The next generation advanced battery market is expected to grow at a CAGR of more than 8% during the forecast period of 2021-2026. The next generation advanced batteries are the upgraded version of existing batteries that have higher efficiency and cheaper unit cost. The market for these batteries is anticipated to witness robust growth in the coming years on account of the rising adoption of electric vehicles, rising focus on clean energy usage, and improving economics of battery storage system. Also, growth in electronic gadgets and electric vehicles are expected to drive the next generation advances battery market over the forecast period. On the other hand, these advanced batteries pose challenges, such as long recharge time, high costs, short cycle life span, etc., that hinders the market growth.
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Consumer Electronics to Dominate the Market
– The lithium-ion batteries have unique properties like high energy density, better performance, etc. These unique properties have made lithium-ion batteries the power sources for consumer electronics manufacturers, with a production of the order of billions of units per year. The market for lithium-ion battery application in electronic devices is likely to surge due to the growing penetration rate of electronic devices across the world.
– The demand for electronic devices is changing rapidly due to the growing requirement for sophisticated electronic goods. The electronic devices have become thinner, and smaller packages are more widespread. The thin devices need slimmer batteries, which is expected to increase the next-generation advanced battery market soon.
– Li-sulfur and Li-air batteries deliver much higher specific capacities than that of commercialized layered oxide cathode materials in Li-ion batteries. Lithium-sulfur batteries are attractive candidates for post-Li-ion battery systems, offering both superior theoretical capacities, and thus, high energy densities.
– The price of LIB is usually high, as compared to other batteries. Also, leading players in the market have been investing, in order to gain economies of scale and in R&D activities, to improve LIB’s performance and price.
– Silver-oxide batteries are used in small electronic devices like watches,cameras, wearables etc. Also, zinc-carbon batteries are used in consumer electronics because of its low costs and greater conductivity from carbon-enhanced technology. Modern-day lead-acid batteries are used for powering electric vehicles, and this type of storage is applicable for consumer electronic devices as well.
– Apart from development of innovative products, increasing disposable incomes across the world is leading to growth in consumer electronic goods. Moreover, with the advent of new electronic goods, the older ones are being replaced by consumers at a high rate, which is driving the sales of electronic devices.
– Lithium-ion batteries find application in a wide range of consumer goods, like smartphones, wearables, laptops, digital cameras, remote controls and gaming devices. Key information regarding mobile subscriptions worldwide i.e. by 2023, there would be 9.1 billion mobile subscriptions, 8.5 billion mobile broadband subscriptions, and 6.2 billion unique mobile subscribers.
– 5G subscriptions for enhanced mobile broadband are expected to be around one billion by 2023.
– Therefore, based on these factors, consumer electronics is likely to dominate the market over the forecast period.
Asia-Pacific to Dominate the Market
– The growing demand for portable devices, such as mobile phones, portable chargers, watch and clock batteries, and cameras, are boosting the demand for lithium batteries on a global scale. Global investment in the battery supply chain and the need for cheaper batteries is being driven by the emergence of the Electric Vehicle (EV).
– This growing market has been pioneered by Tesla since 2017, but the larger catalyst for global mass market uptake of EV technology is China, where government subsidies are in place for both passenger EV vehicles and commercial EVs (buses and small trucks).
– The increase in battery capacity of China is primarily done to meet the overwhelming demand from the EV market. Also, the local battery suppliers are aggressively expanding their capacities as the demand increases.
– On the other hand, India is expected to ramp up the domestic production of lithium-ion batteries. The India lithium-ion battery is expected to register a robust growth during the forecast period, amidst increased uptake of electric vehicles, energy storage, and renewable-based initiatives.
– Indian startup Greenvision Technologies operates under the brand name Relicell and manufactures maintenance-free, sealed lead-acid batteries for Uninterrupted Power Supply (UPS) devices and electronic weighing machines.
– The United States based startup Ateios (Silver-oxide batteries) produces flexible, ergonomic, and ultra-thin printed silver-oxide batteries for wearables.
– Therefore, the above-mentioned factors are expected to drive the next generation advanced battery market in Asia-pacific region during the forecast period.
The global next generation advanced battery market is consolidated. Some of the major companies include Pathion Inc., GS Yuasa Corporation, Oxis Energy Ltd, PolyPlus Battery Company Inc., and Samsung SDI Co. Ltd.
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-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
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