Battery Market is expected to reach USD 132.55 billion by 2024. Battery is known for creating electricity using metals or liquids that are good conductors of electricity. The battery has two electrodes, which are positive and negative ends. It is made up of three key constituents like electrolyte, anode, and cathode. Batteries that must be thrown away after use are termed as primary batteries; whereas the batteries that can be recharged are termed secondary batteries. The Battery Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Low
cost of raw materials, growth in need for security of energy supply, emerging
several novel applications for batteries, technological enhancement, and
growing disposable income are documented as major factors of Battery Market
that are estimated to enhance the growth in the years to come. However,
presence of alternatives like diesel generators and fuel cells may restrain
overall market growth in the coming years. Battery Market is segmented based on
type, application, and region.
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Nickel
Cadmium (NiCD), Lead Acid, Nickel Metal Hydride (NiMH), Lithium-Ion (Li-ion),
and other types could be explored in Battery in the forecast period. Lead acid
batteries sector accounted for the substantial market share of Battery and is
estimated to lead the overall market in the coming years. The lithium-ion
batteries sector is estimated to grow at highest CAGR with fastest pace in the
coming years.
The
market may be categorized based on applications like batteries, automotive
batteries, power tools batteries, industrial batteries, portable batteries, and
others that could be explored in the forecast period. Automotive batteries
sector accounted for the significant market share of Battery and is estimated
to continue its dominance in the coming years.
Globally,
Asia Pacific accounted for the significant market share of Battery and is
estimated to lead the overall market in the coming years. The reason behind the
overall market growth could be growing demand for industrialization and
automobiles and high demand from consumer electronics. The emerging countries
like India and China are the key consumers of Battery in this region.
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Instead,
Europe and North America are also estimated to have a positive influence on the
future growth. North America is the second largest region with significant
market share. However, Europe is estimated to grow at fastest pace with the
highest CAGR in the foremost period.
The
key players of Battery Market are Tesla, Enersys, Sony Corporation, Exide
Industries, Samsung SDI Co Ltd, GS Yuasa Corporation, Saft Groupe SA, Johnson
Controls Inc., and Panasonic Corporation. These players are concentrating on
inorganic growth to sustain themselves amongst fierce competition. As companies
all over the world have to believe that alliance with a market would permit
them proportional market existence and authority to declare the leadership
position.
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