Press release
Powering Progress: Battery Manufacturing Equipment Dominates Market Report 2024
Battery Manufacturing Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $38.68 billion In 2028 At A CAGR Of 26.4%.
The battery manufacturing equipment market size has grown exponentially in recent years. It will grow from $11.74 billion in 2023 to $15.13 billion in 2024 at a compound annual growth rate (CAGR) of 28.9%. The growth in the historic period can be attributed to increasing consumer electronics demand, rise in demand for electric vehicles (evs), growing emphasis on renewable energy storage solutions, advancements in battery management systems (bms), government subsidies and incentives for clean energy..
The battery manufacturing equipment market size is expected to see exponential growth in the next few years. It will grow to $38.68 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to demand surge in energy storage systems (ess), global renewable energy expansion, demand for lightweight and high-energy-density batteries, focus on battery recycling and circular economy.. Major trends in the forecast period include rise in outsourcing of manufacturing equipment, growth in cleanroom manufacturing practices, adoption of advanced coating and drying technologies, focus on safety-centric equipment designs, trend towards vertical integration in production..
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Battery Manufacturing Equipment Market Major Segments
The battery manufacturing equipment market covered in this report is segmented -
1) By Type: Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, Other Types
2) By Process: Electrode Manufacturing, Cell Assembly, Cell Finishing
3) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries
Key Driver - Growing Demand For Electric Vehicles Fuels Expansion In The Battery Manufacturing Equipment Market
The growing demand for electric vehicles is expected to propel the growth of the battery manufacturing equipment market going forward. An electric vehicle refers to a type of vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. Electric vehicles are beneficial to the battery manufacturing equipment market because they can only run on batteries. The expansion of battery manufacturing equipment is contingent upon the increasing demand for electric vehicles. For instance, In September 2022, according to a report issued by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles increased from 2020 to 2021, reaching 6.6 million units (a sales share of almost 9%), increasing the total number of electric vehicles on the road to 16.5 million. In 2021, the sales share of electric vehicles increased by 4 percentage points. Therefore, the growing demand for electric vehicles is driving the growth of the battery manufacturing equipment market.
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Prominent Trend - Product Innovations Driving Growth In The Battery Manufacturing Equipment Market
Product innovations have emerged as the key trend gaining popularity in the battery manufacturing equipment market. Major companies operating in the battery manufacturing equipment market are developing innovative products to strengthen their position in the market. For instance, in June 2022, LiCAP Technologies, a US-based manufacturer of electrodes for energy storage devices, launched new equipment for cost-effective battery manufacturing. The upcoming integration of LiCAP's exclusive Activated Dry Electrode process with the new equipment will play a pivotal role in shaping the design of a 1 GWh demonstration plant, set to be completed in 2023. LiCAP intends to increase the manufacturing of lithium-ion battery (LIB) electrodes and lithium-ion battery cells with new machinery.
Battery Manufacturing Equipment Market Players
Major companies operating in the battery manufacturing equipment market report are Sony Energy Devices Corporation, BYD Co. Ltd., Panasonic Corporation, LG Chem Ltd., Johnson Controls International plc, Toshiba Corporation, Samsung SDI Co. Ltd., Wuxi Lead Intelligent Equipment Co. Ltd., Hitachi Chemical Co. Ltd., GS Yuasa Corporation, The Buhler Holding AG, Daiichi Jitsugyo Co. Ltd., Shenzhen Yinghe Technology Co Ltd., A123 Systems LLC, Duracell Inc., Manz AG, Eveready Industries India Ltd., Eagle Technologies Inc., MECO Incorporated, Wirtz Manufacturing Company Inc., Targray Technology International Inc., Sovema Group S.p.A., MESH Automation Inc., MAC Engineering & Equipment Company Inc., McAllister Mills Inc., Custom Electric Manufacturing Co. Inc., Xiamen Tmax Battery Equipments Limited
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Largest And Fastest Growing Region In The Market
Asia-pacific was the largest region in the battery manufacturing equipment market in 2023. Asia-pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery manufacturing equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Battery Manufacturing Equipment Market Report Structure
3. Battery Manufacturing Equipment Market Trends And Strategies
4. Battery Manufacturing Equipment Market - Macro Economic Scenario
5. Battery Manufacturing Equipment Market Size And Growth
…..
27. Battery Manufacturing Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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