Battery Market worth USD 324.18 Billion by 2028, registering a CAGR of 15.34% - Report by Market Research Future (MRFR)

New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Batteries Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Batteries Market Research Report, Type, Application and Region - Forecast till 2028” the market is projected to be worth USD 324.18 Billion by 2028, registering a CAGR of 15.34% during the forecast period (2021 - 2028), The market was valued at USD 115.42 Billion in 2020.

Rising Demand Automotive & Grid-Scale Solar Energy Storage Systems Drive Market

Major batteries market trends are the spurring rise in automotive sectors worldwide and augmenting demand for grid-scale solar energy storage systems. Besides, the rising consumption of batteries for reliable storage of power substantiates the batteries market growth. 

Most energy generation success revolves around renewables, which have just begun to impact the adopters and new markets. Increasing consumer purchasing power and regulatory changes represent the most important growth drivers scaling the batteries market share. Increasing solar power system installations in residential sectors and home setups boost sales of batteries. 

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Competitive Analysis

List of the Key Companies Profiled in the Battery Market Research Report are–

  • Douglas Battery
  • East Penn Manufacturing Co.
  • Exide Technologies
  • The Furukawa Battery Co. Ltd.
  • Zhejiang Haijiu Battery Co. Ltd
  • Johnson Controls Inc.
  • Camel Group
  • Fengfan Co. Ltd.
  • Chaowei Power Holding ltd. 

The outlook of the global batteries market appears extremely competitive, with many well-established players forming a competitive landscape. To gain a larger market share, industry players focus on R&D investments, expansion, and M&A activities. 

They also seek opportunities to develop an extensive value chain. New players enter the market with competitive pricing to undercut the established providers and gain footholds in international markets. 

For instance, recently, on August 09, 2021, Amara Raja Batteries Limited (India - ARBL), a leading manufacturer of industrial and automotive batteries, announced its partnership with Log 9 Materials, an advanced battery-tech start-up, and raised around USD 8.5 million in a funding round. ARBL is eyeing more acquisitions in the new energy area and exploring possibilities to set up overseas facilities and buyout in its lead-acid battery business.

Browse In-depth Market Research Report (185 pages) on Battery Industry

Proliferation of Hybrid, Semi-Hybrid, and Fully Electric Vehicles Substantiate Market Size

Product standardization, increased investments and research & development activities, and increased lab & field tests are major batteries market trends, ensuing large adoption of different battery types over the past few years. Increasing demand for batteries with high power and capacity from automotive sectors is a significant driving force for the market growth. Additionally, the growing integration of smart devices and electronics is another major factor responsible for the growth of the batteries market globally.

Inadequate Infrastructure Required for Development of Batteries Restrict Market Growth

Hybrid vehicle is a much-awaited technology due to its plenty of benefits. There are plenty of barriers to be implementation in hybrid vehicle fuel systems. However, the development of batteries requires futuristic infrastructure. Also, batteries are prone to damages, sometimes even leading to severe burns or explosions due to high temperature and pressure on the battery. Resultantly, the lack of well-developed infrastructure and safety issues related to battery usage are significant restraints for the market. 

COVID-19 Impacts

The onset of Coronavirus impacted the batteries industry in two ways. Manufacturers faced problems ranging from obtaining raw materials & components and attracting workers from quarantines to delivering end products to the markets. Also, due to the Covid-19 situation and lockdown, many battery manufacturing companies decided to delay the production considering the circumstances.

On the other hand, the landscape of the renewables market rained significantly high during the pandemic, witnessing vast demand. Besides, electric vehicles sales have boosted since the start of the Covid-19 pandemic. Resultantly, the electric bicycles market rapidly returned to normalcy and is further anticipated to pick up during the years to come.

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The market is segmented into battery types, applications, market types, and regions. The battery type segment is sub-segmented into nickel-cadmium, lithium-ion, nickel-metal hydride, lead-acid, and others. The application segment is sub-segmented into heavy vehicles, electric cars, two/three-wheelers, and others. 

The market type segment is sub-segmented into the aerospace market, business jets, piston engine, general aviation, turboprops, commercial aviation, marine market, cargo, tanker, passenger, and others. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.

Regional Analysis

North America is likely to remain a highly attractive market for batteries globally. Factors such as the increasing adoption and implementation of batteries in various types of vehicles and the strong presence of major automakers and industry players in the region drive the batteries market growth. Besides, substantial investments, alongside increasing eco-friendly initiatives and technological advances, boost the region’s batteries market size. 

Also, increasing numbers of production capacities and the proliferation of renewables in the region positively impact the batteries market share. Increasing investments in renewables, rise in grid development projects, and the significant expansion of various industries are major battery market trends influencing the market demand in the region. Furthermore, the increase in government initiatives pushes the growth of the market, driving the alternative energy market. 

Segmentation of Market covered in the research:

Batteries Market Information by Battery Type (Lead acid, Lithium ion, Nickel metal hydride and Nickel cadmium), by Application (Two/Three Wheelers, Electric Cars, Heavy Vehicles, and others) and by Region - Forecast to 2028

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