A battery contains one or multiple cells, which eases the translation of chemical energy to electricity. Basically, batteries are employed to supply primary power and work as a back-up power supply in transport, industrial, and commercial applications. As the global transportation sector is increasing, the batteries market is also anticipated to grow proportionally. An expanding number of electrical devices and circuits in the transportation sector is one of the main influences boosting the market’s growth.
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Market Drivers, Restraints, and Opportunities
An increase in demand for compact, economical, and energy-efficient batteries in several end-use industries such as electric vehicles and consumer electronics in developed and developing economies is anticipated to stimulate the global advanced battery market during the forecast period. However, the advanced battery is economical and offers fast charging when compared to other conventional batteries. These features of advanced batteries make their adoption preferable over alternate technologies. The increasing investment in renewable energy infrastructure development is projected to expand the global advanced battery market between 2021 and 2031.
Technological modernization in battery design to optimize efficiency and reduce cost is predicted to propel the global advanced battery market between 2021 and 2031. However, the high availability of replacement batteries is hampering the advanced battery market.
- Growing market demand for hybrids & EVs
- R&D in advanced batteries for hybrid & EVs
- Limited range
- High initial cost
- Fluctuating oil prices
Global Advanced Battery Market Segment Insights
The global Advanced Battery market is segmented into products and applications. Based on the Product, the global advanced battery market has been bifurcated as Lithium-Ion Polymer Battery, Advanced Lead Acid Battery, Sodium Sulfur Battery, Sodium Metal Halide Battery, Smart Nano Battery, and Others. Based on the Application, the global advanced battery market is divided into Consumer Electronics, Automotive batteries, Energy Storage Systems, and Industrial batteries.
Global Advanced Battery Market Region Insights
Global Advanced Battery Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa. In addition to this, North America is expected to exhibit considerable growth during the forecast period. Increasing public investment and rising demand for the advanced battery is expected to drive the advanced battery market’s market growth. Apart from that, Europe and the Asia Pacific have also been a steadily increasing demand for advanced batteries. The availability of raw material, low-cost labor, massive investment in the industry, favorable government rules, and regulation are the prime factor for the growth of the advanced battery market over the regions.
COVID-19 Impact On The Advanced Battery Market
Governments of several countries have imposed restrictions on individuals’ movement and economic activities to limit the spread of the COVID-19 pandemic. As a result, production facilities of electronic and automobile industries halted their production temporarily. However, disruption in production facilities’ operations adversely affected the demand for advanced batteries. Moreover, these batteries are used in electric vehicles and consumer electronics to provide a continuous power supply for their proper functioning.
Market Share Insights
Industry participants concentrate on the research and development activities and manufacture advanced battery cells and modules that offer longer life, better performance, and lower battery cost than conventional batteries. However, major market players follow several strategic initiatives, such as diversifying their product offerings, to improve their foothold in various end-use markets. Below mentioned is the list of several companies engaged in the global Advanced Battery market.
Some of the major key players in the Advanced Battery Market include GS Yuasa Corp., BYD Company Limited, China BAK Battery, Ener Del Inc, Ener1 Inc, GS Yuasa Corporation, Hitachi Maxell Ltd, LG Chem, Panasonic Corporation, Saft Groupe SA, Samsung SDI, PolyPlus Battery Company Inc., Oxis Energy Ltd., Sion Power Corp., and Siemens among others.
The global Advanced Battery market research presents detailed information regarding several insights into the industry. Some of them are growth drivers, restraints, regional analysis, competitive landscape, and challenges. The information gathered in the article has been taken from some primary and secondary sources.