LONDON--(BUSINESS WIRE)--Technavio projects the global rechargeable battery market to post a CAGR of more than 8% during the forecast period. Increased demand from consumer electronics is expected to drive the growth of the battery industry. With the increase in per capita income, average spending has increased sharply, thus leading to the growth of the global consumer electronics market. This will aid growth of the rechargeable batteries market.
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In this report, Technavio highlights the declining price of Li-ion batteries as one of the key emerging trends driving the global rechargeable battery market:
Declining price of Li-ion batteries
Leading manufacturers of Li-ion batteries are working on technological advances, which are expected to further reduce the price of Li-ion batteries. As the market for Li-ion batteries is witnessing rapid growth, there has been a decline in the demand for other types of battery.
According to a senior analyst at Technavio for energy storage research, “The price of Li-ion battery has reduced by over 70% since 2009. Sustained reduction in the Li-ion battery prices will enable it to strengthen its position in energy storage markets including residential storage, grid-scale behind-themeter storage, and micro-grids. Tesla, a US-based energy storage and automotive company, announced that it would bring down the cost of Li-ion batteries to USD 100 per kWh by 2020, after the commissioning of Tesla’s Gigafactory.”
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Market segmentation - Li-ion battery segment to dominate the market by 2022
This market research report segments the global rechargeable battery market by product type (lead-acid battery, Li-ion battery, and others) and key regions (the Americas, APAC, and EMEA).
The global rechargeable battery market was dominated by the lead-acid battery segment in 2017, followed by the Li-ion battery segment. However, the market share of the lead-acid battery segment is expected to decrease by close to 3% over the forecast period while that of the Li-ion battery segment will increase by close to 6%. This will establish the Li-ion battery segment as the leading product segment in the market by 2022.
In 2017, APAC dominated the global rechargeable battery market with a share of close to 50%, followed by the Americas and EMEA. APAC is expected to maintain its lead over the market as it is the only region which is expected to witness a growth in its market share over the forecast period.
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