An electric battery, also known as a secondary cell, gatherer or storage battery, which is an electrochemical device that converts chemical energy into electrical energy. These batteries comprise of an electrolyte, anode and cathode which generates a current through an electrochemical reaction. They are available in a different shapes and sizes varying from button-sized cells to industrial megawatt systems. Electric batteries have gained huge popularity as they are an ecological and suitable replacement of non-rechargeable batteries, and provide long-term cost-benefits and improved longevity. As consumers have been choosing portable devices, such as mobile phones, laptops, cordless power tools and others, the need for electric battery batteries has grown substantially over the years.
COVID-19 Impact analysis
During the COVID-19 pandemic, the electric battery market was negatively impacted, both on the demand and supply sides. Due to the closing of automotive and consumer electronics facilities owing to the nationwide lockdowns imposed across the nations, the demand for such systems decreased. Similarly, as the factories producing electric battery were also shut down, the supply of such products endure adversity. Moreover, on account of the far-flung financial distress, people did not spend much on automobiles and consumer electronics.
Top Impacting Factors:
The demand for smartphones and other mobile devices is growing worldwide, encouraging the growth of the market. The increasing use of electric batteries in varied industries such as aerospace and defense, healthcare, and electronics has speeded up the electric battery market growth. Flaring disposable incomes in developing nations, rising living standards, and increasing environmental concerns nurtures the electric battery market growth. The demand for electric battery for electric vehicles has grown significantly over the years because of increasing prices of gasoline all around the world, resultant in increased adoption of electric batteries. The exponential increase in the prices of gasoline and diesel because of the depleting fossil fuel reserves has bucked up consumers to switch to battery electric vehicles, thereby supporting market growth.
The global battery market faces problems in terms of lack of awareness in rural areas, dynamically high raw material prices, high transportation costs, and others. Rigorous government authority’s emission rules, regulations, and norms in developed countries to generate battery powers as it could release harmful emissions in the environment also restraint the market growth.
Market Trends
- The industrial electric battery market is expected to register rapid growth rate during the forecast period owing to a constant need of reliable power in the industries. Reduction lithium-ion battery prices, rising demand from data centers and the telecommunication sector, and growing renewable energy integration across the world are some of the major factors driving the market. Among the various types of industrial battery technologies, lithium-ion battery (LIB) is expected to witness significant growth in the electric battery market over the forecast period, primarily due to its favorable capacity-to-weight ratio. Other factors propelling the LIB adoption include its characteristics, like better performance, higher energy density, and decreasing price.
- Asia-Pacific is one of the largest battery management system market, and it is estimated to witness the one of the fastest revenue growth in the years to come. Moreover, China has the largest fleet of electric two- and three-wheelers and buses in the world. Therefore, under the Faster Adoption and Manufacturing of Electric Vehicles scheme, the Indian government is also invested in the development of the same, which will ultimately result in the increase of electric battery demand. The rising demand of batteries from industries such as healthcare, automotive, electronics, and defense among others, coupled with growing acceptance of green technology and electric vehicles will provoke the electric battery market growth in the region.
Key Benefits of the Report
- This study presents the analytical depiction of the electric battery market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electric battery market share.
- The current market is quantitatively analyzed to highlight the electric battery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electric battery market analysis based on competitive intensity and how the competition will take shape in coming years
Electric Battery Market Report Highlights
| Aspects | Details |
 By Battery Type |
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 By Capacity |
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 By Application |
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 By Region |
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 Key Market Players | Johnson Controls, SAMSUNG SDI, Saft, LG Chem, Apple Inc., Cryopak, Enfucell Oy, East Penn Manufacturing, NEC Energy Solutions Inc., Panasonic Corporation, Blue Spark Technology, EnerSysl, STMicroelectronics N.V., Exide Technologies, Ultralife Corporation |
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