Battery Market Share, Size & Trend Report

Battery Market Share, Size & Trend Analysis Report By Product (Lead Acid, Li-ion, Nickle Metal Hydride, Ni-Cd) By Application (Automotive, Industrial, Portable) And Segment Forecasts To 2024

  • Published Date: May, 2016
  • Base Year for Estimate: 2015
  • Report ID: 978-1-68038-846-6
  • Format: Electronic (PDF)
  • Historical Data: 2013-2015
  • Number of Pages: 80

Industry Insights

The global battery market size was USD 62.00 billion in 2014 on account of high demand from the automotive application. The automotive application includes rechargeable batteries used in electric vehicles and non-rechargeable batteries. Rising popularity of consumer electronics on a global level is expected to result in high lithium ion batteries over the forecast period. High demand for portable electronics including smart phones, LCD displays, tablets and wearable devices such as fitness bands propel battery market growth. The market is expected to witness significant growth on account of technological advancements in terms of product innovation, enhanced efficiency, and cost-effectiveness.

In 2015, electric vehicle batteries from Tesla and Nissan saw a price cut reaching USD 300 per KWH, hinting a cost parity with conventional vehicles. Stringent emission norms by governments of developed nations including the U.S. and the UK coupled with rising focus towards fuel efficiency is expected to propel battery market demand.

North America battery market

Depleting fossil fuel reserves along with high CO2 emissions and favorable government initiatives are expected to drive battery market in the next eight years. Primary non-rechargeable batteries are widely used in light beacons, children’s toys, remote controls, electronic keys, and watches. These are expected to witness a loss of share to rechargeable secondary batteries on account of enhanced lifespan and efficiency of the later.

Emerging markets of Asia Pacific and Africa are expected to propel battery demand in electric bicycles and storage applications. Storage applications include load leveling in renewable energy sources including solar and the wind. Increasing automobile and aircraft production in emerging economies of Asia Pacific including India and China is expected to provide immense potential for market growth.

The increasing technology advancements in the battery technology have increased the usage of various battery-operated equipments across the globe. The Hybrid Electric Vehicles (HEV) is equipped with the various features that consume the substantial amount of battery power. The feature includes power windows, GPS navigation system, air-conditioning systems, and display that give information about the battery charge level.

Product insights

Lead acid battery accounts for a significant share of over 50% in 2015 on account of rising application in automotive, UPS, telecommunication, electric bikes and transport vehicles. High use of UPS devices in healthcare, chemical and oil & gas sector for continuous power supply will propel lead acid market demand. These batteries are used in critical applications on account of high reliability and low cost. However, lithium-ion batteries are expected to capture a significant portion of the lead acid battery over the forecast period on account of low energy density and high lead content.

Lithium-ion batteries are expected to penetrate lead acid battery applications including electric vehicles, plug-in electric vehicles, storage and automobiles thus, gaining a majority market share by 2024. The adoption of lithium ion batteries in electric vehicles, portable devices, and energy storage systems is expected to increase at a fast-paced growth rate, owing to its higher energy densities and low maintenance properties. Nickel metal hydride and nickel cadmium batteries are the next major segments of the global battery market.

Application insights

Automotive was the largest application on account of rising demand from electric vehicles, hybrid vehicles, and plug-in hybrid vehicles. SLI application in the automotive sector has contributed to high battery demand for starting, lighting and ignition of the vehicle. Industrial applications include forklifts and other material handling equipment; telecom, UPS, energy storage, emergency lighting, security, road signs, control & switchgear and medical.

Rising population of the above-mentioned applications will directly result in high battery demand over the forecast period. Portable applications include high demand consumer electronics which are expected to result in significantly driving the market. This segment is projected to witness significant growth in terms of shipments, however, with small size and low revenues it does not contribute to a major portion of the market.

Global battery market

Batteries are utilized in numerous industrial applications such as grid and off-grid energy storage systems, power backup, uninterrupted power supply (UPS) systems, marine equipment & machinery, agricultural machinery, industrial automation systems, aviation, military & defense, electronics, civil infrastructure, and oil & gas. Rise in usage of electric powered automation systems and forklifts in industrial storage & logistics warehouses, factories, workshops, and large scale facilities is expected to boost the consumption of industrial batteries during the forecast period.

Regional insights

Asia Pacific is a major consumer of batteries on account of rising automobile production coupled with rapid industrialization generating high demand. China and India are key manufacturing countries in the consumer electronics segment owing to the availability of skilled labor and low production and setup costs. North America and Europe are expected to witness significant growth on account of rising electric vehicle production. Nissan Leaf and Chevrolet Volt accounted for over 50% percent of the electric vehicles sold in the U.S. in 2014.

Ford Fusion and C-Max Energi along with Toyota Prius are leading plug-in hybrid electric vehicles in the U.S. Electric Vehicle Initiative encourages the adoption of electric vehicles on a global scale. It was launched in 2010 under the Clean Energy Ministerial with participating countries including UK, France, Spain, Portugal, U.S. South Africa, Denmark, Netherlands, Sweden, Finland, Germany, Italy, China, India, and Japan.

Europe has been one of the leading producers of automobiles in the past and will continue its dominance in this sector over the upcoming years. Presence of major automotive manufacturers including Volvo, Audi, BMW, Jaguar, Aston Martin, Volkswagen, Fiat, Ferrari, Mercedes Benz, Lamborghini and Porsche in the region will augment in the automobile industry expansion, which in turn will drive the demand for industrial over the forecast period.

Battery market share insights

Lead acid battery market involves key players including Johnson Controls, Exide, GS Yuasa, Panasonic Corp and EnerSys. Johnson Controls is engaged in the manufacturing of lead acid batteries for various applications including automotive, aerospace, marine and industrial. The company also caters to application specific markets in different countries. It has established a number of brands such as Optima, MAC, Heliar, LTH and Varta in specific regions as per the specifications and requirements.

The battery market is categorized with forward integration, where major battery manufacturers are also indulged in the distribution and usage of the batteries. For example, Samsung is integrated across the entire value chain. Companies including BYD, Johnson Controls, Duracell, Panasonic, Hitachi, Sony, and LG Chem are integrated from the manufacturing of batteries to its end-use applications.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 – 2015

Forecast period

2016 - 2024

Market representation                                    

Revenue in USD million and CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, MEA and Central & South America

Country scope

U.S., Germany, UK, China, Japan, and Brazil

Report coverage        

Revenue forecast, company share, competitive landscape, and growth factors and trends

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Segments covered in the report

This report forecasts revenue and revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global battery market on the basis of product, application, and region.

  • Product Outlook (Revenue, USD Million, 2013 - 2024)

    • Lead Acid

    • Lithium Ion

    • Nickel Metal Hydride

    • Nickel Cadmium

    • Others

  • Application Outlook (Revenue, USD Million, 2013 - 2024)

    • Automotive Batteries

    • Industrial Batteries

    • Portable Batteries

  • Regional Outlook (Revenue, USD Million, 2013 - 2024)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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