LG Energy Solution, GS Yuasa International Ltd., BYD Company Ltd., Exide Industries Ltd., Johnson Controls, and Panasonic Corporation, among others, are the major players in the global battery market.
The global battery market reached a value of about USD 116 billion in 2020. The industry is further expected to grow at a CAGR of about 15% in the forecast period of 2021-2026. As per the analysis by Expert Market Research, the market is expected to be driven by the increased demand for sustainable energy storage by industrial companies due to various government requirements.
North America, Latin America, Middle East and Africa, Europe, and the Asia Pacific are the major regions in the industry. Due to increased manufacturing operations in China and India, the Asia Pacific market is witnessing strong growth. Rapid urbanisation and industrialisation are propelling the demand for technologically superior portable products, assisting market expansion.
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The Indian government's introduction of favourable initiatives such as incentive 2.0 for consumer electronics manufacturing and the Chinese government's Made in China 2025 initiative are also aiding the rising demand for batteries, assisting the market growth. Furthermore, in technologically advanced countries such as South Korea, Japan, and Singapore, consumer electronics consumption is increasing significantly. The growing popularity of electric vehicles is crucial to the battery industry's growth. The market is growing due to the increasing usage of lithium-ion batteries in electric cars and scooters. The industry is expected to grow even faster as technological breakthroughs and innovations help build more efficient, cost-effective, and long-lasting batteries.
Headquarters: Seoul, South Korea
LG Energy Solution has become a global powerhouse in the EV and energy storage system (ESS) battery sector. As the only chemical-based battery company in the world, they are leading the global lithium-ion battery market based on distinguished materials technology. They offer different kinds of batteries, including advanced automotive batteries, mobility and IT battery, ESS battery, Li-ion battery, among others.
Headquarters: Shenzhen, Guangdong
BYD is a top high-tech firm in China that specialises in IT, automobiles, and new energy. BYD is the world's largest rechargeable battery supplier, with the most significant market share in nickel-cadmium batteries, handset Li-ion batteries, mobile phone chargers, and keypads. It also has the world's second-largest market share for cell phone shells. BYD has developed green products such as electric vehicles, solar farms, battery energy storage stations, and LED lighting, among others, in the field of new energy.
Headquarters: Kyoto, Japan
GS Yuasa manufactures and sells automotive batteries, industrial batteries, power supply systems, switchgear, lighting equipment, ultraviolet systems, and other electrical equipment. GS Yuasa International and TATA AutoComp Systems Ltd have a joint venture between them called TATA AutoComp GY Batteries Pvt Ltd, and they produce TATA Green Batteries that are 90% recyclable. The capital stock of the company is about 10 billion yen.
Headquarters: Kolkata, West Bengal
Exide has grown to become one of the largest producers and exporter of batteries in the sub-continent today. Exide manufactures the world's broadest range of storage batteries, ranging in capacity from 2.5 Ah to 20,400 Ah and covering the broadest range of applications. The company has recently expanded to include the manufacturing and marketing of home UPS/inverters.
Headquarters: Cork, Ireland
Johnson Controls is involved in the healthcare, education, data centres, and manufacturing industries. The company has a global team of 100,000 experts in more than 150 countries. Johnson Controls' products and services include HVAC equipment, fire detection solutions, fire suppression solutions, digital solutions, retail solutions, and industrial refrigeration, among others.
Headquarters: Kadoma-shi, Osaka
Panasonic Corporation is a global leader in developing various electronic technologies and solutions for customers in consumer electronics, housing, and automotive. The company has expanded globally and now operates 582 subsidiaries and 87 associated companies worldwide. Products offered by Panasonic include industrial batteries, capacitors, inductors, motors, compressors, among others.
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