Battery Cyclers System Market 2022 Leading Competitors, Regional Trends and Growth 2028

The "Battery Cyclers Market" size is expected to grow from US$ 208.14 million in 2022 to US$ 298.20 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2022 to 2028.

The popularity of electric vehicles (EVs) has significantly grown in recent years with the continuous maturation of the technology. Furthermore, increasing concerns about car emissions across the globe coupled with the rise in depletion rate of nonrenewable energy resources have prompted government bodies across both developed and developing countries to invest in the expansion of electric vehicle manufacturing. European countries are among the early adopters of electric mobility.

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Companies Profiled in this report includes:

• BioLogic Sciences Instruments
• Unico, LLC
• Bitrode Corporation
• Chroma Systems Solutions, Inc
• HIOKI E.E. CORPORATION
• Arbin Instruments
• DIGATRON
• PEC
• Xiamen Tmax Battery Equipments Limited
• Gamry Instruments

According to the European Environment Agency, in 2020, electric vehicles accounted for 11% [6% battery electric vehicles (BEVs) and 5% plug-in hybrid electric vehicles (PHEVs)] of the newly registered passenger cars. The global production and sales of electric vehicles are increasing rapidly owing to favorable legislative measures such as subsidies and tax breaks for both manufacturers and consumers in different countries across regions such as North America, Europe, and Asia Pacific. These factors are thereby driving the manufacturers to increase their electric vehicle production, thus boosting the growth of the global battery cyclers market growth.

Many countries, including Canada, have set objectives for reducing vehicle emission levels. They have begun promoting the production and marketing of electric vehicles and related charging infrastructure. Norway and Germany are heavily investing in electric vehicle sales promotion. The UAE, China, India, Saudi Arabia, Chile, Brazil, and Russia are making contractual alliances to ramp up electric car production within their territories. Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands, and Norway also experienced a surge in electric car registration amid the COVID-19 pandemic. According to IEA, about 3 million new electric cars were registered in 2020 across the globe. Europe led the electric car registrations with 1.4 million new electric car registrations, while China and the US followed with 1.2 million and 295,000 registrations, respectively. Such a surge in the production and use of electric vehicles is bolstering the growth of the battery cyclers market.

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Battery Cyclers Market Segmentation:

Battery Type:
• Lead Acid
• Nickel Cadmium (NiCd) Batteries
• Nickel -Metal Hydride (NiMh) Batteries
• Lithium-Ion (Li-Ion) Batteries

End User:
• Aerospace
• Energy & Power
• Automotive
• Consumer Electronics

Canada accounted for the second-largest North American battery cyclers market share in 2021. The country houses many manufacturing plants within its boundaries. The continuously growing number of manufacturing facilities over the years in the country will showcase the rise in battery-powered devices, which will further fuel the growth of the battery cyclers market. Additionally, the country also witnesses imprints of companies offering battery cyclers. Similarly, in August 2023, Volkswagen and Mercedes-Benz, US and German-based legacy automakers, sealed agreements with the Canadian government to acquire raw materials for EV battery manufacturing at their US-based facilities. However, the production of electric vehicles, buses, and trucks is in its initial stages in Canada as the country is an exporter of raw materials. Further, Canada is a part of a few of the world's largest and most significant automotive markets because of NAFTA and the free trade agreement of the country with the EU, which will directly impact the production of batteries, thereby stimulating the growth of the battery cyclers market.

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The overall battery cyclers market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the battery cyclers market. The process also serves the purpose of obtaining an overview and market forecast of the battery cyclers market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the battery cyclers market.

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