Dual Carbon Battery Industry
The global dual carbon battery market is touted to garner a CAGR of 5.50% over the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Market Boosters and Key Barriers
Norway is striving to ban all fossil fuel cars and prohibit the sale of all petrol and diesel vehicles by 2025. In 2016, a federal council in Germany, The Bundesrat, announced a ban on fossil fuel-powered vehicles by the year 2030. Such factors are working in favor of the Dual Carbon Battery Industry since the sale of electric vehicles gets a major boost.
Mounting per capita income has stimulated the purchasing power of people around the world. The global demand for vehicles has risen significantly as a result of this factor, across the globe. To illustrate, in 2017, the worldwide sale of vehicles increased by 3.07%, which accelerated the demand for dual carbon batteries. The U.S. Department of Energy reveals that the sale of hybrid electric vehicles was 370,685 in 2017. The same year, sale of plug-in electric vehicles rose at a fast pace to touch 195,245 in 2017. The market also benefits from frequent technological innovations along with the cost reduction property of plug-in electric vehicles, which is deemed to stimulate the growth of dual carbon battery market in the coming years.
In recent years, consumer demand for different cars models has surged, accompanied by the rise in charging infrastructure and economic advancements across the globe. These points will play a stellar role in market growth during the given timeframe. Besides, dual carbon battery can be used extensively for portable charging application in consumer electronics. Surge in purchasing power of the people has also has elevated the sale of laptops, cell phones, etc. which is bound to induce market growth in the ensuing years.
Market Segmentation
The global dual carbon battery industry can be divided into the segments of types and application.
With respect to type, the market can be split into disposable battery and rechargeable battery. The rechargeable segment is leading the market, given the technological advancements that are being implemented in such types of batteries. Rechargeable batteries are highly efficient, especially when compared to other lithium-ion batteries.
The end-users enlisted in the report include transportation, electronics, portable power, and others. Dual carbon batteries offer a host of benefits to users, compared to other types of batteries, making them the perfect choice for several end-user segments including electronics and electric vehicles. These benefits include saving power, no need for cooling, and less complexity.
Regional Insight
Asia Pacific (APAC), North America, Europe, South America and Middle East & Africa (MEA) are the prime markets for dual carbon battery, reports MRFR.
In addition to being the fastest-growing market for dual carbon battery, APAC also accounts for the highest share in the global market. Rising disposable income of consumers has resulted in increased spending power in the region. This factor has elevated the demand for automotive to a great extent. Rising preference for luxurious cars among consumers in the region presents a host of lucrative opportunities to the automotive sector. The large pool of esteemed dual carbon battery manufacturers in Asia Pacific also leaves a profound impact on the market. Surge in FDI investment in construction and automotive industries in China and India also leads to invigorating market growth in the region.
Fast convergence of communication, information, and entertainment has ushered in a new era of consumer electronics in Europe and North America. Moreover, boom in the manufacturing sector has given rise to a number of growth avenues. Besides, strong demand for long-lasting batteries with fast recharging in the region augments demand for the dual carbon battery market.
MEA market is on the rise in the global market, thanks to the surge in import of dual carbon battery along with the rising need to lower down the VOC emissions.
Renowned Players
Some of the eminent players in the worldwide dual carbon battery market are Johnson Controls, Hitachi Chemical, Loxus, BYD, Amperex Technologies, Lishen Tianjin, LG Chem, Samsung SDI, Panasonic, and JSR Corp, to name a few.
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