Rising consumption of mobiles and laptop, technological innovations, emerging economies and growing disposable income & government initiatives to replace fuel vehicle over battery vehicles, are some of the major factors, which are driving the global market.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023
Global Battery Market
Research Report: Forecast to
2023

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Global Non-Volatile Memory Market Research Report: Forecast to 2023
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Global Non-Volatile Memory Market Research Report: Forecast to 2023
Summary
According to Market Research Future (MRFR)’s analysis, the global battery market is poised to thrive at
a steady CAGR of 4% during the forecast period. The advancements introduced in the battery industry is
anticipated to lead the expansion of the market over the next couple of years.
Although lead-acid battery has penetrated major industries for revenue generation, the innovation of the
lithium-ion battery has revolutionized the battery market. It is likely to boost the growth trajectory of the
market in the forthcoming years by increasing the market presence of lithium-ion batteries.
The growing demand for electric cars supported by the governments for reducing carbon footprint is driving
the proliferation of the battery market. An upsurge in demand has been expected from the booming
automotive sector which is projected to benefit the expansion of the market over the assessment period.
The rising consumption of smartphones is also prognosticated to have a favorable impact on the growth of
the battery market. The changing consumer behavior pattern of the consumers is promoting product
development and innovation in the market. This, in turn, is expected to influence the expansion of the
battery market positively in the foreseeable future.
Competitive Landscape
Some of the leading players profiled in this MRFR report are Douglas Battery (U.S.), Penn Manufacturing
Company, Inc. (U.S.), Exide Technologies (U.S.), Johnson Controls Inc (U.S.), Zhejiang Haijiu Battery
Co. Ltd (China), Chaowei Power Holding Ltd (China), The Furukawa Battery Co. Ltd (Japan),
CamelGroup (Italy) and Fengfan Co. Ltd. (China)

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Global Non-Volatile Memory Market Research Report: Forecast to 2023
Market Segmentation
By battery type, the global battery market has been segmented into lead acid, lithium ion, nickel metal
hydride, and nickel cadmium. The Lead acid segment has widely penetrated the automotive sector and
presently holds a substantial share of the global market. Meanwhile, the rapid developments in the lithium
ion segment are projected to lead the expansion of the market in the upcoming years.
By application, the global battery market has been segmented into portable, automotive, and industrial.
Regional Analysis
The global battery market, by region, has been segmented into North America, Europe, Asia Pacific, and
the Rest of the World. Asia Pacific is expected to dominate the global market through the forecast period.
The rapid industrialization and urbanization are fostering growth in the regional battery market. A rise
witnessed in the purchasing power of the population coupled with an elevated standard of living has led to
the expansion of the end-user industries of batteries. The growing demand for automobiles is the key factor
responsible for driving the expansion of the battery market in the region. The booming economy of China
trailed by Japan are likely to contribute significantly towards the proliferation of the market over the next
couple of years.
North America is a vital revenue pocket expected to exhibit substantial growth over the review period. The
growth is primarily attributable to the rising demand for electric and hybrid automobiles in the region.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023
Industry Updates:
In February 2019, Slovakian utility, ZSE, has announced the launch of virtual battery designed for
residential PV.
In February 2019, Energizer-branded phones, manufactured by Avenir Telecom, has announced the launch
of its new mobile phone with a battery power of 18000 mAh at Mobile World Congress (MWC) 2019.
In February 2019, Okinawa, an automobile manufacturer, has announced the re-launch of Praise scooter
with the lithium-ion battery.
In January 2019, the U.S. officials have announced the establishment of battery recycling research and
development (R&D) center aimed at reducing its reliance on foreign nations for the supply of minerals
such as cobalt and lithium.
In January 2019, Apple, an American multinational technology company, has announced the introduction
of its USD 129 smart battery pack cases designed for its iPhone mobiles.

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Global Non-Volatile Memory Market Research Report: Forecast to 2023
owned company based in Norway that has developed a field-proven portfolio of completion systems and intervention tools.