The global battery market is anticipated to grow significantly at a CAGR of 10.5% during the forecast period. Strong demand for consumer appliances, rising transportation needs, and fuel savings are all contributing to the growth of the market. Original Equipment Manufacturers (OEMs) are offering government incentives for cleaner transportation as well as new hybrid and electric automotive models. For instance, the Clean Transportation Program (also known as the Alternative and Renewable Fuel and Vehicle Technology Program) invests up to $100 million in a diverse portfolio of transportation and fuel transportation initiatives around California each year. The Energy Commission combines public and commercial funds to encourage the use of alternative and renewable fuels in transportation.
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Electricity is less expensive and cleaner than traditional fuels, which helps to reduce CO2 emissions, which contribute to global warming. Technological improvements in alternative fuel vehicles, such as electric vehicles, are expected to create a lucrative opportunity for market players. Stringent pollution standards imposed by governments in industrialized countries such as the US and the UK, along with a growing focus on fuel efficiency, are projected to drive market demand. For instance, in the US the pollution control law such as Clean Air Act (CAA), Clean Water Act (CWA), and the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), among other, are managed by the United States Environmental Protection Agency. 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.
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Market Segmentation
Global Battery Market by Category
- Primary
- Secondary
Global Battery Market by Type
- Lithium-Ion (Li-Ion)
- Nickel-Metal Hydride (NI-MH)
- Nickel Cadmium
- Lead Acid
- Others
Global Battery Market by Application
- Automotive
- Industrial
- Household
- Telecommunication
- Others
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
Rest of Asia-Pacific
Rest of the World
Company Profiles
- A123 Systems, LLC
- Akzo Nobel N.V.
- Ambri Inc.
- American Elements
- Ashland Global Holdings Inc.
- b2i Technologies, Inc. (Altair Nano)
- BASF SE
- BroadBit Batteries Oy
- BYD Company Ltd.
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