The global battery technology market growth is driven by the increasing use of electric and hybrid electric vehicles, growing adoption of battery technology in the renewable energy industry, increasing deployment of batteries in the utilities sector, and surging demand for automation and battery-operated material-handling equipment in industries.
Based on technology type, the market can further be segmented into lithium-ion battery, lead-acid battery, nickel-metal hydride battery, and other battery technologies.
Within the global battery technology market, the market for lithium-ion batteries is likely to register the highest CAGR between 2020 and 2026. Lithium-ion batteries are mainly used for automotive applications, namely, in consumer electronics (smartphones, laptops, tablets, wearable devices, and other home applications). Electric vehicles are seen as the future of the automobile industry and transportation system. The growing use of PHEVs is anticipated to drive the Lithium-ion battery market between 2020 and 2026. Li-ion batteries have a wide range of usages including, portable devices and industrial applications. Furthermore, Li-ion battery technology is known to increase efficiency and make devices easily customizable.
Secondly, on the basis of application, the global battery technology market has been classified into transportation, medical, industrial, commercial & residential, power & utilities, consumer electronics. The transportation application to hold a major share of the global battery technology market during the forecast period. The consumer electronics would be exhibiting high growth in the global battery technology market during the stated period. In recent times, people have been looking for more intelligent appliances and smartwatches and fitness bands. This has led to the development of innovative product designs and the adoption of related components that are compact and flexible. Such developments have driven the global battery technology market in the consumer electronics applications.
Geographically, the global battery technology market in the Asia-Pacific region is anticipated to record the highest CAGR between 2020 and 2026. The key reason that the adoption of battery technology is high in this region is mainly owing to the growing markets of the two developing economies of China and India, which have a huge potential for many application areas within the global battery technology market. The presence of several electronic manufacturers such as Samsung SDI Co., Ltd. (South Korea), Panasonic Corp. (Japan), BYD Auto Co., Ltd. (China), Contemporary Amperex Technology (China), and LG Electronics Inc. (South Korea) has also been driving the global market for battery technology in Asia-Pacific region. In recent years, the region has evolved into an attractive automotive market and has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in these emerging nations have opened new avenues and opportunities for OEMs.
Some of the major players that dominated the global battery technology market as of 2019 include Clarios (US), Panasonic Corporation (Japan), Samsung SDI (South Korea), Chaowei Power (China), Contemporary Amperex Technology (China), Enersys (US), LG Chem (South Korea), BYD Company (China), and Hitachi Chemical (Japan).