Low Voltage Batteries Market Growth Primarily Expected via Demand from Power Tools and Drones Usages
According to research estimates, Low Voltage Batteries Market is predicted to witness healthy growth in the next decade i.e. 2021-2031. By quantitative projections, Low Voltage Batteries Market is anticipated to witness growth of 5% to 6% in forecast period. Ongoing growth in the battery market and tremendous value creation from them expected to push the global low voltage battery market substantially. Next generation technologies anticipated to exhibit promising outcomes from the market to end users as well as manufacturers.
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Decline In Prices of Lithium Ion Low Voltage Batteries Boosting the Potential of Market
The prices of lithium ion batteries are declining drastically in recent years, this expected to form abundant opportunities for manufacturers. Increased use in electric vehicles, power grids are some of the reasons for reduction in the prices of this batteries. Also, there is rising innovation in Li-ion space focusing on following areas- solid-state electrolytes, advanced cathodes and silica anodes. Thus, this expected to create considerable growth in low voltage battery market.
General Motors Company (US) told that, the cost of a cell is estimated to drop to USD 100 per kWh by 2021. Such a reduction in price of this batteries may lift the adoption of this batteries in numerous new applications. The recent substantial manufacturing scale-up has considerably reduced production costs. To further decrease costs, the effort needs to move for refining the performance of batteries to create them low-priced on a cost/kWh basis. This could not come from augmentation development, but needs a step-change in low voltage battery market.
North America Low Voltage Batteries Market Outlook
Inclined trend of customers from this region towards the use of batteries in DIY power tools and electronic devices expected to push the potential of the market. Key development activities carried out by the regional leading manufacturers of the low voltage batteries towards the development in the sales may upsurge the volume as well as value share of this region.
Use of low voltage batteries in niche applications from the different product producers may have a positive impact on low voltage battery market. While there are many established players in North America region but there are many opportunities or longer road for the new entrants ahead than current players. Improved sales and distribution network from the manufacturers might enhance the consumption of batteries.
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East Asia Low Voltage Batteries Market Outlook
East Asia is expected to remain one of the utmost region in the low voltage batteries market, owing to the use of this batteries in different electronic devices, automobiles and other applications. East Asia is expected to grow at high growth rate during the forecast period of the low voltage battery market. New technological advancement carried out by the regional manufacturers in the East Asia anticipated to propel the sales of the low voltage batteries. East Asia region is the source for many raw material used in the battery. Being the largest exporter of electronic devices globally up and down in the raw material prices in this region could hamper the growth of low voltage battery market.
Who are the Key Manufacturers and Suppliers of Low Voltage Batteries?
Some of the leading manufacturers and supplier of Low Voltage Batteries includes
- C&D TECHNOLOGIES INC.
- GS Yuasa International Ltd.
- Exide Technologies
- East Penn Manufacturing Company
- Foxess Co. Ltd.
- The Furukawa Battery Co. Ltd.
- Others.
Many leading manufacturers and supplier have longstanding contracts with end-users to supply low voltage batteries. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as UK, USA, and China to cater increasing demand in the region.
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