Selbyville, Delaware, April 09, 2020 (GLOBE NEWSWIRE) -- The worldwide power battery market has been projected to record a remuneration of USD 16 billion in 2020 and is estimated to garner significant gains in the upcoming years. Mounting use across energy vehicles has spurred the demand for power batteries globally. The global demand for new energy vehicles is projected to increase appreciably in the years to come; despite the industry being in a nascent stage, it is anticipated to exhibit long-term growth. As per statistics, global new energy vehicle sales reached 2.21 million units in 2019, increasing with a growth rate of over 75% in that year.
It talks about how the massive outbreak of coronavirus pandemic in over more than 100 countries globally, may impact the product demand and adoption. The study also offers an in-depth knowledge on the market’s value and volume at the global, regional, and company level.
Power battery market is bifurcated into type and application spectrums. Based on the type segmentation, the market is divided into lithium-ion batteries, fuel cells, lead acid batteries, and others. Applications of these batteries include electric vehicles, electric bicycles, and others. The market analysis also draws attention towards the industrial trends across various regions including Europe, North America, Asia Pacific, and others. China has been claimed to stand out in the regional hierarchy of power batteries. The report further provides an insight into the impact of global and local market players, trade regulations, value chain optimization, opportunities analysis, technological trends, product launches, and strategic market growth analysis.
However, the outbreak of covid-19, an infectious disease that has spread to almost 100 countries and affected nearly 1 million people globally, has significantly affected the power battery market trends in recent times. It has been affecting the global economy in umpteen ways by impacting production and demand, creating disproportion in supply-demand ratio and laying financial impact on firms and financial markets.
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Power battery serves as an integral part of new energy vehicles, which lays a massive impact on key indicators like the mileage, safety of new energy vehicles, and vehicle life. It has been estimated that power batteries account for over 40 per cent of the total cost of new energy vehicles.
Cost of these batteries is majorly influenced by largest proportion of raw materials present. Considering the production of power batteries, it is composed of several components including lithium battery materials, aluminum shell, copper foil, etc. Moreover, report suggests that the positive electrode material is one of the costliest materials present in the power batteries. The positive electrode material accounts for approximately 30% to 40% of cost of the battery while, nickel, cobalt, and lithium resources account for more than 90 per cent of positive electrode material.
Depending on the package form, batteries are essentially categorized into square, soft pack, cylindrical, and others. All these types of batteries come with their own set of pros and cons. Among these types, the soft pack battery is said to have several benefits – with respect to safety, rate performance, and energy density, though its disadvantages include exorbitant costs, low production efficiency, and poor product consistency. , and high cost. Cylindrical batteries on the other hand are known to have high consistency and very mature technology, however, they also have low group efficiency, large internal resistance, poor cycle performance, poor rate, and small single cell capacity.
Square battery type has excellent group efficiency and very good comprehensive performance. This type suffers from disadvantages including low standardization, low energy density, poor safety, and more.
In terms of the regional aspects, Asia Pacific, led by China, Japan, and Korea is anticipated to stand tall in the geographical hierarchy of power battery market. China is deemed as the profitable land for power battery materials market as it boasts the robust presence of local companies. This stands as a great advantage for the nation over Korean and Japanese companies in terms of cost and production.
As per estimates, the total installed capacity of global power batteries in 2019 was somewhere around 116.6GWh while accounting to a total of 86.88 per cent. Across this installed capacity, 5 Chinese companies procured a considerable market share of 45.10 percent, 3 Korean companies acquired a business share of almost 15.78 per cent while 2 Japanese companies held 25.99 per cent of the overall industry share.
The competitive landscape of power battery industry is highly consolidated and is characterized by ongoing advancements in business space. The overall business share of top five companies partaking in global power battery market continues to increase from over 58% in 2017 to 75% in 2019. Of these Panasonic, CATL, and LG Chem held significant shares of 24.1%, 27.87%, and 10.55% respectively in the overall industry.
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The worldwide power battery market is segmented on basis of type, application, regional demographics, and competitive landscape:
Power Battery Market Type Analysis (Revenue, USD Million, 2015-2026)
- Lithium-ion Battery
- Lead Acid Battery
- Fuel Cell
- Nickel-Cadmium Battery
- NiMH Battery
- Others
Power Battery Market Application Analysis (Revenue, USD Million, 2015-2026)
- Electric Vehicles
- Electric Bicycles
- Industrial Power System
- Other
Power Battery Market Regional Analysis (Revenue, USD Million, 2015-2026)
- Asia-Pacific (led by China, Japan, and Korea)
- Europe
- North America
Power Battery Market Competitive Landscape Analysis (Revenue, USD Million, 2015-2026)
- CATL
- Panasonic
- LG Chem
- BAK Group
- Mitsubishi Electric
- BYD Group
- Samsung SDI
- Hitachi
- Johnson Controls
- Others
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