Battery Market Driven by Growing Uptake of Electric Vehicle

Battery is the new oil, they say. As of 2017, global battery market was valued at $13.1 billion and is estimated to surpass $20 billion by 2022, growing at a positive CAGR of 9.1% during the forecast period of 2017 to 2023. The Asia-Pacific region is expected to yield the highest profit in the global Battery market during the forecast period owing to the growing end-user industries such as automotive, electrical, and electronics in the region with several emerging economies. The global automotive battery market is valued at $23.19 billion in 2017 and is anticipated to grow at a CAGR of 8.5%. The revenues from the emerging electric vehicles market segment is expected to reach its apex mainly due to the rising demands for electric vehicles globally. The mobile phone market is the largest revenue segment for the battery market. The global battery market is expecting to reach $16 billion by 2022 owing to the incredible demands from the mobile devices market. 

The above statistics are based on a recent business intelligence report from IndustryARC, titled “Battery market : by type (primary or non-rechargeable, secondary or rechargeable), by application (watches, calculators, mobile phones, camcorders, computers, cars, trucks, buses, locomotives, satellites, robots, submarines, others), by end-user industry (aerospace, defense & military, electrical & electronics, marine, medical, mining, automotive, others), by geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) - forecast(2018-2023).”

Based on the type, the battery market is segmented into primary and secondary or rechargeable. The primary battery constitutes of alkaline and carbon zinc batteries, these are small dry cells majorly used in toys and handheld devices, and watches. Lithium-ion batteries are used in mobiles, tire pressure sensors, and alarms. Various medical equipment and cameras are powered by mercury cell batteries. Silver-oxide batteries finds its application in torpedoes, hearing aids, watches, and cameras. And zinc-air batteries are in high demands owing to its application in the electric vehicles.

On the other hand, the secondary type batteries such as lead acid gel battery are used in military equipment, scooters, golf carts, and wheelchairs. The Li-ion batteries are extensively used in electronic devices such as mobiles, laptops, computer equipment, and handheld electronics. Absolyte batteries are applied in telecommunication systems, railroad switchgear and signals, and uninterrupted power supply devices.    

The vigorously emerging electric vehicle market is subjected to yield a robust profit for the global battery market.  The application of rechargeable zinc-air batteries in these vehicles has proved to be a boon for the market as this battery plays a prominent role in making the vehicle electrically efficient. One eminent reason for the global adoption of electrical vehicle is the reduction in the natural crude oil reserves. The limited supplies of such natural resources has encouraged the global population to shift to alternate sources of energy, consequently boosting the electric vehicle market which in turn is driving the global battery market.

Recent innovations in the mechanical devices sector marked the introduction of drones. These are battery powered devices are widely being used for monitoring purposes in the commercial industry as well as the defense sector. The defense industry is using this device extensively, which leads to the employment of great number of batteries.

The innovation of artificial intelligence is going to connect almost each and every electrical device to the internet. All of these devices will be using numerous amounts of batteries as power source. Artificial Intelligence is anticipated to be the largest emerging technology for the decade. This universal adoption of AI is going to aid the battery market on a large scale.    

The global battery market is estimated to depict a consistent growth owing to the extensive application in the electronic and automotive industry. Various handheld electronic devices are using batteries as a power source for a long time now and are expected to continue doing so. The adoption of AI is going to boost the global battery market in the near future.   

Automotive Battery Market: By Battery Type (Lead Acid Batteries, Lithium Ion Batteries, Nickel Cadmium, Others); By Function (Electric Propulsion, SLI); By Engine Type (ICE vs EV); By Vehicle Type (Passenger, Two wheeler, Commercial); By Geography - Forecast (2018-2023)

Lithium Ion Battery Market: By Material Type (Cathode, Anode, Electrolytic Solution, Others (Separator, Binder, Foils, & others)) By Application (Electronics, Automotive, Industrial, Others (Energy, Medical, & Military)) & Geography - Forecast(2018 - 2023)