The global battery market is expected to grow from USD 14.08 billion in 2016 to USD 17.25 billion by 2021 at a CAGR of 4.15%. The Li-Ion battery market in the automotive industry is the fastest growing battery market with its volume expected to double by 2021, owing to a global increase in electric as well as plug-in hybrid vehicle production. Successful commercialization and attractive incentives ensured that OEMs introduced new hybrid or electric models.
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Growing integration of electronics drives the market
The role of electronics has been pivotal in improving two aspects of vehicle performance: refining powertrain performance to reduce emissions and improve fuel consumption, and refining chassis, exterior, and interior to improve vehicle safety and comfort. Electronics account for nearly 40% of the components in a conventional Internal Combustion Engine (ICE) vehicle, and this share can rise up to 75% in hybrid and electric vehicles. These components represent around 25% to 30% of the production cost.
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• Battery Manufacturers
• Battery component suppliers and distributors
• Electric vehicle manufacturers
• Hybrid electric vehicle manufacturers
• Automotive Manufacturers
• Airplane Manufacturers
The battery market in APAC is expected to be the largest market during the forecast period. This region is witnessing rapid infrastructural, economic, and technological development. The large population in this region makes it an attractive market for the automotive and two-wheeler industry. An increase in the demand for commercial aircraft and automobiles has made this region a vital part of the global market for suppliers. Increase in trade activity of this region has also increased the need for marine batteries.
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Key players in the market include Johnson Controls (US), EXIDE Technologies (US), GS Yuasa (Japan), Robert Bosch GmbH (Germany), Saft Groupe SA (France), Delphi Automotive LLP (UK), LG Chem (South Korea) and Panasonic Corporation (Japan) among others). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
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