(I-BusinessNews.Com, May 21, 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. the battery consists of one or multiple cells which facilitate the conversion of chemical energy into electricity. Batteries are used to supply primary power or act as a back-up power supply in transport, industrial, or commercial applications.
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Growth in Transportation needs: Key driver for the Battery market
The transportation industry across the globe has grown significantly since the past few years. Increasing population and subsequent change in demand for the vehicle have 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 booming market for batteries. Increasing population and economic growth are responsible for increasing automobile sales as well as sales of other ways of transportation such as marine, two-wheelers, and aviation. Increased traffic of international transportation has led to increased demand for marine and aviation transport which has led to the growth of for the global battery market.
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Electric Powered Vehicles: The rising trend
The use of electric power in the vehicle as fuel is a new trend in the 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 the 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. OEMs such as Tesla Motors and Toyota Motor Company have successfully launched vehicles with electric powertrains owing to increasing demand for efficient transportation. Governments are also promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports. This is also a major driver for batteries used in these vehicles.
Browse and in-depth TOC on Global Battery Market
123 — Tables
62 — Figures
177 — Pages
Booming two-wheeler market in Asia Oceania.
Asia Oceania is the largest market for two-wheelers owing to high preference for such vehicles as a mode of transport. Asia includes India and China, two countries with the world’s largest populations where there is a high demand for two-wheelers. Even low-income countries like Indonesia have a huge market for two-wheelers.
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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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