment held 29.5% of the market. This is due to its growing use in automotive, telecommunications, transport vehicles and electric bikes. A high demand for lead-acid batteries will result from the increased use of uninterruptible power supply devices in oil and gas, chemical, and healthcare sectors for constant power supply. Because of their reliability and low cost, these batteries are often used in critical applications.

In 2019, the lithium-ion product category was worth USD 31.8 billion. This is due to growing demand for electric cars (EVs), grid storage, and high-energy density solutions. It also offers lightweight and high-energy densities. The forecast increases in storage and backup will likely drive increased demand for the lithium-ion battery in the manufacturing, rail, and solar power industries.

Because of their low energy density, high lead content and large market share, Li-ion batteries will be able to capture a significant portion of the market during the forecast period. The majority of the market for lithium-ion batteries will be held by 2027, as they are expected to penetrate lead-acid-based battery applications such as storage and automobiles and plug-in electric cars. Because of their low maintenance requirements and higher energy density, Li-ion batteries are expected to be adopted in electric vehicles, energy storage system, and portable devices at a rapid pace. The next big segments in the global market are nickel-cadmium or nickel-metal-hydride batteries.

Application Insights

The market can be divided into three types of applications: automotive, industrial, or portable. Due to increasing demand for EVs, plug in hybrid vehicles and HEVs, the automotive segment accounted for 34.3% of total market revenue in 2019. The automotive industry has seen a high demand for starting, lighting, ignition (SLI), which has resulted in a large battery supply. Forklifts used in industrial applications include telecom, energy storage, emergency lighting, security signs, control and switchgear, as well as forklifts that can handle extra material.

The portable application market will be driven by high demand for consumer electronics. Although this segment is expected to see significant growth in terms consignments, its low revenues and small size does not subsidize a large share of the market.

Batteries are used in many industrial applications, including off-grid energy storage systems, UPS and power backup systems, machinery and marine equipment and industrial automation systems. During the forecast period, there will be an increase in the use of electric powered forklifts as well as automation systems in industrial logistics, storage warehouses, large-scale facilities and factories.

Regional Insights

Asia Pacific accounted for 33.0% of the total revenue in 2019. Asia Pacific is a significant customer for batteries due to its growing automotive production and rapid industrial development. This has resulted in high demand throughout the region. Due to their low setup and production costs, and the availability of skilled workers, India and China are the top producers in the consumer electronics sector.

North America is projected to experience significant growth over the forecast period. The key factors driving the market are a drop in the price of Li-ion batteries, an increase in sales of consumer electronics and rapid adoption of electric cars. North America is a leader in battery research and innovation and is one of the biggest consumers of batteries. California, for example, is one of the largest plug-in car markets, with 670,000 EVs sold in 2019.

Policy support is crucial in promoting the adoption of EVs in the current market environment. Market growth is also possible through policy support. It makes vehicles more attractive to customers and decreases the risk for all stakeholders. This encourages producers to create EVs on a large-scale.

Increasing electric vehicle production is expected to lead to significant growth in Europe. Europe has been a major producer of automobiles over the past and will continue to be so. The presence of major automotive producers such as Audi, BMW and Volvo, Jaguar, Fiat Volkswagen, Aston Martin Ferrari, Mercedes Benz Porsche, Lamborghini and Fiat will boost the region's automobile industry growth. This will in turn drive the demand for industrial battery storage over the forecast period.

Market Share Insights & Key Companies

Due to the presence of large companies in the region, the global market is marked by fierce competition. Forwarding integration is the market category. This means that key battery producers can also be involved in the distribution and usage of these batteries. Samsung, for example, is integrated throughout the value chain. From the manufacturing of these batteries to their end-use purpose, key industry players like BYD Company Ltd. and LG Chem, Hitachi Chemical Co. Ltd., as well as Panasonic, are integrated.

To strengthen their market presence, key players rely on strategies like JVs or M&A. They also work to increase their market share and productivity through R&D and product innovation. In the coming years, industry rivalry will be fierce due to volatile raw material prices. This will make it difficult for new players to enter the market. The following are some of the major players in the market for batteries:

• GS Yuasa International Ltd.

• BYD Company Ltd.

• A123 Systems LLC

• Hitachi Chemical Co. Ltd.

• Duracell

• Johnson Controls

• NEC Corporation

• Panasonic Corporation

• Samsung SDI Co., Ltd.

• Toshiba Corporation

• LG Chem Ltd.

• Saft

• Sony Corporation

• Eveready Industries

• Contemporary Amperex Technology Co.

Up Market Research published a new report titled “Battery Market research report which is segmented by Application (Industrial, Portable, Automotive), by Product (Lead Acid, Ni-cd, Nickle Metal Hydride, Li-ion), By Players/Companies Toshiba Corporation, GS Yuasa International Ltd, Eveready Industries, LG Chem Ltd, BYD Company Ltd, Duracell, Johnson Controls, Samsung SDI Co Ltd, A123 Systems LLC, Panasonic Corporation, NEC Corporation, Contemporary Amperex Technology Co, Hitachi Chemical Co Ltd, Saft, Sony Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Battery Market Report Segments:

The market is segmented by Application (Industrial, Portable, Automotive), by Product (Lead Acid, Ni-cd, Nickle Metal Hydride, Li-ion).

Battery Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Battery Market

Overview of the regional outlook of the Battery Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Battery Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Battery Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Industrial

                2. Portable

                3. Automotive

                1. Lead Acid

                2. Ni-cd

                3. Nickle Metal Hydride

                4. Li-ion

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Battery Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
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• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Battery Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.