The Battery Market Anticipated to Progress at $310.42 Billion by 2028

As per Triton's market report, the global battery market attained $117.45 billion in 2021. It is further anticipated to register a CAGR of 15.68% by 2028.

A recent study by Triton Market Research titled Global Battery Market includes the Global Analysis and Forecasts by Battery Type (Secondary, Primary), Technology (Nickel-metal Hydride (NiMH) Battery, Sodium-sulfur (NAS) Battery, Lithium-ion Battery, Zinc-manganese Dioxide Battery, Lead-acid Battery, Nickel-cadmium (NiCd) Battery, Nickel-zinc (NiZn) Battery, Small Sealed Lead-acid Battery, Flow Battery, Other Technologies), End-use (Power Tools Batteries, SLI Batteries, Automotive Batteries, Portable Batteries, Industrial Batteries, Other End-uses), and Geography (North America, Asia-Pacific, Latin America, Middle East and Africa, Europe).

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A variety of batteries are utilized in many different applications, including computers, electric cars, and telephony. Power tool batteries, industrial batteries, SLI batteries, automobile batteries, portable batteries, and other end uses are only a few of their numerous applications.

According to a Triton market report, the global battery market is anticipated to grow at a compound annual growth rate (CAGR) of 15.68% and reach $310.42 billion in sales by 2028.

The global rise in popularity of consumer electronics in recent times is one of the key reasons anticipated to propel the market's expansion. The total revenue in the consumer electronics sector grew from $961.73 billion in 2018 to $1085.8 billion in 2021, according to a report. By 2026, it is anticipated that this will increase to a total of $1135.72 billion, driving up demand for and use of various batteries for consumer electronics.

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Nonetheless, it is anticipated that fluctuations in raw material prices will limit market expansion. The International Monetary Fund reports that between September 2016 and July 2018, the price of cobalt climbed by 150%, while the price of lithium carbonate increased by more than 30% in 2017. This has an effect on battery production in several nations throughout the world, which is anticipated to impede the expansion of the global battery market throughout the course of the forecast period.

The battery market is segmented based on end-use, technology, and battery type. There are two divisions in the battery type segment: primary and secondary. Small sealed lead-acid batteries, nickel-zinc (NiZn) batteries, flow batteries, sodium-sulfur (NAS) batteries, lithium-ion batteries, zinc-manganese dioxide batteries, nickel-cadmium (NiCd) batteries, lead-acid batteries, nickel-metal hydride (NiMH) batteries, and other technologies are the divisions based on technology. Automotive, portable, SLI, power tools, industrial batteries, and other end-uses are included in the end-use section.

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Asia-Pacific is the world's leader in the battery market. The rapidly rising demand for electric vehicles in both developed and emerging countries is the reason for the market's rise. The battery market is bolstered in nations like China by the expanding renewable energy sector, the quick uptake of electric cars, the expansion of the automobile industry, the rise in consumer electronics sales, etc. Moreover, China produced 4.67 million commercial vehicles and roughly 21.41 million passenger automobiles in 2021. The nation was the top producer of passenger cars, with a high manufacturing volume.

The key players impacting the market growth are C&D Technologies Inc, Toshiba Corporation, Trojan Battery Company, Shenzhen BAK Battery Co Ltd, Murata Manufacturing Co Ltd, Saft Groupe SA, Duracell, Eveready Industries, Panasonic Corporation, Exide Technologies, BYD Company Ltd, LG Chem Ltd, EnerSys, Samsung SDI Co Ltd, East Penn Manufacturing Co, NEC Corporation, Johnsons Controls Inc, GS YUASA International Ltd, A123 Systems LLC, and Crown Battery Manufacturing Company.

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Question & Answer: Battery Market

Question 1: What factors drive the battery market?
Answer: In recent years, the increasing popularity of consumer electronics worldwide is one of the major factors expected to promote the market's growth. According to a report, total consumer electronics market revenue increased from $961.73 billion in 2018 to $1085.8 billion in 2021. This is expected to rise and reach a total of $1135.72 billion by 2026, increasing the demand and adoption of different batteries for consumer electronic devices.

Question 2: Which factors hamper the growth of the battery market?
Answer: Volatility in the prices of raw materials is expected to restrict market growth. According to the International Monetary Fund, the price of lithium carbonate increased by over 30% in 2017 and cobalt's price increased by 150% between September 2016 and July 2018. This impacted battery production in different countries across the globe, which in turn is likely to hinder the growth of the global battery market during the forecast period.

Question 3: Which region dominates the battery market?
Answer: The Asia-Pacific leads the battery market globally. The market's growth is attained due to the rapidly increasing demand for battery vehicles in developed and developing nations. In countries such as China, the battery market is supported by the growing renewable sector, rapid adoption of electric vehicles, growth in the automotive industry, increased sales of consumer electronics, etc. Further, about 21.41 million passenger cars and 4.67 million commercial vehicles were produced in China in 2021. With a high production volume, the country ranked first as the largest passenger car producer.

Question 4: Who are the key players in the battery market?
Answer: The key players impacting the market growth are C&D Technologies Inc, Toshiba Corporation, Trojan Battery Company, Shenzhen BAK Battery Co Ltd, Murata Manufacturing Co Ltd, Saft Groupe SA, Duracell, Eveready Industries, Panasonic Corporation, Exide Technologies, BYD Company Ltd, LG Chem Ltd, EnerSys, Samsung SDI Co Ltd, East Penn Manufacturing Co, NEC Corporation, Johnsons Controls Inc, GS YUASA International Ltd, A123 Systems LLC, and Crown Battery Manufacturing Company.

Related Report:

Global Electric Vehicle Battery Market - https://www.tritonmarketresearch.com/reports/electric-vehicle-battery-market

The global electric vehicle battery market is expected to witness a CAGR of 17.66% during the forecasting years 2021 to 2028.

The study market is being propelled by the expansion of the electric car industry, government incentives and promotion, battery technology advancements, and public charging infrastructure expansion.

New market opportunities are also created by the development of shared e-mobility and technological advancements in vehicle-to-grid technology. Due to rising car ownership prices and strict government regulations on vehicle emissions, electric vehicle companies are witnessing significant global growth.

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