Global battery market is expected to grow from USD 14.08 billion in 2016 to USD 17.25
billion by 2021, at a CAGR of 4.15% from 2016 to 2021. A battery consists of one or
multiple cells which facilitates the conversion of chemical energy into electricity.
Batteries are used to supply primary power or act as back-up power supply in transport,
industrial, or commercial applications. With the demand in the global transportation
market increasing, the market for batteries is also projected to grow. Rising number of
electrical circuits and devices in the transportation industry is one of the major factors
driving this growth. The base year considered for the study is 2015, and the forecast has
been provided for the period between 2016 and 2021.