Battery Competitors and Markets to 2025 by Type, Chemistry, Application and Region
DUBLIN, July 31, 2020 /PRNewswire/ -- The "Global Battery Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.
The battery industry has progressed at an impressive speed in the past two decades, supported by the growing power demand of modern portable consumer electronics, electric vehicles, and the increasing adoption of intermittent renewable power generation.
With the outbreak of the COVID-19 pandemic, there is a sharp pullback in economic activity due to mandatory lockdowns and other containment measures. According to the IMF World Economic Outlook published in June 2020, the world economy is set to post a -4.9% GDP growth rate in 2020. That will be a downgrade of 8.2% from January 2020. The impact of COVID-19 pandemic on the energy, automobile, and battery industries has already been profound.
In Q1 2020, automobile OEMs production decline, continued softness, and early lockdown measures in China due to coronavirus, among other factors, led to a fall in revenue and profits for many of the battery manufacturers. Further, Chinese battery manufacturers had to delay their production due to a shortage of labour, raw materials, and logistic issues.
The COVID-19 pandemic has slowed battery supply chains as most of the battery cells are manufactured in China, thereby highlighting the overwhelming dependence on China and the associated supply chain risks. This has spurred interest among various stakeholders for localization/regionalization of supply chains in the US and EU regions to mitigate the supply chain risks.
Some of the recent trends & developments:
The report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting the growth of the battery market.
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