LONDON--(BUSINESS WIRE)--Technavio research analysts have forecasted the global next-generation battery market for the transportation industry to grow at a CAGR of over 80% during the period 2018-2022, according to their latest report.
One of the major trends being witnessed in the market is the growth in nanotechnology next-generation battery market. The global nanotechnology-enabled battery market is anticipated to experience growth during the forecast period. The concept of nanotechnology-enabled batteries is still new and in the developing stage. Increasing sales of automobiles around the world, growing adoption of EVs, increasing sales of the plug-in hybrid electric vehicles (PHEVs) and HEVs, and strong mandates for renewable energy will lead to the market growth. In 2015, lithium-sulfur battery manufacturers tried developing nanostructured electrodes and electrolytes in the battery to enhance energy efficiency.
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In this report, Technavio analysts highlight the change in consumer demographics as a major factor contributing to the growth of the global next-generation battery market for the transportation industry:
Change in consumer demographics
The tourism industry has been growing rapidly and is expected to grow further during the forecast period. Traveling and exploring new places are gaining popularity among the young generation. They are spending more on traveling and transport modes such as cars and bikes. The tourism industry of many countries such as the US, the UK, India, Australia, Germany, and New Zealand is experiencing huge growth as they receive hordes of international tourists. Europe recorded the highest growth in international tourism in 2017.
According to a senior analyst at Technavio for energy storage, “The world tourism is increasing due to increased consumer spending, which is a significant economic indicator. It reflects the overall consumer confidence in a nation’s economy. This rise in consumer spending is expected to support the sales of automotive vehicles during the forecast period, which will consequently boost the demand for automotive batteries. Also, countries such as India, Brazil, and Mexico are anticipated to experience significant growth in per capita annual disposable incomes during the forecast period.”
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Global next-generation battery market for the transportation industry – segmentation analysis
This market research report segments the global next-generation battery market for the transportation industry by technology (solid-state battery, lithium-sulfur battery, and advanced lead-acid battery) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The solid-state battery segment held the largest market share in 2017, accounting for nearly 60% of the market. This segment is expected to demonstrate tremendous growth, with the market share contributed by this segment increasing by nearly 11% by 2022.
The Americas led the global next-generation battery market for the transportation industry in 2017, accounting for a market share of close to 46%. It was followed by APAC and EMEA. APAC will post significant growth during the forecast period when compared with the other two regions.
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