Advanced batteries are rechargeable PLI (Poly Lithium Ion) batteries. These batteries find applications in automotive and electric vehicle industry along with laptops and other electrical products. Advanced batteries posses some of the unique properties namely light weight and compactness owing to which they are gaining popularity over conventional batteries. The affluent commercialization and increased adoption of electric motor vehicles has spurred growth in global advanced batteries market. There has been a substantial growth in the market over the last couple of years and the trend is forecasted to see a rise in the next five years.
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The U.S. and U.K are some of the key regions wherein advanced batteries are widely preferred. The growing awareness of using energy efficient products in these regions is expected to spur the market growth. The other key regions following the practice are Germany, China, Japan and India. Advanced batteries have major application in Hybrid Electric Vehicles. High fuel consumption and growing carbon emission have always been a restraining factor in the sales of automobiles. Electric motor vehicles have less carbon emission and reduced fuel consumption which in turn has increased the sales of HEV’s, thereby increasing the consumption of advanced batteries.
Scarcity of fuel and increased carbon emission from automobiles has bolstered the demand for electric vehicles globally. Growing awareness towards utilization of environment friendly products and growing market of notebook/laptops are some of the major driving factors for the market. The efficiency of electric vehicles is less compared to the fuel motor vehicle which is expected to dampen the electric vehicles market. This in turn is expected to slow down the advanced batteries market growth However; ongoing developments are expected to help in manufacturing energy efficient electric vehicles in near future.
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Some of the key participants in the market are Honda, Sony, Sanyo, Maxell, FMC Lithium, Nippon Chemicals, Motorola, Samsung, Siemens, Kodak, Olympus, Nikon and Fujifilm.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.