With Market Size Valued at $173.7 Billion by 2026, it`s a Healthy Outlook for the Global Battery Market

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Jan 18, 2022, 11:27 ET

SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Battery - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 5; Released: January 2022
Executive Pool: 763
Companies: 262 - Players covered include Automotive Energy Supply Corporation; Delphi Automotive LLP; Exide Technologies, Inc.; GS Yuasa Corporation; Johnsons Controls Inc.; LG Chem; Panasonic Corporation; Robert Bosch GmbH; Saft Groupe SA; Samsung SDI Company Limited and Others.
Coverage: All major geographies and key segments
Segments: Product (Lead Acid, Lithium Ion, Nickel Metal Hydride, Other Products); Application (Automotive Batteries, Portable Batteries, Industrial Batteries)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Battery Market to Reach US$173.7 Billion by the Year 2026

Batteries are indispensable power source for a wide variety of power-hungry electronic devices in consumer and industrial applications. Batteries are found in all sectors of the economy that use electronic/electrical equipment, where an AC line cord or other type of energy source does not derive energy. Batteries stock power chemically and transfer power to electronic applications and devices to function properly. Batteries enclosed with cells contain same type of chemistry to match the respective operating devices. The usage of batteries dates back to 200 BC and the modern battery traces its roots to the battery built by Alessandro Volta in the early 19th century. The first batteries made use of basic materials such as Zinc, silver, blotting paper, and salt water to store energy. Over time, the materials used for the construction of batteries and the materials have changed but the operating principle of a battery remains the same to date. Depending on application and power requirement, batteries can be of many types such as Sodium-based, Lead-based, Nickel-based, and Lithium-based. Each battery technology has its unique applications. For instance, Sodium-based batteries are extensively used in small power devices with AA and AAA batteries being the common examples. On the other end of the spectrum, Lithium-based batteries pack high power density and find application in multitude of devices ranging from electronic devices such as mobile phones to electric vehicle batteries.

Amid the COVID-19 crisis, the global market for Battery estimated at US$105.6 Billion in the year 2021, is projected to reach a revised size of US$173.7 Billion by 2026, growing at a CAGR of 10.3% over the analysis period. Lead Acid, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$46.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Ion segment is readjusted to a revised 16.7% CAGR for the next 7-year period. This segment currently accounts for a 29.3% share of the global Battery market.

The battery industry banks on replacement sales as demand growth is related to service life. Even long-lasting rechargeable secondary batteries need replacement in the long run. These factors make replacement sales the driving force behind market growth. Another important factor which of late is influencing demand for batteries is product safety and environmental sustainability. Reflective of the fact is the growing global momentum towards banning of hazardous substances, such as mercury, cadmium, and lead from batteries. Already armed with the growing knowledge of harmful impact of batteries, certain regions such as Europe, have formulated directives, which restrict the usage of hazardous components like cadmium in batteries. Therefore, it is not surprising that in the coming years, battery chemistries such as Nickel-cadmium (Ni-Cd), would witness lackluster growth, particularly in the developed markets, where environmental concerns are gaining paramount attention among consumer groups and manufacturers alike.

Presently, the consumer batteries market is dominated by secondary batteries segment. The secondary/rechargeable batteries segment would see lithium-ion rechargeable batteries display the maximum growth opportunities, driven by the widespread popularity of smartphones and notebooks/laptops. On the other hand, although alkaline batteries would continue to be a dominant force in the primary batteries market, fastest growth in the segment, however would emanate from emerging chemistries such as primary lithium, thereby offering stiff competition to existing chemistries in the segment. Region-wise, emerging markets will be the chief contributors propelling the market forward in the years to come, all thanks to rising income levels of consumers in these regions. Going forward, battery manufacturers will continue to provide longer lasting batteries by improving the energy density of existing chemistries or by using new chemistries. This factor, coupled with the continuing emergence of power hungry electronic devices, will continue to drive the consumer battery industry forward in the coming years.

The U.S. Market is Estimated at $15.5 Billion in 2021, While China is Forecast to Reach $32.5 Billion by 2026

The Battery market in the U.S. is estimated at US$15.5 Billion in the year 2021. The country currently accounts for a 14.81% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$32.5 Billion by the year 2026 trailing a CAGR of 12.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.4% and 9.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.8% CAGR while Rest of European market (as defined in the study) will reach US$36.9 Billion by the close of the analysis period.

Asia-Pacific (including China) accounts for a substantial share of the Li-ion battery market. Driven mainly by the growing sales of consumer electronics and EVs and increasing emphasis on renewable energy systems, especially in China and India, the Li-ion battery market is witnessing strong growth in the region. Rapid pace of industrialization, growing demand for auto industry and the significant investments being made into the sector in countries such as China and India will drive growth. With Asia-Pacific home to some of the leading electronics companies, the Li-ion batteries market is poised for growth. Renewable energy sector in Asia is gaining strength, due to the need to cut down greenhouse emissions and to meet the growing energy requirements of the developing economies. China especially is a promising market due to the country being a global manufacturing hub of EVs, which make use of Li-ion batteries. The region's Li-ion battery market also benefits from China's leadership in production of electronic devices. India is also expected to emerge as a major market for Li-ion batteries, due to the country's target to achieve 100% EV sales by the year 2030.

The battery market in North America is projected to register improved growth due to rising demand for consumer electronics, high uptake of electric vehicles, expansion of the renewable energy sector and declining costs of Li-ion batteries. The region remains a leading consumer of advanced batteries and is witnessing consistent focus on battery-related innovations. The regional market is gaining from favorable policies that are offering desired boost to electric vehicles. Government policies are paving way for large-scale production of electric vehicles and encouraging customers to embrace the technology. Europe is anticipated to experience a strong growth in the coming years as a result of increasing production and uptake of electric vehicles. European market for Li-ion batteries is being driven by the growing adoption of EVs and the rising sales of portable electronic devices. The increased focus on energy storage systems, specifically for renewable energy technologies, is presenting growth opportunities for the market. The US market for Li-ion battery will be driven by the rising emphasis on use of energy storage systems and the growing importance of clean energy technologies. With the country being an active adopter of battery storage systems based on Li-ion technology, there is high growth potential in this segment. The growing consumer electronics industry is also expected to fuel demand for Li-ion batteries.

Nickel Metal Hydride Segment to Reach $20 Billion by 2026

Nickel metal hydride (NIMH) batteries are a type of rechargeable batteries that are typically characterized by higher energy density, superior capacity, and longer run time between charges. NIMH batteries display high discharge rate, longer life span, and wide operating temperature of -50oC to +85oC. Leveraging the unique properties, NiMH batteries can seamlessly deliver higher levels of energy for today's electronic products. Made in stable and compatible sizes, NIMH batteries are easy to transport. Leading vendors such as Panasonic offer NiMH batteries that do not associate themselves with air restrictions or regulations and have highest level safety standards. In the global Nickel Metal Hydride segment, USA, Canada, Japan, China and Europe will drive the 3.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$12.3 Billion in the year 2020 will reach a projected size of US$15.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 3.3% CAGR through the analysis period. More

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