Dual carbon battery remains entrenched in the high-volume automotive industry, where reliability, cost-effectiveness, and the existence of a well-established supply chain are crucial. The automotive industry is consuming high numbers of dual carbon batteries as energy-saving solutions. These factors presage that dual carbon batteries are projected to garner vast prominence in the years to come.
According to Market Research Future (MRFR), the global dual carbon battery market is expected to perceive significant gains by 2027, growing at a substantial CAGR during the forecast period (2020-2027). Due to their cost-effectiveness, dual carbon batteries are extensively used in transportation, electronics, and portable power devices.
The huge uptake of these batteries in the automotive industry is a key force driving market growth. Besides, increasing uses of dual carbon batteries in the rapidly growing consumer electronics sector and electric vehicles industries boost the market size.
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Global Dual Carbon Battery Market – Segment
The market report is segmented into types, applications, and regions. The type segment is sub-segmented into disposable batteries and rechargeable batteries. Of these, the rechargeable segment accounts for the largest market share owing to technological advances. Rapid advances in battery technologies impact the market growth positively.
The application segment is sub-segmented into transportation, electronics, portable power, and others. The region segment is sub-segmented into North America, Europe, APAC, and the rest-of-the-world. On the other hand, carbon-neutral policies in many countries are restricting the usage of dual carbon batteries.
Many countries are aiming to achieve carbon neutrality by 2035, adopting a dual electrification strategy and technology development. At the same time, ambitions to ramp up sales in the luxury electric car market hamper the growth of the market.
Global Dual Carbon Battery Market -Regional Analysis
The Asia Pacific region dominates the global dual carbon battery market. The market growth majorly attributes to the rapidly growing electronics sector and government initiatives that lead to increased numbers of manufacturing devices.
Favorable government regulations that encourage investments from public-private partnerships and foreign direct investments contribute to the regional market growth. China, South Korea, and India are major markets for dual carbon batteries, fostering the growth of the overall regional market.
Dual Carbon Battery Market – Competitive Analysis
The global dual carbon battery market appears to be highly competitive, characterized by the presence of several well-established and small players. Well-established players incorporate collaboration, acquisition, partnership, technology launch, and expansion in order to gain a competitive advantage in this market. Some of the other strategies these market players adopt include greater commercialization of their products, promotion initiatives through trade exhibitions, and increased collaboration.
Players leading the dual carbon battery market include Loxus, JSR Corp, Hitachi Chemical, BYD, Lishen Tianjin, Amperex Technologies, LG Chem, Panasonic, Samsung SDI, and Johnson Controls, among others.
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Industry/ Innovation/ Related News:
April 06, 2021 – The Indian Institutes of Technology (IIT) Hyderabad announced the development of a cost-effective dual carbon battery. The new battery developed by IIT researchers would work as efficiently as the currently used lithium-ion batteries while being environment-friendly and cheaper.
The energy density of the new dual carbon battery is around 100 W-h/kg, which can be pushed to a 150-watt hour per KG with further modifications, similar to currently used lithium-ion batteries.
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