Market Research Report
Battery Market 2021-2027
|Battery Market 2021-2027|
Published: June 23, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Global Battery Market Size, Share & Trends Analysis Report by Category (Primary, and Secondary), By Type (Lithium-Ion (Li-Ion), Nickel-Metal Hydride (NI-MH), Nickel Cadmium, Lead Acid, and Others), By Application (Automotive, Industrial, Household, Telecommunication, and Others) Forecast, 2021-2027
The global battery market is predicted to grow considerably at a CAGR of 10.5% during the forecast period. The market is set to display impressive growth during the augur period with some key trends emerging, such as the high demand from the automotive application which includes rechargeable batteries used in non-rechargeable batteries and electric vehicles. In the coming years, declining fossil fuel reserves, promising government initiatives, and high CO2 emissions are expected to propel market growth. For instance, the Spanish Government is aiming to reduce greenhouse gases emission by 2030. Children's toys, light beacons, remote controllers, watches, and electronic keys all require key non-rechargeable batteries.
The global battery market has seen a strong decline during the COVID-19 pandemic as several countries across the globe have experienced short term a drop in sales of consumer electronics due to the pandemic. For instance, a downfall of around 28.0% in EV sales is also witnessed in 2020 in Japan. The EV sales have declined to 31,000 in 2020 from 43,000 in 2019. It is due to COVID-19 lockdowns, high cost compared to IC engines, and lack of government support.
Batteries form a key part of EV's overall cost, therefore, key car manufacturers are adopting different growth strategies such as mergers & acquisitions, partnerships, and collaboration among others to launch lithium-ion battery production facilities across the globe. Besides, the automotive industry has faced the wrath of the ongoing pandemic as a result of a stop on all modes of transportation without proper regulations. Due to the battery sector is heavily concentrated in China, it has also experienced a setback (the country of origin of the virus). During this time, sales of lithium-ion batteries fell, thus has impacted on the battery market.
The global battery market can be segmented based on category, type, and application. Based on category, the market is further sub-divided into the primary battery and secondary battery. Based on the type, the market is segmented into Li-Ion battery, Ni-MH battery, Nickel Cadmium battery, lead-acid battery, and other batteries. Moreover, as per application, the market is further diversified as an automotive application, industrial application, household application, telecommunication, and other applications.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific is the dominating region in the market for global battery market due to government initiatives, technology advancements, and key players' initiatives. Battery manufacturers in China have begun to collaborate with global companies to improve battery technology, this has driven the growth of the market. For instance, CATL, a Ningde-based electric vehicle battery manufacturer, has spent $2 billion in the German battery sector that will begin supplying batteries to BMW in 2021. To achieve a pollution-free country, the government is providing incentives to encourage the purchase of electric vehicles. For instance, the government offers a $2,300 incentive for a battery electric vehicle and a $1,200 incentive for a plug-in hybrid electric vehicle.
The market study of the global battery market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
Financial reports of companies involved in the market.
Whitepapers, research papers, and news blogs.
Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Global Battery Market Research and Analysis by Category
Global Battery Market Research and Analysis by Type
Global Battery Market Research and Analysis by Application
The Report Covers
Comprehensive research methodology of the global battery market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global battery market.
Insights about market determinants that are stimulating the global battery market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.