Battery Technology Market Will Reach USD 176.92 Billion By 2030

In 2022, the battery technology market was worth around USD 101.44 billion, and it is projected to advance at a 7.2% CAGR from 2022 to 2030, hitting USD 176.92 billion by 2030, according to P&S Intelligence.

This growth can be credited to the growing demand for automotive applications and the increasing requirement for consumer electronics, including tablets, smartphones, LCDs, and wearable technology such as fitness bands.

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Because of the continuously increasing requirement for remote controls, watches, electronic keys, and toys, throughout the globe, the need for battery technologies is estimated to have high development. Primary batteries are utilized in such products. Also, it is projected that the increasing requirement for solid-state and secondary batteries in the aviation and automotive sector would contribute to the development of the industry.

On the basis of battery type, the industry is divided into nickel-metal batteries, lead-acid batteries, nickel-cadmium batteries and lithium-ion batteries, and others. In which, 2022, lithium-ion batteries had the largest market revenue share. This is because of the increasing demand for such batteries in battery EVs and plug-in hybrid EVs throughout the globe.

In the coming few years, it is estimated that the increasing acceptance of EVs among customers would quicken the utilization of lithium-ion batteries, as they are an eco-friendlier substitute to orthodox fuels.

On the basis of application, the industry is divided into medical, automotive, commercial and residential, power and utility, consumer electronics, and others. In which, 2022, the automotive category had the largest market revenue share. This can be credited to the high acceptance of battery machinery, the augmented research and development spending, and the growth in the development of supportable travel options, in the automotive industry.

Furthermore, governments' amplified focus on encouraging the utilization of commercial electric cars is estimated to boost the growth of the market.

In 2022, the APAC region, dominated the industry for battery technologies throughout the globe, with a share, of above 41%. This is because of the existence of top electric car makers in nations like China, South Korea, and Japan.

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China is known as the world's topmost manufacturer of EVs. This is due to the demand for electric vehicles being more compared to other nations, as a result of increasing government steps in order to encourage the utilization of EVs.

In addition, Asian countries like South Korea, China, Japan, and India are the biggest manufacturers of consumer electronics. APAC has several top manufacturers of consumer electronics.

Hence, the growing demand for automotive applications and the increasing requirement for consumer electronics, including tablets, smartphones, LCDs, and wearable technology such as fitness bands, are the major factors contributing to the growth of the market.

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This release was published on openPR.