Global Battery Market Report 2021-2026: Driven by Focus on Convenience, Comfort and Energy Savings, the Rising Proliferation of Smart Homes Presents Steady Growth Opportunities for Batteries Market
DUBLIN, June 21, 2022 /PRNewswire/ -- The "Battery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Battery Market to Reach US$173.7 Billion by the Year 2026
The global market for Battery estimated at US$105.6 Billion in the year 2021, is projected to reach a revised size of US$173.7 Billion by 2026, growing at a CAGR of 10.3% over the analysis period.
Lead Acid, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$46.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Ion segment is readjusted to a revised 16.7% CAGR for the next 7-year period. This segment currently accounts for a 29.3% share of the global Battery market.
Another important factor which of late is influencing demand for batteries is product safety and environmental sustainability. Reflective of the fact is the growing global momentum towards banning of hazardous substances, such as mercury, cadmium, and lead from batteries.
Already armed with the growing knowledge of harmful impact of batteries, certain regions such as Europe, have formulated directives, which restrict the usage of hazardous components like cadmium in batteries. Therefore, it is not surprising that in the coming years, battery chemistries such as Nickel-cadmium (Ni-Cd), would witness lackluster growth, particularly in the developed markets, where environmental concerns are gaining paramount attention among consumer groups and manufacturers alike.
On the other hand, although alkaline batteries would continue to be a dominant force in the primary batteries market, fastest growth in the segment, however would emanate from emerging chemistries such as primary lithium, thereby offering stiff competition to existing chemistries in the segment.
Region-wise, emerging markets will be the chief contributors propelling the market forward in the years to come, all thanks to rising income levels of consumers in these regions. Going forward, battery manufacturers will continue to provide longer lasting batteries by improving the energy density of existing chemistries or by using new chemistries. This factor, coupled with the continuing emergence of power hungry electronic devices, will continue to drive the consumer battery industry forward in the coming years.
China especially is a promising market due to the country being a global manufacturing hub of EVs, which make use of Li-ion batteries. The region`s Li-ion battery market also benfits from China`s leadership in production of electronic devices. India is also expected to emerge as a major market for Li-ion batteries, due to the country`s target to achieve 100% EV sales by the year 2030.
The battery market in North America is projected to register improved growth due to rising demand for consumer electronics, high uptake of electric vehicles, expansion of the renewable energy sector and declining costs of Li-ion batteries. The region remains a leading consumer of advanced batteries and is witnessing consistent focus on battery-related innovations.
The regional market is gaining from favorable policies that are offering desired boost to electric vehicles. Government policies are paving way for large-scale production of electric vehicles and encouraging customers to embrace the technology. Europe is anticipated to experience a strong growth in the coming years as a result of increasing production and uptake of electric vehicles. European market for Li-ion batteries is being driven by the growing adoption of EVs and the rising sales of portable electronic devices.
The increased focus on energy storage systems, specifically for renewable energy technologies, is presenting growth opportunities for the market. The US market for Li-ion battery will be driven by the rising emphasis on use of energy storage systems and the growing importance of clean energy technologies. With the country being an active adopter of battery storage systems based on Li-ion technology, there is high growth potential in this segment. The growing consumer electronics industry is also expected to fuel demand for Li-ion batteries.
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SOURCE Research and Markets