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Battery Market-Share and Size
Batteries are used in various applications such as the portable, industrial and automotive segments. The global battery market is estimated to grow at an overwhelming compounded annual growth rate of 14.1% from 2020 to 2027, with the Asia Pacific holding the largest revenue share. This positive growth rate is influenced by the fact that there is a high demand for batteries from the automotive industry and consumer use of electronic devices. New technologies and advancements contribute largely to the demand for batteries that greatly increase efficiency, product productivity, and cost-efficiency. Nations worldwide are increasingly campaigning for global warming awareness, leading to strict policies regarding environmental degradation, thus a rising need for batteries to help realize efficient, safe power sources.
The battery market share is segregated in different products: Lead Acid, Nickle Metal Hydride, Lithium-ion, and Nickel Cadmium, which have different shares being led by Lead-acid battery that accounts for 29.5% of the market share. The major companies that are key participants in the global battery market include;
The global market share for Lithium-Ion batteries is expected to grow rapidly at an annual growth rate of 14.63%, forecasting a growth revenue of USD 91.9 billion in 2026 from USD 40.5 billion in 2020. Depending on the material type, voltage type, power capacity, industry type, and region, the market share will increase. The battery market material share is segmented into lithium cobalt aluminum oxide, lithium cobalt oxide, manganese oxide, lithium nickel manganese cobalt oxide, lithium iron phosphate, and lithium titanate oxide. The voltage market share is segregated as the low segment that is below 12V, medium segment at 12V to 36V, and high segment being the largest segment above 36 V while the power capacity type is divide as 0 -3,000 MAH,3,000- 10,000 MAH, 10,000- 60,000 MAH and over 60,000MAH. Based on the battery market share by industry type, we have an array of industries ranging from the automobile market, consumer electronics, industrial, aerospace, telecommunication, marine, defense, power, and medical industries.
The growth is influenced by the increasing demand for clean fuel-based automobile technologies, consumer electronic market, smart electricity technological innovations, renewable sources, and distributed energy storage power consumption increase. With more demand for new battery technologies, there is an increase in battery manufacturers that produce batteries at affordable prices making market growth even bigger.
The Asia-Pacific region is projected to have the largest battery market share, North America and Europe. The increase in the battery market share, especially in the Asia Pacific, is determined by the fact that governments are increasingly pushing for policies and legislations that promote a reduction in greenhouse gas emissions and investing more in infrastructure that allows for faster incorporation of advanced technologies.
Battery Market Associates Inc.
Battery Market Associates Inc was started in 1978 as a retail and wholesale battery company and incorporated in 1982. It is a company located in Jacksonville, Florida, United States. The company is part of the Other Miscellaneous Store Retailers Industry. It means the company primarily engages in retailing new miscellaneous specialties.
The domestic for-profit company has 25 employees in all of its locations who oversee the interests of the company. Apart from this, the company generates .7 million in sales annually. The company operates globally, and some of its top regions and countries that supply it with products are based in China (Taiwan and Hong Kong), Costa Rica, and Thailand.
With the age of technology advancement, Battery Market Associates was launched on eBay in 1999. While operating in this e-commerce platform, the company advanced greatly. Over time, they have become Eyewear for extreme sports and motorcycle industries, motorcycle parts or various sports bikes, small batteries, and other merchandise. The company sells its products across different e-commerce platforms, examples of which include Walmart, Amazon, eBay, etc. You are guaranteed to find it in this company’s online stores for anyone seeking any type of battery.
The company started selling in the Walmart marketplace in 2018. Most products they sell are Global Vision, Birdz Eyewear, Powertron Battery, Moto Products, and READERZ products in Home Improvement, Auto & Tires, and Household Essential categories.
Battery Market Size
Globally, the battery market size was valued at USD 108.4 billion in 2019. From 2020 to 2027, the market is expected to grow at a compounding annual growth rate of 14.1% due to the high demand from automotive applications. These automotive applications include rechargeable batteries, non-rechargeable batteries, and electric vehicles.
Apart from this, the ever-increasing popularity of consumer electronics globally is projected to influence the lithium-ion batteries market. It will result in improved demand for battery energy storage systems led by the Li-Ion batteries. The high demand for portable electronics is also projected to boost the market growth with different government interventions, environmental laws, and regulations will see a decrease in fossil fuel reserves as most people will adopt the use of EVs.
Generally, we expect to see a boost in the overall battery market size due to the everchanging and growing technological advancements in battery technologies. For example, Hybrid Electric Vehicles require batteries to operate. These vehicles consume a significant amount of battery power due to the installed features within the car. All these advancements will increase the Li-ion batteries market size as they are more efficient and reliable than other batteries.
The growth of the battery market size and share will be attributed to an increase in consumer consumption of electronics, reduction in battery cost of production and prices, the life span of batteries, industrial demand for clean, renewable energy, rise in an electric vehicle in automotive industries and R&D initiatives and policies by countries and battery manufacturers to promote clean, efficient fuel resources.
The growth of battery market share and size will force governments to enact strict battery disposal and reuse legislation. The automotive market will most likely lead in the battery market share and size with a projected growth of around 58%, followed by consumer electronics goods at 31% by 2026. Raw materials used in the production of batteries are expected to stabilize due to the availability of labor, affordable transportation costs, and new technological improvements on energy.