Battery Technology Market is Dominated by Lithium-Ion Batteries

As per a report by P&S Intelligence, the battery technology market generated a value of USD 101.44 billion in 2022, and it will reach USD 176.92 billion, growing at a 7.2% compound annual growth rate, by 2030.

The growth in the industry is ascribed to the growing requirement for automotive applications and the increasing necessity for customer electronics, for instance, smartphones, tablets, wearable technology, and LCDs.

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Furthermore, the industry will expand significantly in the years to come, due to the advancements in technology such as cost-effectiveness, innovation of products, and improved efficiency. In addition, manufacturers are doing research and development to produce safer and more durable batteries as data centers have a highly sophisticated battery requirement.

In 2022, lithium-ion batteries accounted for the largest battery technology market share. This is because of the mounting requirement for these batteries in plug-in hybrid e-vehicles and battery e-vehicles all over the world.

Moreover, the lead-acid category will observe the highest growth rate in the years to come. This is credited to their lesser price and higher safety level as compared to lithium-ion batteries.

In 2022, the automotive category generated the largest share of the industry. This is ascribed to the increased research and development expenses, the growth in the advancement of sustainable travel options, and the high acceptance of battery technologies, in the automotive industry.

In 2022, APAC leads the battery technologies industry, with over 41% share. This is because of the existence of top electric car manufacturers in China, South Korea, and Japan.

Moreover, China is the top manufacturer of electric automobiles in the world. This is due to the high requirement for e-vehicles in the nation, owing to the increasing government initiatives to encourage the adoption of e-vehicles.

North America will witness tremendous growth in the battery technology industry, in the years to come. This is because of the decreasing prices of Li-ion batteries, the development in the industry of renewable energy, increasing sales of consumer electronics, and the rapid acceptance of e-vehicles.

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The European battery technology industry will observe high opportunities for growth in the years to come. This is credited to the adoption of automated technology in various industries, for instance, healthcare, automotive, and food & beverage, resulting in the growth of the regional industry.

Moreover, the European battery technology industry will also advance because of the strict government regulations for environmental protection, the growing customer consciousness of sustainable and green products, and the increasing requirement for electric vehicles.

It is because of the increasing requirement for e-vehicles and mounting demand for consumer electronics, the global battery technology industry will continue to grow in the years to come.

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