The global battery industry witnessed good growth during the past decade and holds immense growth potential for the future. The global market size for batteries is expected to reach $86.6 billion by 2018.
The global battery industry witnessed good growth during the past decade and holds immense growth potential for the future. The global market size for batteries is expected to reach $86.6 billion by 2018. The industry is boosted by growing demand of battery in consumer electronic productsand automotive vehicles.Growing demand of electric, hybrid electric, and plug-in hybrid electric vehicles are creating huge growth opportunities for the battery industry.Technological development, increasing disposable income of customers, development of new application for batteries, and decreasing prices of raw materials for manufacturing latest battery products further aided the battery Industry.
The report describes the challenges faced by the industry indisposal and recycling of both lead-acid and Ni-MH batteriesas they possess certain environmental issues. Hence, stringent environmental policies are there to govern manufacturing as wellas recycling of such batteries. The industry also requires significant level of capital investments and sophisticated technological capabilities to manufacture lithium-ion batteries.
The report also briefly mentions the major drivers of the industry. Use of lithium-ion batteries in EV, HEV and PHEV are creating enough opportunities for the growth. Demand of lead-acid batteries for SLI (starting, lighting, and ignition) purpose in automobiles contributed significantly in the industry growth. Demand of batteries having more power output with low weight at competitive prices will favor the growth in consumer electronics segment.
This market report discloses the emerging trends of the industry which helps the industry players to get a brief scenario prevailing in the industry. The battery manufacturers should be well aware of the unmet needs in the industry, so that they can fulfill the needs of the industry and increase marketshare. It also provides major drivers and challenges which will help the companies to identify their strengths, find whether they are able to cope up with the challenges, and compete in the market.
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