The global dual carbon battery market size is set to grow at a steady CAGR of 5.50% during 2018 to 2023, asserts Market Research Future (MRFR) in its latest report. Dual carbon battery is relatively cheaper to manufacture and are environment friendly. These batteries are used improve the range and charging times of electric vehicles. This battery technology is newer to the market but has the potential of becoming prominent in the coming years due to its qualitative features.
Dual carbon batteries for their superior performance have gained significant traction. These batteries are likely to replace lithium ion batteries in the forthcoming years. Electric vehicles remain a prime contender for dual carbon usage. Automotive sector is expected to remain a major revenue pocket. Sales of EVs have continued to in recent years and the trend is likely to continue throughout the forecast period.
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There are several advantages of dual carbon batteries as compared to other battery technologies available, which is driving their popularity in the end-use vertical such as EVs and electronics. Dual carbon batteries do not require cooling, they are energy-efficient and advanced. These attributes of dual carbon batteries are attracting the automotive sector. Automobile manufacturers are striving to make vehicles energy efficient and sustainable where dual carbon batteries can play an important role.
Technological advanced in electronics and rising popularity of EVs are among the key growth enablers for the dual carbon battery market. The electronics sector has witnessed a tremendous boom in the region such as APAC and MEA. APAC led by China has achieved a remarkable feat in electronics manufacturing. Countries such as China, Taiwan and Singapore make a considerable contribution to the overall electronic products manufactured globally. As per the data released by the Ministry of Trade and Industry of Singapore, the electronics manufacturing industry in the country is likely to create close 2,100 new jobs by 2020. Such factors indicate towards a pacey growth of the electronic manufacturing sector in the region.
The growing consumer electronics industry is expected to play an important role in propelling the global dual carbon battery market during the review period. Additionally, portability has become a must-have feature in modern devices, which make batteries a critical component. Demand for long-lasting batteries with fast recharging is on the rise, which is making a positive influence on the global dual carbon battery.
Segmental Overview
MRFR’s report offer a detailed segmental analysis of the global dual carbon battery market based on application, types and region.
By application, the market has been segmented into portable power, electronics, transportation and others.
By Type, the market has been segmented into rechargeable battery and disposable battery. The former is expected to spearhead the later during the forecast period. This is primarily owing to the higher preference for rechargeable batteries. Rechargeable batteries are more feasible as compared to disposable batteries. Moreover, use of rechargeable battery is promoted owing to the rising concerns over electronic waste.
APAC Dual Carbon Battery Market to Register the Highest CAGR during the Forecast Period
The regions covered in the report include Europe, Asia Pacific (APAC), North America, Africa, the Middle East and South America. Of these, the APAC dual carbon battery market is expected to exhibit the fastest CAGR during the forecast period. APAC is one of the key contributors to the global carbon battery market in terms of revenue. In 2017, APAC accounted for the largest market share. Fast convergence of entertainment, communication and information has brewed a new era of consumer electronics in APAC. This is an important factor that drives the market growth in APAC. In addition, growth of manufacturing sector in the region has created new avenues.
Competitive Analysis
Some of the notable companies operating in the global dual carbon battery market including Loxus, Lishen Tianjin, Amperex Technologies, LG Chem, Johnson Controls, JSR Corp, Panasonic, Samsung SDI, Hitachi Chemical and BYD.
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