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An electric battery, also known as a secondary cell, gatherer or storage battery, which is an electrochemical device that converts chemical energy into electrical energy. These batteries comprise of an electrolyte, anode and cathode which generates a current through an electrochemical reaction. They are available in a different shapes and sizes varying from button-sized cells to industrial megawatt systems. Electric batteries have gained huge popularity as they are an ecological and suitable replacement of non-rechargeable batteries, and provide long-term cost-benefits and improved longevity. As consumers have been choosing portable devices, such as mobile phones, laptops, cordless power tools and others, the need for electric battery batteries has grown substantially over the years.
COVID-19 Impact analysis
During the COVID-19 pandemic, the electric battery market was negatively impacted, both on the demand and supply sides. Due to the closing of automotive and consumer electronics facilities owing to the nationwide lockdowns imposed across the nations, the demand for such systems decreased. Similarly, as the factories producing electric battery were also shut down, the supply of such products endure adversity. Moreover, on account of the far-flung financial distress, people did not spend much on automobiles and consumer electronics.
Top Impacting Factors:
The demand for smartphones and other mobile devices is growing worldwide, encouraging the growth of the market. The increasing use of electric batteries in varied industries such as aerospace and defense, healthcare, and electronics has speeded up the electric battery market growth. Flaring disposable incomes in developing nations, rising living standards, and increasing environmental concerns nurtures the electric battery market growth. The demand for electric battery for electric vehicles has grown significantly over the years because of increasing prices of gasoline all around the world, resultant in increased adoption of electric batteries. The exponential increase in the prices of gasoline and diesel because of the depleting fossil fuel reserves has bucked up consumers to switch to battery electric vehicles, thereby supporting market growth.
The global battery market faces problems in terms of lack of awareness in rural areas, dynamically high raw material prices, high transportation costs, and others. Rigorous government authority’s emission rules, regulations, and norms in developed countries to generate battery powers as it could release harmful emissions in the environment also restraint the market growth.
Market Trends
Key Benefits of the Report
Key Market Segments
Key Market Players