The global battery market will be driven by rapid urbanization and industrialization during the forecast period 2021-2026

Expert Market Research’s new report titled “Global Battery market share, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2021-2026′, gives an in-depth analysis of the global battery market, assessing the market based on its segments such as type, application and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2016-2026):-

  • Historical market size (2020): 116 billion USD
  • Forecast CAGR (2021-2026): 15%

The high demand for batteries in automotive applications such as electric vehicles, rechargeable batteries and non-rechargeable batteries in new era vehicles, growing consumer interest in electronics and increased demand for portable electronics such as LCDs, LEDs, tablets, smartphones and other portable devices such as fitbits are the major factors driving the global battery market forward. Other factors contributing to the growth of the global battery market include technological developments such as cost effectiveness, increased efficiency, and product innovation. Another key reason propelling the industry is the shift in focus towards environmentally friendly technologies over fuel-powered vehicles.

Industry definition and major segments

A battery is a device that converts chemical energy into electrical energy and consists of two or more cells. It is used to power electrical equipment such as cell phones, flashlights, and electric cars, among others. Batteries have a number of advantages over other energy sources, including the ability to store energy and a specified energy capacity.

The main battery products are:

  • Lithium Ion
  • lead-acid
  • Nickel-metal hydride
  • Nickel Cadmium
  • Others

The market can be broadly categorized on the basis of its applications into:

  • Automotive batteries
  • Industrial batteries
  • portable batteries

Based on Region, the market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Market trends

In the near future, the automotive industry is likely to be one of the most important end-user segments for lithium-ion batteries. The adoption of electric vehicles is expected to provide a significant boost to the growth of the lithium-ion battery industry. Globally, a variety of vehicle models are currently accessible, with increasing levels of hybridization and electrification. Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and electric vehicles are all examples of automobiles (EVs). The use of electric vehicles is growing at a substantial rate in developed and emerging countries. Global electric vehicle sales are already dominated by the United States and China, along with other growing economies such as India, which has already begun to modify its public transport system to accommodate electric vehicles. . Policy assistance is essential to increase the adoption of electric vehicles in the current market environment. Policy assistance helps build the market by making electric vehicles more attractive to consumers, reducing risk for investors, and encouraging manufacturers to build them at scale. Declining battery prices and improving technology are expected to bring competitively priced electric vehicles to market, which will lead to increased demand for battery technologies. The Asia-Pacific region includes a wide range of growing economies endowed with significant natural and human resources, with China and India likely to be major investment hotspots for battery companies in the coming years. due to government policy support for the manufacturing industry. The rapid adoption of electric vehicles and the construction of renewable energy power plants in China and India are expected to fuel huge demand for batteries.

Main market players

Major market players include LG Energy Solution, GS Yuasa International Ltd., BYD Company Ltd., Exide Industries Ltd., Johnson Controls, Panasonic Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.

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