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| Global Battery Market |
The global Battery Market is estimated to be valued at US$ 119.99 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023
to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Batteries store electric energy and have wide applications across various
industries like automotive, electronics, grid storage etc. Different types of
rechargeable batteries like lithium-ion batteries, lead acid batteries etc. are
widely used as energy storage solutions. They provide advantages like
portability, long life and eco-friendliness compared to traditional energy
sources. With growing focus on renewable energy sources, batteries play a
critical role in storing energy from solar and wind at large scale for off-grid
usage and to stabilize the power grids.
Market key trends:
One of the key trends driving the battery market is increasing demand for
electric vehicles. Many countries are focusing on promoting electric mobility
to reduce dependence on fossil fuels and curb emissions. This has accelerated
production of EVs worldwide, fueling the need for high-performance batteries.
Another major trend is large investments by governments and companies in
grid-scale battery storage projects. As variable renewable energy sources gain
traction, battery storage helps address issues of intermittency by storing
excess energy and supplying it when solar or wind power is unavailable. This
ensures grid stability and reliability.
Porter's Analysis
Threat of new entrants: The high investments needed for battery manufacturing
plants pose high entry barriers for new players.
Bargaining power of buyers: The presence of many battery manufacturers gives
buyers more options to choose from at lower prices.
Bargaining power of suppliers: Battery materials and components are available
from a good number of global suppliers which reduces supplier bargaining power.
Threat of new substitutes: Rapid technological advancements are enabling
alternative battery chemistries like lithium-sulfur and solid-state batteries
to emerge as substitutes.
Competitive rivalry: Intense competition exists between established players due
to presence of multiple global and small players offering similar products.
Key Takeaways
The Global
Battery Market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period,
due to increasing adoption of electric vehicles. Asia Pacific dominates the
global battery market currently due to presence of large consumer electronics
and automobile manufacturing bases in countries like China and Japan. The
regional market is estimated to experience significant growth during the
forecast period owing to growing EV sales and government support for
sustainable transportation.
Europe is another major regional market for batteries driven by policies
encouraging adoption of electric vehicles and energy storage systems.
Government incentives and investment in charging infrastructure are fueling
batteries demand in the region. Supportive regulations regarding use of
renewable energy are also propelling the energy storage systems market.
Key players operating in the battery market are BYD Company Limited, Panasonic
Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd,
TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell
Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem
Ltd, Tesla Inc. and EnerSys. These companies are focusing on new product
launches, partnerships, andcapacity expansion to strengthen their positions.
Read More: https://www.trendingwebwire.com/battery-market-size-share-and-growth/