The Global Market for Rechargeable Batteries is Projected to Exceed US$40.9 Billion by 2024

Strong Demand from EVs & HEVs, and Technological Advancements in Battery Chemistry Drive Demand for Rechargeable Batteries, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Rechargeable Batteries market. The global market for Rechargeable Batteries is projected to exceed US$40.9 billion by 2024, driven by intense demand from high-end IT products, mobile communication products, and hybrid/electric vehicles; latest breakthroughs in battery chemistry & technology; and rapidly growing urban population and rising standards of living.

Batteries are indispensable power source for profusion of power-hungry electronic devices. The growing popularity of consumer electronics has widened the continuum of battery application to a new level, and rechargeable batteries have now emerged to become the most preferred option for a range of portable devices such as tablets, smartphones, laptops, cameras, PCs and cordless power tools apart from other battery-powered consumer devices such as remote controls, flashlights, clocks, and thermometers. Li-ion batteries, in this regard, is growing in popularity and will benefit significantly from the proliferation of next-generation portable devices; EVs, HEVs, and PHEVs. These batteries are set to emerge as the battery chemistry of choice for xEVs in the coming years, taking over NiMH batteries that were preferred earlier. However, across many applications, NiMH batteries remain a price-efficient solution owing to their performance characteristics and lower price/kWh. Despite the developments achieved so far, the technology still requires significant improvements to enable wide ranging commercialization of electric vehicles.

Different types of rechargeable batteries, especially LiB batteries, are expected to expand significantly in the automotive sector due to environmental issues surrounding the use of conventional batteries. Several electric car models are expected to use Lithium-ion batteries that are more powerful, less toxic and lighter than nickel-metal hydride batteries used in hybrids and EVs. Li-ion battery is forecast to outgrow and replace NiMH technology due to its flexible form factors, high energy density, capacity, lighter weight and no memory effect. Noteworthy battery innovations for e-vehicles are concentrated in areas encompassing solid state semiconductors, aluminum-ion, lithium-sulfur, and metal-air battery chemistries. Companies are stepping up R&D investments in nanotechnology and advanced electrode designs to make lithium-ion more robust. While battery makers across the world are focusing on new ways to enhance efficiency, recharger system manufacturers are embarking on lowering chargeup time to match with growing power related requirements of the digital world.

As stated by the new market research report on Rechargeable Batteries, Asia-Pacific represents the largest and the fastest growing market worldwide led by India, China and South Korea. Continued industrialization, growth in GDP, rising employment levels, standard of living, increase in discretionary spends, among others, represent broader economic variables indirectly conducive to the growth of rechargeable batteries market in Asia. Lithium-ion battery represents the largest product market supported by the need for high-energy density, long life, lighter weight and eco-friendly batteries in consumer electronics.

Major players in the market include Battery Technology Inc., Beckett Energy Systems, BYD Company Ltd., Duracell Inc., EaglePicher Technologies, LLC, Energizer Holdings, Inc., E-One Moli Energy Corp., Eveready Industries India Ltd., FDK Corp., GPB International Ltd., GS Yuasa Corp., Highpower International Inc., Jiangmen TWD Technology Co., Ltd., Johnson Controls International Plc, LG Chem, Maxell Holdings, Ltd., Panasonic Corp., Saft Groupe S.A., Samsung SDI Co. Ltd., Spectrum Brands, Inc., VARTA Consumer Batteries GmbH & Co. KGaA, TCL Hyperpower Batteries, Inc., Tohoku Murata Manufacturing Co., Ltd., Ultralife Corp., among others.

The research report titled "Rechargeable Batteries: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). The report also analyzes the global market for Rechargeable Batteries by battery chemistry such as Nickel-Cadmium, Nickel-Metal Hydride, and Lithium-Ion.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.