Battery Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027
NEW YORK, Aug. 6, 2020 --
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Battery Market Growth & Trends
The global battery market size is expected to reach USD 310.8 billion by 2027., expanding at a CAGR of 14.1% from 2020 to 2027. Technological advancements in terms of enhanced efficiency and cost reduction are likely to open new paths for the global market over the estimated period.
Increasing use in aircraft emergency systems in case of non-availability of auxiliary power units (APUs) for ground operations, restarting, and braking the auxiliary power units is expected to propel high capacity battery demand. High density and low cost of the lead-acid battery will support use in grid storage and emergency power supply applications, thus augmenting the market growth.
The automotive sector is witnessing high growth in plug-in HEVs and EVs segment, which is expected to boost demand. Additionally, successful lucrative incentives and commercialization have been reassuring OEMs to introduce new electric vehicles and hybrid electric vehicles models in the market across the region in upcoming years.
Nickel-cadmium batteries find applications in portable battery devices, such as cordless handsets, and an increase in their usage will propel battery demand. Mounting application scope in the railway sector for locomotive starting, emergency braking, air-conditioning, coach power, and lighting for signaling will further fuel the growth of the market.
The industrial application segment accounted for 29.4% share of the global revenue in 2019. Industrial applications include wheelchairs, aviation, golf carts, satellites, forklifts, power tools, and grid storage batteries. Growing energy requirements have resulted in augmented usage of storage applications in off grid and on grid areas, which has directly impacted the demand for battery storage devices.
On account of the presence of key manufacturers in South Korea and Japan, the potential consumer electronics industry across India, Thailand, Singapore, and Malaysia is likely to generate high demand for li-ion batteries in the next few years. Growing automobile manufacturing in China and India is expected to drive demand for lead-acid batteries in the upcoming years.
Battery Market Report Highlights
• By application, the industrial batteries segment accounted for 29.4% share in 2019
• Asia Pacific is projected to grow at a substantial rate throughout the forecast period. China is expected to account for the maximum share in the Asia Pacific region
• The lead-acid battery product segment dominated the industry, accounting for 29.5% share of the total revenue in 2019.
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