Advanced batteries reached $10.8bn in market value in 2012, reports Navigant Research
Navigant Research says advanced battery market is in the midst of a massive expansion, due to growth in the core consumer electronics segment, as well as the emergence of new markets for batteries in electric vehicles (EVs) and stationary energy storage systems. In particular, global manufacturing capacity for lithium ion (Li-ion) batteries has grown rapidly in recent years, as several governments have subsidized factories in Asia and North America to boost supplies for EVs.
“While traditional lead-acid batteries still reign in the automotive starter and uninterruptible power supply markets, each of the major new markets for batteries – automotive traction, stationary energy storage, consumer electronics, cordless power tools, medical systems, and defense systems – favors advanced batteries, which offer superior performance in the areas of cycle life and energy density,” says Sam Jaffe, senior research analyst with Navigant Research. “The consumer electronics sector accounts for more than three-quarters of the market for advanced batteries, but Li-ion batteries for EVs are expected to grow strongly in coming years.”
The market for advanced battery manufacturing is highly diverse, with more than a dozen significant manufacturers, none of which holds more than a 13 percent market share, according to the report. The top two suppliers, Samsung SDI and LG Chem, are based in South Korea. Only one of the top manufacturers is headquartered in North America, and one in Europe, the report finds.
Visit Navigant Research at www.navigantresearch.com
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