Global Battery Market Forecast 2019-2027
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The performance and lifetime of a battery are enhanced and optimized by the battery plate grid. The grid composition balances out the specific gravity of the electrolyte, the active material used and the concentration of lead. Batteries are mostly used in automobiles, electronics, golf carts, and forklifts among others. Their daily use aspect lies in cases of power shortages, blackouts or when the demand for power gets high. According to Inkwood Research, the market has been predicted to expand at a growth rate of 6.63% CAGR during the forecasting years of 2019-2027, driven by various factors. For instance, the development of the automobile and motorcycle industry has been very crucial for the advancement of the battery market globally.
The growing preference for pollution-free hybrid & electric vehicles along with rapid technological developments are a few factors that have influenced the market penetration. Also, the decreasing cost of lithium-ion batteries and surging energy storage deployments in power grids & UPS systems are responsible for driving the growth. The multiple properties of the batteries such as durability, dependability, low maintenance costs, and high discharge rate capability are expected to increase its demand in the global market. Crude oil and natural gas derivatives are the primary feedstock for the production of the raw materials for battery manufacture, so fluctuations in the prices of the oil & gas products can perturb the battery market also.
The global market for batteries is bifurcated with respect to geography into several regions, namely, North America, Asia Pacific, Europe and the remaining countries forming the Rest of World regional segment. The Asia Pacific region is made up of some heavily populated countries which are expected to play a crucial role in the market to capture the largest market share by 2027. Thus, the increasing population in China and India coupled with favorable government regulations aimed at generating investments from public-private partnerships and foreign direct investments are expected to fuel battery demand over the forecast period in the Asia Pacific region.
Eveready Industries India Ltd., Johnson Controls, NEC Corporation, EnerSys, East Penn Manufacturing Company, Inc., Panasonic Corporation, Crown Battery Manufacturing Company, C&D Technologies, Inc. (acquired by KPS Capital Partner), Toshiba Corporation, Murata Manufacturing Co., Ltd., LG Chem Ltd., BYD Company, Ltd., Exide Technologies, Saft Groupe S.A., A123 Systems, LLC, Samsung SDI Co., Ltd., Hitachi, Ltd., Shenzhen BAK Battery Co., Ltd., GS Yuasa Corporation and Duracell International, Inc. are some of the eminent companies operating in the global market. Most of these companies address the issues of growth through strategies like merger & acquisition, partnership, contracts, agreements, or new product launch, to gain a competitive edge over each other.