Renub Research

Global battery market by transportation mode will surpass US$ 65 Billion by 2024

Press release   •   Mar 26, 2018 02:33 EDT

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In order to support clean fuel, batteries demand are rising as an option for many automotive and E-bikes models. According to Renub Research gasoline based cars will start declining, but the sales of other vehicles will keep on growing. In a decade’s time Electric vehicle sales should account for approximately 30% of total vehicle sales. By the end 2024, Global battery market in transport is projected to cross US$ 65 Billion. This report provides the data on Global battery market for 4 modes of transport: E-Bike, Automotive, Marine and Forklift

Lead Acid Batteries vs. Lithium-Ion Battery

Weight: Lead Acid batteries are heavier than lithium-ion batteries.

Efficiency: In the case of charge and discharge Lead Acid batteries are inefficient; it takes long hours to charge. But lithium ion batteries take much shorter duration to charge.

Life Cycle: Lithium ion batteries can be recharged more than 5000 times, whereas in lead acid battery it can be recharged 500 times.

Voltage: Lead Acid voltage keeps on dropping in the discharge cycle. On the other hand, Lithium ion battery voltage level is maintained in the discharge cycle.

Cost: Lithium ion batteries are almost twice costly compared to lead acid battery

Environment: Although batteries are considered a cleaner fuel compared to fossil fuels. But compared to both the batteries lithium ion batteries are considered much cleaner technology.

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Other than Lead Acid battery market and Lithium ion battery market report has also defined the Nickel–Metal Hydride Battery (NIMH) Market, SLI (Start, Light & Ignition) Battery Market and Others Automotive Battery Market.

Reasons for Battery Growth

After 2010, lithium-ion battery prices have reduced drastically. This decline in the price of battery can be attributed to the fact of better battery technologies, completion and mass production. According to our estimate global battery prices will keep on declining till 2019, and from 2020 prices should stabilize. Due to the following factors lithium ion battery market will be an industry of more than USD 40 Billion by 2024.

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E-bikes Battery Market

Global e-bikes sales was 32 million in 2012 and it has grown to 40 Million by 2015 it’s a growth of 80 percent in a span of three years. Globally China holds the maximum share followed by Europe and United States. Country like South Korea has a sale of approx 17000 e-bikes in the year 2015. Earlier lead acid batteries were mostly used in E-Bikes, but now this trend is changing and lithium ion batteries are fast replacing lead acid batteries. For example In China for the year 2015 lithium ion battery induction rate was 14 percent compared to 5 percent in 2012. Presently e-bikes consume 10% of the total battery cell produced and it is expected that e-bikes market will triple by the end of year 2020.

Companies working in Global Battery Market

This market research report studies the Overview, Business Strategy and Sales Value of 7 companies working in Global Battery Market. The companies working in this field are as follows: Exide Technology, Continental AG, Samsung SDI, BYD Corporation, LG Chemical, Sanyo Panasonic, Amperex Technology Limited (ATL).

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