(I-BusinessNews.Com, May 08, 2019 ) According to the market research report Global Battery Market by Transport and Transport Mode (Two Wheeler, Automotive, Marine & Aerospace), Automotive Battery by Type (Lead Acid, Lithium Ion & Nickel Metal Hydride) & by Geography – Industry Trends & Forecast to 2021. With the demand in the global transportation market increasing, the market for batteries is also projected to grow. Rising number of electrical circuits and devices in the transportation industry is one of the major factors driving this growth. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.
The global battery market is expected to grow from USD 14.08 billion in 2016 to USD 17.25 billion by 2021, at a CAGR of 4.15% from 2016 to 2021.
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The transportation industry across the globe has grown significantly since the past few years. Increasing population and subsequent change in demand for vehicle has increased. China is the leading carmaker in the world with a 26% share in worldwide production of cars. Sales for cars have risen from 23.5 million in 2014 to 24.6 million in 2015, in China. Countries like India and the U.S. are also booming markets for vehicles. These are the main reasons behind the blooming market for batteries.
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Electric Powered Vehicles: The rising trend
The use of electric power in vehicle as a fuel is new trend in last few years. Environmental changes and scarce oil resources are the driving force behind their increasing adoption. Electric power is cheaper and cleaner than conventional fuels, which helps in reduction of CO2 emissions which are responsible for global warming. Technological advancements in the field of alternative fueled vehicles such as electric vehicles is are estimated to present an attractive opportunity for the market players.
Browse and in-depth TOC on Global Battery Market
123 – Tables
62 – Figures
177 – Pages
The role of electronics has been pivotal in improving two aspects of vehicle performance: refining powertrain performance to reduce emissions and improve fuel consumption, and refining chassis, exterior, and interior to improve vehicle safety and comfort. Electronics account for nearly 40% of the components in a conventional Internal Combustion Engine (ICE) vehicle, and this share can rise up to 75% in hybrid and electric vehicles. These components represent around 25% to 30% of the production cost.
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Global Battery Market Key Players
Key players in the market include Johnson Controls (US), EXIDE Technologies (US), GS Yuasa (Japan), Robert Bosch GmbH (Germany), Saft Groupe SA (France), Delphi Automotive LLP (UK), LG Chem (South Korea) and Panasonic Corporation (Japan) among others)
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