Global Battery Market – Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2023
Market Highlights Batteries provide the electric energy to automobiles for starting, lighting and ignition. The rising demand of hybrid, semi-hybrid and fully electric vehicles will drive the global battery market. Also, the adoption rate of these batteries in passenger vehicle is increasing, which will drive this market. Recent innovations, which provide for high-efficiency and longer power back-up in smartphones/ tablets and PCs enable this technology to reach a wider range of audiences. Emerging technologies such as flexible batteries and aluminum-ion batteries, are expected to increase the competition. The high purchase price creates a major limitation for the consumers to adopt lithium battery into their devices or systems. Safety issues related to battery usage may hamper the growth of global battery market, which otherwise has been projected to grow at 4% in the next five years Rise in demand for electronic devices such as smartphones and tablets as well as government regulations to reduce the pollution are some of the major factor which drives the demand for the growth of battery market. Additionally, increasing demand for electric vehicles also pushing the battery market towards growth. Automotive batteries are rechargeable batteries that supply electric energy to automobiles. With the continuous rise in production and sales of automobiles, the global automotive battery market has been witnessing increase in sales. Furthermore, constant increase in the demand for electricity and depletion of fossil fuels have encouraged countries across the globe to focus more on the generation of electricity through renewable energy sources. The market has analyzed the market based on battery types, applications and end-uses in the regions of North America, Europe, APAC and rest of the world. On the basis of battery types it includes lead acid, lithium ion, nickel metal hydride and nickel cadmium. Lithium ion is one of the largest segments by battery type. Lithium-ion battery is a kind of rechargeable battery, which is used in various industries and comes with a great life cycle with the high energy density. On the basis of applications it includes portable, automotive and industrial. Automotive segment holds the largest segment. Automobile segment is witnessing continuous expansion, especially in developing economies and, thus impacting the battery market positively. The new fuel-saving technologies such as micro hybrid systems are also leading to higher battery usage. Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/2930