The latest report by IMARC Group, titled “Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global battery market size reached US$ 105.56 Billion in 2021. A battery is a power supply unit that consists of one or more cells to convert chemical energy into electrical energy. It acts as a primary or backup power supply device in transport, industrial, and commercial applications. A battery consists of various components, such as a cathode, an anode and an electrolyte, operated on an electromotive force principle. It functions as an energy storage technology that is used in events of blackouts, power shortages, or heavy electricity demand. A battery is also durable, cost-effective, safe, stable, lightweight, reliable, and portable, and is available in various shapes and sizes. Some common types of batteries include lead-acid, lithium-ion, nickel-metal hydride (NiMH), and nickel-cadmium (NiCD).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Battery Market Trends:
The market is primarily driven by the expanding automotive industry. The growing environmental consciousness has resulted in the adoption of rechargeable electric vehicles like hybrid electric vehicles (HEVs) and electric vehicles (EVs) that make use of batteries. In addition, these batteries find applications in the machinery and maritime equipment, industrial automation system, maritime machinery, defense and aviation, electronic, oil and gas, and civil infrastructure industries, thus fueling the market growth. In recent years, the rising need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories are also propelling the demand for batteries. Besides this, the increasing popularity of consumer electronics, such as LCDs, smartphones, tablets, and wearable devices like fitness bands, are facilitating the market growth. Moreover, technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are also creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 182.96 Billion by 2027, exhibiting a CAGR of 9.20% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into primary and secondary batteries.
- On the basis of the product, the market has been classified into lithium-ion, lead acid, nickel metal hydride, nickel cadmium, and others.
- The market has been categorized based on the application into automotive, industrial, and portable batteries.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being A123 Systems LLC (Wanxiang Group Corporation), BYD Motors Inc., Contemporary Amperex Technology Corporation Limited, Envision AESC Group Limited (Envision Group), GS Yuasa Corporation, Johnsons Controls Inc., Panasonic Corporation, Robert Bosch GmbH (Robert Bosch Stiftung GmbH), Saft (TotalEnergies SE), Samsung SDI Corporation Limited, Tesla Inc. and Toshiba Corporation.
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