In this research report, we analyze about battery market in Bangladesh and the global market.

The world is undergoing a transformation in the way that it utilizes energy. Concerns for climate change have pushed many corporations to become more conscious of their carbon footprint as governments incentivize green technologies in businesses. The issue has brought global leaders together, and committed to tackling climate change formally through the Paris Agreement to deal with greenhouse gas emissions mitigation, adaption, and finance. As a result, it has catalyzed developments in the energy sector, particularly with the view to sourcing, producing, and using energy in a more efficient and sustainable manner. In particular, it has led to developments in the battery industry as companies chase goals of achieving greater performance through technology. The question is, how fast is this change occurring?

Overview

Following Grand View Research, the global automotive battery market size is estimated to reach $95.57 bn by 2025 with a forecasted CAGR of 7.9%. The rising number of hybrid and electric vehicles is currently transforming the automotive battery industry landscape. Lead acid batteries are traditionally used for most automotive applications as they are cheaper and have low technology requirements compared to lithium-ion batteries. However, lithium-ion batteries are becoming more popular due to them being lighter, more efficient, having a longer battery life, safer, and more eco-friendly than lead-acid batteries.

At the moment, there are 5 different market segments of automotive batteries categorized by chemical composition. For instance, lithium-ion (Li-ion), nickel-metal hydride (Ni-MH), nickel-cadmium (Ni-Cd), gasoline, and lead-acid. The energy density in Wh/kg is greatest in gasoline batteries, Li-ion, then Ni-MH, and least in lead-acid.

Steady moderate growth for automotive batteries is expected in North America, which is the largest automotive battery market, and high growth in the Asia Pacific. The emergence of China as a central hub has driven increasing demands for other countries in the region.

Lithium-Ion Battery

The lithium-ion battery market is forecasted to reach $93.1 bn by 2025 growing at a CAGR of 17.0%, owing growth to increasing usage in electric vehicles, portable consumer electronics, and grid systems. The battery’s high-energy density and safety level are key parameters driving demand. Lithium-ion batteries are normally used where lightweight and high-energy density is required i.e. in smartphones, notebooks, and hybrid automobiles. Innovations in the industry, however, are also expected to reduce the weight, and cost, and increase power outputs, further enhancing this segment’s capability against other alternatives, and expanding its scope for usage in other applications.

Automotive battery market in Bangladesh

In 2017, the automotive battery market size in Bangladesh was an estimated $954 mn. Almost tripling in size in 2013 from $358 mn, driven by the rising popularity of easy bikes and battery-run rickshaws. According to industry insiders, this market is growing at an average of 20-25% YOY since 2013. Chinese-made locally assembled and manufactured batteries alone account for 50% of the demand, and 70% of the batteries power easy bikes and battery rickshaws. At the moment, exports worth $40-50 mn are going to 60 countries, (Bangladesh Accumulator and Battery Manufacturers’ Association) encouraged by 15% cash incentives.

In conclusion, the market is forecasted to double in the next 5 years. Although there is a rising demand for hybrid cars and fully electric vehicles. Which are more efficient and environmentally friendly, E-vehicles will take time to become popular in Bangladesh and drive demand for Li-ion batteries.

For more details, please Contact Us.
or, WhatsApp Us: +880 1713222363