The global battery market is projected to grow at a promising CAGR of 4.15% during the forecast period, to reach USD 17.26 Billion by 2021. Increasing electrification of automobiles is one of the major factors driving this growth.
Pune, India -- (SBWIRE) -- 04/21/2016 -- The report "Global Battery Market by Transport and Transport Mode (Two Wheeler, Automotive, Marine & Aerospace), Automotive Battery by Type (Lead Acid, Lithium Ion & Nickel Metal Hydride) & by Geography - Industry Trends & Forecast to 2021", The global battery market is projected to grow at a CAGR of 4.15% from 2016 to 2021, to reach a market size of USD 17.26 Billion by 2021. The major factors behind the growth of the global battery market are new hybrid and electric automotive models from OEMs, fuel savings and government incentives for cleaner transportation, growing integration of electronics and growing demand for transportation.
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Growth in Transportation needs: Key driver for Battery market
The transportation industry across the globe has grown significantly since the past few years. Increasing population and subsequent change in demand for vehicle has increased. China is the leading carmaker in the world with a 26% share in worldwide production of cars. Sales for cars have risen from 23.5 million in 2014 to 24.6 million in 2015, in China. Countries like India and the U.S. are also booming markets for vehicles. These are the main reasons behind the blooming market for batteries. Increasing population and economic growth are responsible for increasing automobile sales as well as sales of other ways of transportation such as marine, two wheelers and aviation. Increased traffic of international transportation has led to increased demand for marine and aviation transport which has led to the growth of for the global battery market.
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This growth can also be attributed to rapid urbanization, increased per capita income, and technological advancements from established players in the industry. As a collective effect of the points mentioned above, there is an estimated growth in transportation activities around the globe, thus, resulting in the growth of the global battery market.
Electric Powered Vehicles: The rising trend
The use of electric power in vehicle as a fuel is new trend in last few years. Environmental changes and scarce oil resources are the driving force behind their increasing adoption. Electric power is cheaper and cleaner than conventional fuels, which helps in reduction of CO2 emissions which are responsible for global warming. Technological advancements in the field of alternative fueled vehicles such as electric vehicles is are estimated to present an attractive opportunity for the market players. OEMs such as Tesla Motors and Toyota Motor Company have successfully launched vehicles with electric powertrains owing to an increasing demand for efficient transportation. Governments are also promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports. This is also a major driver for batteries used in these vehicles. Booming two wheeler market in Asia Oceania.
Asia Oceania is the largest market for two wheelers owing to high preference for such vehicles as a mode of transport. Asia includes India and China, two countries with world's largest populations where there is a high demand for two wheelers. Even low income countries like Indonesia have a huge market for two wheelers.
The report covers all the major players in the global battery market that includes companies such as Johnson Controls Inc. (U.S.), Exide Technologies (U.S.), GS Yuasa (Japan), Robert Bosch GmbH (Germany), and Saft Groupe S.A. (France) among others.
The report covers the global battery market, in terms of volume ('000 units) and value (USD million). It explains the qualitative and quantitative aspects of the Global Battery Market based on region, application, and battery type from 2015 to 2021.
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