Corona Impact: Is Battery Market will Propel with its Advanced Approaches in 2020

The outbreak of COVID-19 has marginal impact on the battery market. The sustainability of this market is majorly attributed to the utilization of batteries across all the industries. Though the industries are shut down in order to curb the effect of the pandemic, only the manufacturing of batteries has been hampered. The demand for the product will be eventually restored after the pandemic. For instance, in March 2020, Samsung announced to shut down its EV Battery manufacturing plant in US due to covid-19. The company took this strategic decision to maintain social distancing among its employees and to reduce infections. In addition, in April 2020, Exide Technologies, one of the prominent players in the battery market announced pay cut of 15-20% for financial planning. By the implementation of such strategies, the companies are preparing for after-pandemic effect. During this unprecedented situation, we are helping our clients in understanding the impact of COVID19 on the Global Battery.

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As per a new report published by Research Dive, the global battery market is set to generate revenue of $21,072.6 million by 2026, at a CAGR of 4.3% during the forecast period.

The segmentation of the market has been done on the basis of type, application, and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analyst estimates, low operating & maintenance costs are significant factors accelerating the growth of the battery market. However, higher acquisition cost of micro turbine engines is obstructing the growth of global battery market.

Lead Acid to Register Significant Market Share During 2020-27

Based on type, the global market for battery is segmented into lead acid, lithium ion, nickel metal hydride, nickel cadmium, and others. The lithium ion market accounted for $6216.4 million revenue in 2026 and is expected to grow at 5.0%, during the forecast period. The growth of lead acid segment is prominently driven by exponential growth of the electric vehicle market.

On the basis of application, the global market is segmented into automotive, industrial, and portable. The market size for automotive segment accounted for $8,681.9 million in 2026 and is all set to rise at a CAGR of 4.7% during the period of forecast. Increasing adoption of batteries for automotives is significantly expected to drive the automotive application segment growth.

Geographical Analysis and Major Market Players

On the basis of region, the global for battery market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific Battery market for accounted for $8,260.5 million in 2026 and is expected to rise at 4.0% CAGR throughout the forecast period. The developing automobile sectors and heavy investments by international market players are expected to offer attractive environment for the Asia Pacific market growth.

The major players of the global battery market include Exide Technologies, Johnson Controls, Robert Bosch GmbH, TOSHIBA CORPORATION, GS Yuasa International Ltd., LG Chem., Delphi Technologies, Tesla, Saft, and Panasonic Corporation.

Mr. Abhishek Paliwal
Research Dive
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