The Global Batteries Market report is garnering substantial traction continually. The market growth attributes to the rising demand for hybrid, semi-hybrid, and fully electric vehicles. Besides, the increasing adoption rate of batteries in passenger vehicles drives the growth of the market. Also, increasing improvements in battery technologies substantiate market growth. Moreover, increasing production and sales of automobiles worldwide escalate the market growth, creating significant market demand.
According to Market Research Future (MRFR), the global the batteries market is estimated to create a substantial revenue pocket by 2022, registering around 4% CAGR during the forecast period (2016-2022). Increasing demand for high power and capacity batteries in vehicles acts as a significant driving force for the growth of the market. The growing integration of smart devices and electronics is another major factor responsible for the growth of the batteries market globally.
Additionally, increasing penetration batteries in various automotive applications boost market growth. Furthermore, increasing R&D investments and significant funding for the development of technology positively impact the growth of the market. On the flip side, safety issues related to battery usage is a key factor projected to hamper the growth of the market. Nevertheless, the penetration of solid-state batteries would support market growth throughout the assessment period.
Global Batteries Market - Segment
The report is segmented into three dynamics;
By Battery Type : Lead-acid, Lithium-ion, Nickel-metal hydride, Nickel-cadmium, and others.
By Application: Two/Three Wheelers, Electric Cars, Heavy Vehicles, and others.
By Region: North America, Europe, APAC, and the Rest-of-the-World.
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Global Batteries Market -Regional Analysis
North America dominates the global batteries market. The largest market share attributes to the increasing adoption and implementation of battery technologies across vehicle applications. Besides, the presence of a large number of automakers and industry players in the region drives the growth of the market. Moreover, substantial investments to incorporate increasing eco-friendly initiatives & raising technological advances in vehicles influence regional market growth.
Europe region is another lucrative market for batteries. The market is especially driven by the presence of the well established automotive industry in the region. Moreover, innovation in the type segment is a key growth driver for the growth in this region. Substantial investments by the existing major industry players in R & D activities required for product and technology developments fuel the demand in the batteries market. Additionally, the increasing focus of the government towards reducing greenhouse gas emission and the rise in the number of power outages boost the regional market growth.
Asia Pacific also holds a substantial share in the global batteries market. Factors such as the spurring demand from the automotive sector in the region fuel the sales in the market. Rising technological advancements in battery technologies and the burgeoning automotive industry in the region foster the growth of the market. Furthermore, increased R&D activities and the rapid economic growth in the region propel market growth. The APAC batteries market is estimated to grow at a significant pace during the assessment period.
Highly competitive, the batteries market appears fragmented due to the presence of several well-established players. Industry players run programs featuring easy lookup on an online application catalog that can be accessed through the world. They strive to offer an extended range of batteries for replacement vehicle applications, from motor mounts to hose assemblies.
To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Due to the expected innovations and improvements in product, service, and product innovations, the market is soon expected to witness an intensified competition.
Players leading the Batteries Market include Douglas Battery, Exide Technologies, East Penn Manufacturing Co., The Furukawa Battery Co. Ltd., Johnson Controls Inc., Zhejiang Haijiu Battery Co. Ltd, Camel Group, Chaowei Power Holding ltd, and Fengfan Co. Ltd., among others.
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