Global Battery Market Projected to Garner USD 21,072.6 Million and Exhibit a CAGR of 4.3% from 2019 to 2026, Due to COVID-19 Chaos - Exclusive Report [Pages-110] by Research Dive

The COVID-19 outbreak has adversely affected the growth of the global battery market in 2020. The global industry is expected to eventually recover in Q1/Q2 of 2022, owing to environmental concerns and growing emphasis of people related to the adoption of electric vehicles.

New York, USA, April 28, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a latest report to its offering claiming that the global battery market is expected to generate $21,072.6 million by 2026, exhibiting a CAGR of 4.3% from 2019 to 2026.

Pre- and Post-Pandemic Growth of the Market by 2026

The global battery industry is predicted to witness a slight fall in growth rate during the forecast period, owing to the occurrence of COVID-19 pandemic. As per the report, the battery market was likely to exhibit a CAGR of 4.4% from 2019 to 2026 before to COVID-19 crisis. But, owing to the COVID-19 pandemic, the global industry is now anticipated to witness declining growth and exhibit a CAGR of 4.3% during the forecast period. This is mainly due to the shutting down of various industries across the globe to curb the spread of the deadly virus.

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Current Market State Due to COVID-19

The outbreak of COVID-19 across the globe has affected the global battery market in a negative way in 2020. The anticipated size of the battery market pre COVID-19 crisis was $16,486.8 million in 2020 and is expected to observe deteriorating growth and reach up to $13,519.2 million due to COVID-19 pandemic. The decrease in the growth rate is majorly attributed to the shutting down of lithium ion battery manufacturing plants, especially in the Asian countries where majority of plants are located. However, the leading companies functioning in the global battery market are taking strategic steps to sustain or re-establish the market. For example, in April 2020, India Energy Storage Alliance, accompanying with industrial experts conducted a webinar in April 2020, to discuss important aspects associated with the battery market. In this meet, one of the key players of the battery market, Dash suggested the Indian government to offer relaxation in taxation for a particular period of time in order to deal with this COVID-19 pandemic.

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Global Market to Recover by Q1/Q2 of 2022

The global battery market is anticipated to continue to observe strong growth post-coronavirus pandemic and recover by first or second quarter of 2022. This can be majorly owing to growing emphasis of people related to adoption of electric vehicles owing to environmental concerns. In addition, initiatives taken by government across the globe such as the aspiring concept of sustainable energy use is another factor to foster the market growth in the coming years.

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Key Market Players & Recent Development

Some of the key players operating in the global battery industry include

  1. Tesla, Inc.
  2. TianJin Lishen Battery Joint-Stock Co.,Ltd.
  3. Sony Corporation
  4. Saft Groupe S.A.
  5. Samsung SDI Co. Ltd.
  6. Panasonic Corporation
  7. GS Yuasa Corporation
  8. LG Chem Ltd.
  9. Clarios
  10. BYD Co. Ltd.,
  11. Duracell Inc.

Further, the report outlines various aspects of these key players such as recent strategic moves, key developments, product portfolio, business performance, and SWOT analysis.

These key players are adopting several strategies such as partnerships, mergers & acquisitions, product developments, and geographical expansion to hold a significant position in the overall industry. For instance, in July 2018, BYD Company and Changan Automobile entered into a strategic cooperation agreement to jointly manufacture batteries for electric vehicles. Both the companies collaborated in the production & sale of these batteries through a new legal entity located in Chongqing, a megacity in central China.

In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report

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