The global battery market is largely driven by the automotive industry. The use of batteries in two-wheelers and four-wheelers for starting, lighting, and ignition (SLI) applications has increased significantly due to the robust growth in vehicle manufacturing across the world. Moreover, government efforts to boost automotive battery production are also expected to bode well for the global battery market. In emerging nations, the switch to electric mobility has invited many investments in battery manufacturing and development, creating novel outcomes across the battery market. In addition, incentives directed towards advancements in cell chemistry and the manufacturing of lithium-ion batteries are predicted to unlock fresh demand for lithium-ion batteries. During the forecast period, such developments are likely to influence M&A, cross-collaboration, and rigorous R&D in the battery market.
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Strong Adoption of Electric Vehicles (EVs) Opens Lucrative Business Prospects in Biofuel Additives Market
Next-level innovation in the field of electric mobility has created lucrative opportunities in the battery market. The increasing use of batteries in EVs and hybrid EVs is expected to support the growth of the battery market. Moreover, the production and demand for lithium-ion batteries have been witnessing positive outcomes due to their functional properties. In the coming years, the rising sales of EVs, coupled with the emergence of enterprising EV start-ups and positive consumer perception of EVs, are poised to unleash profitable outcomes in the global battery market. Notably, the battery market will also attract promising investments from climate-conscious public and private organisations due to the resounding global call to curb carbon emissions and transition towards cleaner energy sources.
Lead-acid Battery Registers Higher Demand in Biofuel Additives Market amid Rising Use Cases of Lithium-ion Batteries
The adoption of lead-acid batteries has been steadily increasing. This is due to their use in a variety of applications, including EVs, uninterrupted power supply systems, transportation, grid-scale power systems, and telecommunications. The growing use of uninterrupted power supply systems in heavy industries is set to augment the demand for lead-acid batteries. On the other hand, lithium-ion batteries are becoming increasingly popular worldwide. The major use of lithium-ion batteries is in electric vehicles which is steering their demand. These batteries are also used in grid storage applications due to their low maintenance requirements, lighter weight, and high energy density. Consequently, lithium-ion batteries are likely to replace lead-acid batteries in some applications, further expanding the battery market.
Growing Adoption of Electric Vehicles Enables Asia Pacific to Gain Market Lead in Biofuel Additives Market
The battery market in the Asia Pacific is projected to see significant growth in the coming years driven by the increasing use of batteries in the automobile and consumer electronics industries. The increasing adoption of electric vehicles is also expected to drive the demand for batteries. Government efforts to achieve carbon neutrality targets, such as subsidies for electric vehicle adoption, are predicted to support market growth. Additionally, factors such as population growth, rising GDP, and a growing customer base for EVs are poised to fuel the expansion of APAC’s battery market.
Leading Market Players
Major players in the battery market include Johnson Controls, GS Yuasa International Ltd., BYD Company Ltd., NEC Corporation, HBL Power Systems Ltd., Tata AutoComp GY Batteries Pvt. Ltd., Luminous Power Technologies Pvt. Ltd., Okaya Power Pvt. Ltd., and Exide Industries Ltd.
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