Demand for Rechargeable Batteries to See Continued Growth through 2022
Due to reduced demand for other batteries, the Li-ion battery market is witnessing fast-paced growth.
The global rechargeable battery market is projected to grow at a CAGR of 8.3% from 2018-2022, according to a report available from Research and Markets. One trend in the market is declining lithium-ion (Li-on) battery prices. Due to reduced demand for other batteries, the Li-ion battery market is witnessing fast-paced growth. The major difference between Li-ion batteries and other battery technologies (e.g., fuel cell batteries) is reportedly pricing.
According to the report, one driver in the market is increasing demand from consumer electronics. Due to rapid urbanization and increasing numbers of earning individuals in a family, the disposable income of individuals has increased across the world. Middle-class individuals are enhancing their living standards, which, in turn, enables them to purchase gadgets such as laptops, smartphones, and smart wearables.
In addition, the report states that one challenge in the market is increasing competition from fuel cell solutions. Lead-acid batteries face a major operational challenge, as they require an extended recharging period and exhibit a linear decline in the tendency to hold a charge with each charging cycle and must be replaced every two to three years.
Additional details are available at www.researchandmarkets.com.