Global Battery Market Is Driven By Rising Adoption In Automobile Sectors

Batteries are the most significant source of power for simple handheld devices to large scale industrial applications. A battery can be determined as a collection of one or more electrochemical cells with external connections that are capable of converting stored chemical energy into electrical energy provided to power electrical devices such as flashlights, smartphones, and electric cars etc. To keep good condition of battery, equalization is compulsory that can be done by slightly over charging to allow the weaker cells to completely charge the battery.

Rising development of a new application for batteries, increasing disposable income of customers, coupled with rising necessity for security of energy supply are the key factor drives the battery market. In addition, high demand for portable electronics including smart phones, LCD displays, tablets and growing adoption of wearable devices such as fitness bands propel significant growth of battery industry.

However, availability of alternatives such as diesel generators, fuel cells, etc., coupled with unreliable regulations are the major factors hamper the growth of the market in some developed and developing countries.

Technological advancement in terms of product innovation, cost-effectiveness, and enhanced efficiency coupled with growing demand for electric, hybrid electric, and plug-in hybrid electric vehicles are making an incredible growth opportunity for the battery market.

A batteries are of two types name as lithium battery and lead-acid battery. Lithium batteries are expensive in cost, maintenance-free with longer lifespan, and used on high demand owing to rising popularity of consumer electronics and portable applications including mobile phones, smart devices and some other battery applications used at home. In addition, Lithium-ion (Li-ion) batteries is the most prominent technology deployed for new projects and most popular technology for growing distributed energy storage systems (DESS) whereas, lead-acid batteries have shorter lifespan with low-cost which require regular maintenance to keep them running properly.  Generally, these batteries are very large as well as heavy, and used in non-portable applications such as vehicle ignition and lights, solar-panel energy storage, backup power and load levelling in power generation/distribution.

A battery market can be divided by application into passenger vehicle, commercial vehicle, golf car, marine, lawn & garden and recreational vehicles.

Asia-Pacific region can be the fastest growing region during the forecast period, followed by North America and Europe. Increasing urban population and urbanization has resulted in rising demand for new electricity reserve capacity from the residential sector and has presented new opportunities for manufacturers operating in battery market. India is also fastest growing market in battery sales driven by rising personal incomes that will increase the affordability of battery-consuming products like high-drain consumer electronics.  China will dominate the largest national market for batteries as increasing number of manufacturing sectors mostly in the electrical and electronic product industries and motor vehicle industries. In addition, increasing investment to grow electrical generation capacity, fueling purchases of battery-based backup power and energy storage systems are the factors to boost battery sales in China. In North America and Western Europe regions also increases demand for battery-based systems by expansion of their automotive markets.