Global Battery Market 2019-2025 by Battery Types, Transport Segments, Regions, Companies
07 Apr 2020 - rechargeable batteries Lithium-ion battery Marine battery
Global Battery Market is expected to be more than USD 126 Billion by the end of the year 2025.
Global Battery Market has bright future as demand for battery enabled vehicles is expanding extensively since governments all over the world are supporting green energy and eco-friendly mode of transportation to control air pollution and carbon emission.
For this, numerous automotive battery producers around the globe are getting abundant subsidies to enhance production capacity. Automotive batteries are also called rechargeable batteries. The primary purpose of automotive battery is to provide electric energy to vehicles used for SLI (starting, lighting, and ignition). Other than supplying power it also works as voltage stabilizer. Automotive batteries other function is to provide power to air conditioners, music systems and wipers, etc.
Earlier most of the automobiles use lead-acid batteries. But currently, the Lithium-ion battery is considered to be the most compatible batteries, which helps to run both large vehicles as well as small vehicles efficiently and effectively. Lithium-ion batteries are mostly used in the automotive industry, for instance, electric vehicle, hybrid electric vehicle and e-bus, etc., whereas lead-acid batteries are generally used in e-bike and e-three wheelers (e-rikshaw).
The factors driving the market are the fast charging capabilities of the lithium-ion battery which is enforcing the electric vehicle manufacturer to adopt the technology at a rapid pace. Besides, the demand for the Lithium-ion battery is growing drastically in various applications like automotive and industrial because of systematic decline in the price of the lithium-ion battery.
Automotive Battery is the largest segment in Global Battery Market
This report is classified into four transportation mode: Automotive, Marine, Bikes and Forklift. The market of automotive battery is quite significant as compared to other segment in this report. Marine battery market is comparatively new discoveries and involved varieties of risk. Therefore further R&D is required to ensure 100% safety of battery in marine industry.