The Global Battery Components Market will reach a value of USD 236.39 Billion by 2028, growing at a CAGR of 16.3% over the forecast period. A battery consists of one or more cells, which enable the transformation of chemical energy into electricity. These batteries supply primary power or act as a back-up power source in industrial, transport, or commercial applications.
With the increasing demand in the worldwide transportation market, the market for batteries will grow over the forecast period. An increasing number of electrical devices and electronic circuits in the transportation industry will drive the growth of the global battery components market.
Investments in electronics, automotive, and ESS will boost the battery components industry around the globe, particularly in the Asia Pacific region. The existence of a robust manufacturing base, government support, and rising investments by automotive industries in electric vehicles are some of the factors that are driving the growth of the battery components market across the globe.
The market will benefit from the adoption of several technological advancements in the nano-filtration system as well. These technologies enhance the performance as well as the efficacy of battery components. The major challenges faced by the global battery components market are an upward penetration and price fluctuations of lithium-ion products.
On the other hand, factors such as increasing awareness regarding maintainable sourcing of battery components, and efficient waste disposal and recycling will drive the demand for battery components across the globe. Producers are implementing various regulations as well as certifications, which include PHMSA, U.S. EU-Batteries Directive, and DOT, in order to ensure product quality and lure customers.
Global Battery Components Market, By Battery Type
The lithium-ion segment is likely to be the fastest-growing segment in the global battery components market during the predicted period. Automobile manufacturers have started concentrating on EVs, as governments of many countries have taken initiatives towards lowering CO2 emissions and promoting a green environment. The rising adoption of EVs and the deployment of portable electronic devices will drive the lithium-ion battery materials market over the forecast period.
Global Battery Components Market, By Component Type
The cathode segment of the global battery components market witnessed high growth in 2018. It is likely to dominate the industry over the forecast period. A cathode is the most significant component of a lithium battery because it is a source of lithium ions. It determines the average voltage and capacity of a lithium battery.
Global Battery Components Market, By Geographical regions
From geographical perspective, the Asia Pacific region held a leading share of the global battery components industry in 2018, and this trend is expected to continue over the forecast period. Increasing Internet penetration, rising disposable income, changing lifestyle, and increasing technological advancements in emerging economies have resulted in increased demand for consumer goods like electronic devices. Increasing sales of portable electronic devices such as tablets, smartphones, laptops, and digital cameras will boost the demand for lithium batteries in the Asia Pacific region.
The North American battery component market’s revenue will grow during the forecast period due to the rise in the manufacturing of hybrid and electric vehicles. An increase in the sale of electronic products in North America will give a major boost to the growth of the regional market over the forecast period.
Key Market Developments
Some Key Findings of the Global Battery Components Market Report Include:
By Component Type:
By Battery Type:
Detailed scope covering all the major segments in the market
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Market recommendations supporting decision making processes
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