$141 Billion Batteries Market to 2022: Global Analysis by Product - Hybrid & Electric Vehicles (HEV) to be Largest Driver of Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 10, 2018--The “Global Batteries by Product and Market, 11th Edition” report has been added to ResearchAndMarkets.com’s offering.Global demand for batteries is forecast to grow 9.8% per year to $141 billion in 2022. Growth will be driven by increased demand for high-value batteries in emerging applications such as electric vehicles and grid storage.
Hybrid and Electric Vehicles to be Largest Driver of Growth
Increased penetration of HEVs will fuel rapid demand for batteries worldwide, with lithium-ion products absorbing the bulk of gains. Massive investments in lithium-ion battery production capacity will support price reductions due to improved economies of scale, allowing HEVs to increasingly compete on cost with conventional vehicles. Growth will be particularly strong for products used in electric vehicles, as cost reductions will fuel increased use of high-value high-capacity batteries.
Grid Storage Market Expanding Quickly from Small Base
Battery-based grid storage systems have proliferated rapidly in recent years after commercialization began at a large scale in 2014. Cost reductions for lithium-ion batteries have abruptly made this technology economical, and it is expected that these grid storage systems will become increasingly common as the technology’s efficacy is established. Rapid growth in renewable energy capacity worldwide -particularly for solar energy- will further contribute to an increased need for grid-scale energy storage systems.
Advances in Developing Regions Boosting Sales in Conventional Applications
Growth in sales of alkaline and lead-acid batteries will be spurred by broad economic development in the Asia/Pacific and Africa/Mideast regions, with China and India posting particularly strong growth. Rising personal income levels will drive increased sales of alkaline batteries in consumer replacement applications, with these products displacing low-cost zinc-carbon products. Increased wealth and industrialization will also boost demand for lead-acid batteries in both the OEM and aftermarket segments of the automotive market.
This industry study presents historical demand, production, and net export data (2007, 2012 and 2017) and forecasts for 2022 by market (automotive, consumer, industrial and other) and region (North America, Central and South America, Western Europe, Eastern Europe, Asia/Pacific, and Africa/Mideast).
The study also evaluates company market share on a global basis and the competitive strategies of key industry players, such as:Exide TechnologiesGS YuasaJohnson ControlsLG ChemPanasonic
For more information about this report visit https://www.researchandmarkets.com/research/c73xvp/141_billion?w=4
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Related Topics:Battery Technology
INDUSTRY KEYWORD: ENERGY OTHER ENERGY ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Research and Markets
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PUB: 10/10/2018 06:46 AM/DISC: 10/10/2018 06:46 AM