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A battery is a device that consists of one or more electrochemical cells. Battery majorly works on the principle of electromotive force. The growing demand for portable batteries requires fast charging function, which is known as lithium iron phosphate (LiFePO4) battery technology. Primary batteries hold more energy than secondary batteries, and the self-discharge is lower in comparison. Lead, nickel, and lithium-based batteries require periodic recharge to compensate for lost energy. The desirable qualities of an electric battery are large capacity, production of unchanging voltage, and resilience to environmental factors.
Based on battery type, the market is segmented into lithium-ion batteries, lead-acid batteries, nickel batteries, flow batteries, and others. Lithium-ion batteries account for the maximum share in the global market owing to their increasing application in various end-use industries such as renewable, telecom, and power generation industries. A lithium-ion battery is a type of rechargeable battery which are used for portable electronics and electric vehicles and has end-use application in the military and aerospace. The batteries have a high energy density, no memory effect, and low self-discharge characteristics.
Based on the end-use industry, the market is segmented into aerospace, automotive, electronics, energy storage, military & defense, and others. The major applications in the battery market are automotive and consumer electronics due to the large use of lead-acid batteries in vehicles. The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries owing to the increase in the adoption of electric vehicles across several major and emerging economies in the world. The increasing prices of petrol and diesel are leading to a change in the automotive industry, shifting towards electric vehicles, which is stroking the battery market.
The major market driver for the battery market is the growing integration of electronics. Growing demand for transportation also contributes to the market’s growth. Fuel savings & government incentives for cleaner transportation boosts the demand for the market. In addition, new hybrid & electric automotive models from OEMs are the other factors that can accelerate the market’s growth.
The factor that is expected to inhibit the growth of the market is the high initial cost and limited range. In addition, underdeveloped support infrastructure for EVs and safety issues related to battery usage may hinder the market’s growth.
Key Market Driver -
Growing integration of electronics.
Key Market Restraint -
High initial cost and limited range.
Some of the major companies that are present in the battery market are Johnson Controls, Exide Technologies, LLC, GS Yuasa Battery Europe Ltd., Robert Bosch GmbH, Saft, Delphi, LG Chem Power, Inc., Panasonic, Toshiba, FICOSA, Schneider Electric, Lithium Werks, Analog Devices, Nuvation Energy, and Texas Instruments.
The battery market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific dominates the primary battery market during the forecast period because of rising disposable income in the region, which is fuelling the demand for consumer electronics. In addition, increasing military spending in India and China will further drive the market’s growth in the region. In India, companies such as Exide Industries, HBL Power Systems, Eveready Industries, and High Energy Batteries have the major take on the battery market.
In North America, the growing focus on developing efficient battery technologies and active government assistance will enlarge the potential of the market. In North America, Tesla Inc., Panasonic Corporation, LG Chem Ltd, Duracell Inc., and Samsung SDI Co. Ltd. are the major players who provide a positive influence on the market’s growth. On the other hand, the market in Latin America will be primarily operated by the growing intensity of mining activities for lithium in Argentina, Chile, and Brazil. In Latin America, AES Corporation has the biggest battery storage system in the region, with a 560MWh storage capacity. It is Chile’s first solar-plus-storage project.
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