LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Battery Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the components and spares industry. This report breaks down the data and analysis behind the procurement of batteries and acts as an all-inclusive guide for making smart purchasing decisions.
“The growing demand for batteries can be attributed to their wide usage in end-use industries such as electric vehicle, mining, telecommunications, and consumer electronics,” says SpendEdge procurement analyst Tridib Bora. “Also, Li-ion batteries are extensively used in the consumer electronics market as energy storage systems to power electronic devices,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Battery Market:
- Adoption of wearable devices
- Rising adoption of battery-operated forklifts
- Focus on recycling of batteries
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Adoption of wearable devices:
The global wearable device industry is growingly rapidly due to the rise in adoption of wearable devices such as smartwatches, fitness bands, smart shoes, and smart jewelry. The increase in adoption of such devices is expected to contribute to the growth of the global battery market, as rechargeable batteries are used to power these wearable devices. Moreover, the increasing adoption of the wearable device by end-consumers will lead to increased production by buyers. This would, in turn, increase the requirement for batteries, leading to bulk procurement by buyers.
Rising adoption of battery-operated forklifts:
Forklifts are used to lift and move materials within short distances in various sectors. Companies across the globe are increasingly adopting battery-operated and fuel cell-powered forklifts due to the growing focus on fuel efficiency and laws and regulations associated with emissions. There is a higher preference for the adoption of battery-operated forklifts due to their eco-friendly nature, high efficiency, and low cost of operations.
Focus on recycling of batteries:
Suppliers in this market space are increasingly focusing on recycling batteries, as the improper disposal of batteries can lead to health and environmental hazards. Also, several non-profit organizations across the globe are working towards establishing battery sorting business. Moreover, the increase in focus has led to the efficient management of waste batteries. The global battery recycling market is expected to grow over the forecast period owing to the increasing support from governments and environmental institutions.
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