Global Battery Components Market is Projected to Reach USD 236.39 Billion by 2028

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

  • In December 2015, Bosch developed a new battery with the help of lithium-ion technology, which is lighter in weight than the lead acid batteries and is suitable for scooters, two-wheelers, and jet-skis.
  • In February 2016, Johnson Controls capitalized USD 112 Million in its facility in Germany. The main objective of the company was to extend the production capacity of AGM batteries by around 65%.
  • In February 2016, Panasonic Corporation collaborated with Dalian Levear Electric Co., Ltd. in China to produce automotive batteries. This partnership will use Panasonic's technological abilities and knowledge for the manufacturing and quality control of batteries to manufacture eco-friendly vehicles.

Some Key Findings of the Global Battery Components Market Report Include:

  • A holistic in-depth analysis, about the global market
  • A region-wise and country-wise analysis of the battery components market to get the share, and growth details in these areas
  • Comprehensive information regarding the current R&D activities performed by each battery component market service provider
  • Various major factors that are affecting the consumption pattern of customers across several countries and regions.
  • Year-on-year development of the global battery components market in terms of value and volume
  • Past and future progress of the global battery components market
  • Strategic Frameworks of the battery components market to boost the growth journey

Market Segmentation:

By Component Type:

  • Anode
  • Cathode
  • Electrolyte
  • Others

By Battery Type:

  • Primary
  • Alkaline
  • Others
  • Secondary
  • Lithium-Ion
  • Lead Acid
  • Nickel Metal Hydride
  • Nickel Cadmium
  • Others

By Region:

  • North America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Middle East
  • Rest of the World
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