Batteries and fuel cells market is in the state of transition due to increasing global initiatives for cleanertransportation. Automotive batteries are rechargeable batteries, which produce electrical energy majorly used for automotive SLI (starting, lighting and ignition) system. Batteries are also used to power automotive accessories such as radio, music players, air conditioners, wipers and charging plugs.
Automotive battery market is majorly classified on the basis of applications and chemical composition. On the basis of chemical composition, the market is categorized into five segments namely lithium ion (Li-ion), nickel-cadmium (Ni-Cd), gasoline, nickel-metal hydride (Ni-MH) and lead acid. However, on the basis of applications, the batteries can be segmented into two/three wheeler, car and light van, heavy motor vehicle and electric or hybrid vehicle batteries. Increased demand for vehicle and subsequently grown vehicle production, increase in per capita income and technological developments are some of the major growth drivers for automotive battery market.
On the other hand, fuel cell is a device which produces electricity via a chemical reaction. Fuel cells are different from batteries in terms of requiring a continuous source of fuel and oxygen to sustain the chemical reaction. The advantages offered by fuel cells are low maintenance and operating cost. Fuel cells can be of different types such as Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Proton Exchange Membrane (PEM) and others. PEM segment currently dominates the market. Various fuels used by fuel cells are hydrogen, natural gas, biogas, hydrocarbons and methanol. Hydrogen fuel is becoming more popular due to its zero emission advantage.
Growing environmental concerns, depleting fossil fuel reserves and surging research and developments in the fuel cell market are some of the major market drivers. However, initial high cost and investment and lack of durability & reliability are expected to deter market growth.
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