The global rechargeable battery market is anticipated to grow considerably at a CAGR of 6.5% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, partnerships and collaborations among the major players are some of the major factors that are propelling the growth of the market. For instance, in August 2020, Contemporary Amperex Technology Ltd (CATL), China’s leading electric vehicle (EV) battery manufacturer, announced that it plans to invest up to CNY19.1 billion (US$2.75 billion) in new businesses and acquisitions to assist it to keep up with the rising global competition.
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In July 2020, Contemporary Amperex Technology Co., Ltd. (CATL) and Honda have signed an agreement to form a comprehensive strategic alliance on new energy vehicle batteries to strengthen their strategic partnership and promote the popularization of e-mobility. This agreement allowed the two companies to start talking about a variety of topics, including joint development, supply stability, and battery recycling and reuse. CATL and Honda conducted joint development on NEV batteries and joint R&D into fundamental technologies, aiming for future application, by combining the two companies’ technological advantages. Honda received a consistent supply of NEV batteries from CATL, primarily for battery electric vehicles (BEVs). The companies worked together to achieve global electrification by enhancing technological cooperation and developing a competitive supply system.
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Apart from it, in January 2020, in a deal worth up to $8.8 billion, Showa Denko Materials Co. Ltd., Japan’s third-largest chemical company, has agreed to buy Hitachi Chemical. Following the merger of Nippon Shokhubai and Sanyo Chemical Industries in Synfomix, this was the latest consolidation to reshape Japan’s industry. Showa Denko’s need to scale up its lithium-ion battery and advanced materials businesses to compete with Chinese and Middle Eastern players in these rapidly growing markets is said to be driving the deal. Over three years, $825 million in synergies are expected. Thus, the major players of the market are focusing on the technological advancements in batteries, which has led to an increase in collaborations, partnerships, and investments by them are to propel the growth of the global rechargeable battery market during the forecast period.
Global Rechargeable Battery Market Report Segment
By Type
- Lithium-Ion Battery
- Sodium-Ion Battery
- Nickel-Cadmium Battery
- Nickel-Metal Hydride Battery
- Zinc Nickel Battery
- Others
By Application
- Consumer Electronics
- Industrial Applications
- Automobile Applications
- Aerospace & Defence
- Others (Grid-Level Applications)
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
