Battery Market - Forecast(2020 - 2025)
The rapid increases in battery technology are gaining demand mostly from consumer electronics. Technologies such as grid power, industrial, and domestic storage are boosting the prospects of the battery market . As per the recent findings by US Department of Energy, it is projected that by year 2020, the annual battery production will reach 10,000-500,000. [1] The growing production including import and export of batteries worldwide offered opportunities worth $115.62 billion in 2018, and the global battery market will prosper at a compound annual growth rate of 8.21% during the forecast period of 2019-2025. APAC is most lucrative, leading with a regional share of around 31.09% in 2018. Growing disposable income among urban populations in the region is leading for high demand for plug-in hybrid and electric vehicles. Furthermore, growing government policies of using non-toxic products that do not affect the environment are influencing the growth of the battery market in the region. Req...