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The global battery market was valued at US$ 105.56 Billion in 2021.
We expect the global battery market to exhibit a CAGR of 9.20% during 2022-2027.
The introduction of environmentally friendly batteries to promote clean fuel-based automobile technologies is primarily driving the global battery market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for batteries.
Based on the product, the global battery market has been segmented into lithium-ion, lead acid, nickel metal hydride, nickel cadmium, and others. Among these, lithium-ion represents the largest market share.
Based on the application, the global battery market can be bifurcated into automotive batteries, industrial batteries, and portable batteries. Currently, automotive batteries account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global battery market include A123 Systems LLC (Wanxiang Group Corporation), BYD Motors Inc., Contemporary Amperex Technology Co. Ltd., Envision AESC Group Ltd. (Envision Group), GS Yuasa Corporation, Johnsons Controls Inc., Panasonic Corporation, Robert Bosch
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