Batteries are mainly classified into two categories, primary and secondary. Primary batteries are used once, and then discarded and possess the merit of convenience and comparatively cost less per battery. Generally, these batteries have a higher capacity and initial voltage than rechargeable batteries, and a sloping discharge curve. On the other hand, Secondary Batteries, also termed as storage batteries are basically rechargeable batteries that can be recharged by passing a current through them in the opposite direction of its discharge. These batteries are largely used in automotive, household and industrial applications. Usually, such batteries have a lower capacity and initial voltage, a flat discharge curve, higher self discharge rates and flexible recharge life ratings.
The research report titled, “Secondary Batteries Global Market Report 2018Including: Lead Acid; Lithium-Ion (Li-Ion); Nickel-Cadmium (Ni-Cd); Nickel Metal Hydride; Others-Secondary Batteries Covering: Amperex Technologies Ltd., BYD Co. Ltd., LG Chem Ltd., Samsung SDI Co. Ltd., Johnson Controls” well analyses the industry and provides the needed critical information to its users. The report involves a comprehensive study of the industry on the basis of certain parameters like market demand, sales revenue etc. The markets covered in the report mainly involve lead acid, lithium ion, nickel cadmium and other batteries markets across all the regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global secondary batteries market has registered a valuation of around USD 136.3 billion in 2017 wherein Asia Pacific has been the largest region recording for nearly 79.6% of the global market. In Asia Pacific, China has been the largest country reckoning for about USD 79.6 billion accounting for a significant share of the global secondary batteries market.
In recent years, secondary batteries have discovered their presence in the automotive market with the advent of electrical vehicles since they possess a higher capacity. As a result, the global battery market is developing and the growth is due to both automotive and industrial sectors further strengthened by the usage of these batteries in telecom, railways, power and other industrial applications. It has also been observed that the OEMs majorly opt for branded batteries; however the unorganized players have maintained their position in the replacement market mainly due to their pricing which is generally about 20-25 per cent lesser than a branded battery. Such battery makers majorly account to the commercial vehicles segment, which is less quality sensitive but mainly cost sensitive on the basis of which, the market derives its demand.
Anyhow, with the passage of time, the market share of such unorganized battery manufacturers is forecasted to dwindle with rising awareness among the users of inferior quality batteries, implementation of policies across the countries, and various initiatives that will be taken by organized battery manufacturers. Accordingly, it has been witnessed that the global battery market will showcase a robust growth due to a decline in battery costs with changing policies over the years.
Even, the governments across the globe are aiming to have nearly 70 million electric vehicles on road by 2025 and about 530 million by 2040, which is undoubtedly expected to spur the demand for lithium-ion batteries to a major extent by 2030, due to their cost advantages, light weight, and consistent improvements in the battery technology. An expansion in the solar PV industry coupled with augmenting electricity costs, and evolving demand for electric, hybrid electric, and plug-in hybrid electric vehicles are expected to stimulate a significant growth opportunity for the battery industry in future.
Moreover, as per the National Institution for Transforming India i.e. NITI Aayog, the government has recently taken initiatives for promoting the use of electric vehicles in the country, which will highly bolster the demand for automobiles in India in the coming years. For instance, The Automotive Mission Plan 2016-2026 is one such initiative taken by the Government of India which aims at multiplying the automobile production by approximately four to five times by 2026, ultimately resulting in a flourishing industry across the globe over the years.
All the factors involving- an alarming increase in the need for security of energy supply, technological up gradation, rising disposable incomes of customers with time, evolution of newer uses for batteries, and falling prices of raw materials used for manufacturing will comprehensively lead to a mind blowing growth of the global secondary battery industry as the years roll by. The industry is all set to not only register huge revenues but also enjoy an ever growing demand with the support of relevant economic transitions.
Key Topics Covered in the Report:
Secondary Batteries Global Market Research Report
Secondary Battery Market Global Trends
Battery Technology Global Industry Analysis
World Batteries Industry Market Size and Share
Secondary Batteries Global Market Import Volume
Secondary Batteries Global Market Export Volume
Global Lithium Ion Secondary Battery Market Production
Large and Advanced Battery Technologies Evolving Opportunities
Secondary Battery Global Market Manufacturers
Rechargeable Battery Market Global Insights
Secondary Battery Industry Consumer Demand
Global Alkaline Battery Market Future Outlook
To know more about the research report:
Ankur Gupta, Head Marketing & Communications