The global battery market is anticipated to grow significantly at a CAGR of 10.5% during the forecast period (2024-2031). The market growth is driven by the strong demand for consumer appliances, rising transportation needs, and fuel-saving initiatives. Additionally, the Original Equipment Manufacturers (OEMs) are offering government incentives for cleaner transportation and hybrid and electric automotive models and contributing significantly to the market growth. Also, the stringent pollution standards imposed by governments with a growing focus on fuel efficiency are driving the market growth. Furthermore, as electricity is less expensive and cleaner than traditional fuels and also reduces CO2 emissions, the increased adoption of electric vehicles is presenting an opportunity for market growth.
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The global battery market can be segmented based on category (into the primary battery and secondary battery), type (into Li-Ion battery, Ni-MH battery, Nickel Cadmium battery, lead-acid battery, and other batteries), application (into automotive, industrial, household, telecommunication and others) and geographies (into synthetic and natural) and region (into North America, Europe, Asia Pacific and Rest of World).
Key Market Highlights
- The lead-acid battery segment is anticipated to hold the largest market share due to its growing use in UPS (Uninterruptible Power Supply), telecommunication, transportation, and electric bikes. The segment is also supported by the continuous power supply requirements in the oil and gas, healthcare, and chemical industries.
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- Additionally, the lithium-ion (Li-ion) battery segment is also anticipated to grow during the forecast period, owing to the low maintenance qualities and better energy density. They have opportunities in the electric vehicles, energy storage systems, and portable gadgets markets. The huge increase in consumer electronics adoption on a global scale, coupled with the growing popularity of portable devices such as smartphones, laptops, digital cameras, gaming consoles, and flashlights, as well as high-speed internet connections, is driving segmental expansion.
- Among the regions, Asia-Pacific has been predicted to dominate the market attributing to the high adoption of consumer electronics in the region. The major economies of India and China are home to skilled labor and low production and setup costs, contributing significantly towards the industry growth.
- North America is to follow Asia Pacific in terms of market growth due to the rising electric vehicle production. Additionally, the decrease in the cost of Li-ion batteries, higher consumer electronics sales, quick adoption of electric cars, and a developing renewable sector are all major factors driving the regional market.
The key players in the global battery market include Exide Technologies, BASF SE, Robert Bosch GmbH, Saft Groupe SA, Toshiba Corp., Mitsui & Co. Ltd., ProLogium Technology Co., Ltd., MaxPower Inc., GS Yussa Corp., General Electric Co, and Panasonic Corp., among others. The market players are considerably contributing to the market growth by adopting various growth strategies. However, the market is restrained by the storage and transportation-related issues of batteries as they contain hazardous chemicals that can be harmful to human health and the environment in case of any defaults and mismanagement. Also, the performance degradation of certain batteries poses a challenge to the industry growth.
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