Battery Market Growth Accelerated by Rising Demand for Energy-Efficient Devices

 

Battery Market

Batteries are electrochemical cells that convert stored chemical energy into electrical energy. They are primarily used in portable devices including consumer electronics such as smartphones, laptops, tablets, wearable devices, electric vehicles, and energy storage systems. Batteries vary in chemistries, voltages, and sizes depending on their applications. The major battery types include lithium-ion, lead-acid, alkaline, zinc-carbon, and nickel-based. Lithium-ion batteries dominate the market due to their high energy density, low self-discharge, and no memory effect. Batteries are vital components in modern electronic devices and support various industries, from automotive to consumer goods. The global Battery Market is estimated to be valued at US$ 192.47 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Increasing demand for portable electronic devices is a key driver driving the battery market growth. Smartphones, headphones, wearables, laptops and tablets operate on rechargeable lithium-ion batteries and their sales are growing exponentially each year. According to Statista, worldwide smartphone sales exceeded 1.5 billion units in 2020 and are forecasted to surpass 1.8 billion by 2025. E-mobility is another major growth driver where lithium-ion batteries are used in electric vehicles, e-scooters, e-bikes and other modes of transport. Stringent regulations on fuel emission levels by governments worldwide are prompting auto makers to shift towards electric powertrains. The battery market will continue witnessing high demand from diverse end-use industries as energy storage needs escalate for applications ranging from consumer electronics to automobiles to backup power solutions.

 

SWOT Analysis

Strength: DSM, CP Kelco, H & A Canada Inc., Nanjing Joyfulchem Co., Ltd., are well established players in the battery market with strong R&D capabilities and extensive distribution networks globally. This allows them to address the growing demand and tap new opportunities effectively. Battery technologies are also improving in terms of life cycle, accelerated charging abilities, and recyclability helping extract more value from existing resources.

Weakness: Dependence on limited natural resources for battery manufacturing and raw material price fluctuations pose challenges. Growing environmental concerns around battery disposal is another issue that needs addressing. Changing consumer preferences towards alternative clean technologies could impact demand for traditional batteries over the long run.

Opportunity: Rising electrification of automobiles and burgeoning sales of EVs across major economies present a huge growth opportunity. Increased focus on renewable energy integration and energy storage also boost the market. Developing economies witnessing rising disposable incomes and standard of living augment the replacement demand.

Threats: Trade wars and geopolitical tensions disrupting supply chains are a threat. Slowdown in economic activities due to unforeseen situations like pandemic may lower the uptake of batteries temporarily. Tightening emission norms and policies incentivizing clean technologies can impact certain battery types adversely.

 

Key Takeaways

The Global Battery Market Share is expected to witness high growth over the forecast period driven by burgeoning demand for EVs, renewable integration, and portable electronics.

Regional analysis reveals that Asia Pacific currently dominates the market led by China, which accounts for over 50% of global lithium-ion battery production.

Key players operating in the battery market are DSM, CP Kelco, H & A Canada Inc., Nanjing Joyfulchem Co., Ltd., Dancheng Caixin Sugar Industry Co. Ltd., Zhengzhou Cinogel Biotech Co., Ltd., Hangzhou Gellan Solutions Biotec Co., Ltd., DuPont, Hebei Xinhe Biochemical Co. Ltd, and Nutricorn Co., Limited. These companies are investing heavily in expanding manufacturing capacities, acquiring other players, and advancing battery technologies through ongoing R&D to strengthen market position. Global leaders are also forming strategic alliances and collaborations to tap new regional markets and areas of applications.


Get More Insights Here

https://coolbio.org/ventricular-assist-devices-providing-hope-for-heart-failure-patients/

https://www.pressreleasebulletin.com/battery-market-size-share-growth-outlook-2023/

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