The usage of battery-operated equipment worldwide has increased on the solid grounds of robust technological advancements. Various electronics and automobiles are widely leveraging batteries to enhance performance and add an eco-friendly quotient. For example, hybrid electric vehicles (HEV) running on batteries are equipped with seamless features and consume a huge amount of power. Such novel inventions are elevating the demand for batteries on the global front. Additionally, high demand for portable electronics and wearable devices is further propelling the battery market growth. Besides, the market is further augmented by the industrial applications including security, forklifts, and emergency lighting. Such a landscape is poised to create lucrative opportunities for holistic growth of global battery market.
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Adoption of Battery in Automotive Sector to Prolong Market Expansion
Battery market is in the breakthrough phase with a consistent adoption across the automotive sector. Four-wheeler and two-wheeler vehicles are leveraging batteries for starting, lighting, and ignition (SLI) applications. A rise in manufacture of products have significantly boosted the global demand for batteries. Various government authorities are incentivizing the production of automotive battery, further fueling the battery market growth. Notably, the electric vehicle (EV) space is growing rapidly at a global scale due to the eco-friendly capabilities of such vehicles. This in turn has led to increased use of batteries in EVs, and hybrid EVs. Consequently, this has influenced the production and demand for batteries. The cumulative force of these factors are likely to expand the dynamics of the global battery market in the coming years.
Soaring Demand for Lithium-ion Batteries to Create Headways for Battery Market Growth
The adoption of lead acid batteries has increased in industrial applications as they are more reliable and cost-effective. In addition, the use of uninterrupted power supply (UPS) to obtain and ensure a consistent supply of electricity has increased its adoption. Functional characteristics of lithium-ion batteries are projected to replace the lead-acid batteries in several applications such as manufacturing, solar power systems, and railway sectors. Lithium-ion batteries are also used in grid storage applications as they are lightweight, low maintenance, and offer high energy density properties. Such unprecedent shifts are also expected to boost the growth of the global battery market.
Favourable Government Policies to Place Asia Pacific as Key Regional Market
Government authorities of developing nations in the Asia Pacific region are focusing on mitigating greenhouse gas emissions and achieving their carbon neutrality targets. Several countries in this region are promoting the use of electronic vehicles. Noticeably, developing nations in the Asia Pacific are expected to hold a lion’s share in the battery market. Various macroeconomic factors such as growing population and customer pool along with a stable GDP rise are cumulatively contributing toward the expansion of the battery market in Asia Pacific.
Prominent Market Players
Some of the most competitive market players in the global battery market include Tata AutoComp GY Batteries Pvt. Ltd., NEC Corporation, BYD Company Ltd., Okaya Power Pvt. Ltd., Luminous Power Technologies Pvt. Ltd., Exide Industries Ltd., HBL Power Systems Ltd., GS Yuasa International Ltd., and Johnson Controls.
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