Global Rechargeable Battery Market to Reach US$ US$ 165.5 Billion by 2028, Stimulated by Growing Sales of Electric Vehicles

According to the latest report by IMARC Group, titled “Rechargeable Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global rechargeable battery market size reached US$ 109.5 Billion in 2022. A rechargeable battery is an electrical energy storage device specifically engineered to be recharged and reused, thereby providing a sustainable alternative to disposable batteries. It is comprised of one or more electrochemical cells. It is designed to undergo multiple charge-discharge cycles, making them a cost-effective and environmentally friendly choice. Common types include Lithium-ion (Li-ion), Nickel-Cadmium (NiCd), Nickel-Metal Hydride (NiMH), and Lead-Acid batteries, each offering unique advantages in terms of energy density, cycle life, and voltage stability. These batteries are crucial for powering a myriad of applications ranging from consumer electronics such as smartphones and laptops, to larger-scale uses, such as electric vehicles and renewable energy systems. The advantages of rechargeable batteries include long-term cost savings, reduced environmental impact, and the ability to deliver high performance in a compact form factor.

Global Rechargeable Battery Market Trends:

The global rechargeable battery market is majorly driven by the escalating demand for electric vehicles (EVs). Along with this, the rising use of portable electronic devices, such as smartphones and wearables is providing a boost to the market. Additionally, the growing focus on renewable energy systems, where rechargeable batteries act as indispensable energy storage solutions, is accelerating market growth. In addition to this, the development of numerous governmental policies that aimed at reducing carbon emissions and reliance on fossil fuels are further endorsing the use of rechargeable batteries. Apart from this, continual technological advancements in battery chemistry are also contributing to higher energy densities and lower production costs, thereby widening market acceptance. Furthermore, the emerging trend of developing sustainable, eco-friendly batteries with minimal environmental impact is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and industrialization, changing consumer preferences, and inflating disposable income levels. Looking forward, the market value is projected to reach US$ 165.5 Billion by 2028, expanding at a CAGR of 6.93% during 2023-2028.

Market Summary:

• Based on the battery type, the market has been segmented into lead-acid batteries, Li-ion batteries, NiMH batteries, NiCd batteries, and others. Currently, Li-ion batteries represent the largest segment.
• On the basis of the capacity, the market is divided into 150-1000 mAh, 1300-2700 mAh, 3000-4000 mAh, 4000-6000 mAh, 6000-10000 mAh, and more than 10000 mAh. At present, 6000-10000 mAh accounts for the largest market share.
• Based on the application, the market has been segmented into consumer electronics, industrial applications, automobile applications, defence, and others. Presently, automobile applications account for the largest market share.
• Region-wise, the market has been segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Currently, Asia Pacific accounts for the largest market share.
• The competitive landscape of the market has also been examined, with some of the key players being East Penn Manufacturing, EnerSys, Exide Technologies, Johnson Controls, LG Chem, Saft, SAMSUNG SDI, Panasonic Corporation, Apple Inc., STMicroelectronics N.V., Enfucell Oy, Ultralife Corporation, Cryopak, Blue Spark Technology and NEC Energy Solutions Inc.

Report Coverage:

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