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Battery Technology Market 2024 | Market Overview, Business Opportunities, Industry Share And Forecast To 2033
Battery Technology Market
As per the report, the battery technology market size has grown rapidly in recent years. It will grow from $111.78 billion in 2023 to $124.4 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The battery technology market size is expected to see rapid growth in the next few years. It will grow to $188.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
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Surge In Electric And Hybrid Vehicle Adoption Propels Battery Technology Market Growth
The growing use of electric and hybrid electric vehicles is expected to drive the battery technology market going forward. The electric and hybrid electric vehicles are vehicles powered by fully-electric or partial electric motors. The increased use of electric and hybrid electric vehicles will require a huge number of batteries to be employed to power the vehicles, resulting in cost savings for users. For instance, according to a report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization offering recommendations, analysis, and data on global energy, the global electric car sales closely doubled to 6.6 million in 2021, taking the total number of electric cars on the road to 16.5 million. The sales of share of electric cars grew by 4% points in 2021. The initiative of Net Zero Emissions by 2050 will drive an electric car fleet of over 300 million by 2030, representing 60% of new car sales. Therefore, the growing use of electric and hybrid electric vehicles will drive the battery technology market going forward.
Advanced Battery Technologies Revolutionize The Battery Technology Market
Advanced battery technology is a key trend gaining popularity in the battery technology market. Major companies in the battery technology market are advancing their battery technologies that are non-flammable and minimize the environmental impact to gain a competitive edge in the market. For instance, in April 2022, Offgrid Energy Labs, an India-based innovator of battery technology introduced ZincGel Battery Technology, an innovative and excellent replacement for the pricey imported batteries that are currently offered in India. The incorporation of zinc-based non-toxic materials in the battery will balance the performance and cost of batteries. The ground-breaking technology includes potential concepts and designs to address the majority of the problems with Li-Ion batteries, particularly in the field of battery switching.
The battery technology market covered in this report is segmented -
1) By Battery Type: Lead Acid, Lithium-Ion, Nickel Cadium, Nickel Metal Hydride
2) By Power Systems: Fuel Cell Batteries, Proton Exchange Membrane Fuel Cells, Alkaline Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Air Cells
3) By Control Technologies: Battery Chargers, Battery Conditioners, Smart Battery System
4) By Application: Automotive Industry, Consumer Electronics, Residential And Commercial Industry, Power Industry, Defense And Aviation, Other Applications
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Major companies operating in the battery technology market report are Panasonic Corp., Samsung SDI Co. Ltd., Contemporary Amper*ex Technology, BYD Auto Co. Ltd., Clarios, Hitachi Maxell Corp., Exide Corp., American Battery Charging Inc., Honda Inc., China Bak Battery Inc., Sony Corp., Fujitsu Ltd., General Electric Co., Google LLC, Honeywell International Inc., Eveready industries India Ltd., LG Chem Ltd., A123 Systems Inc., Automotive Energy Supply Corporation, Aviation Industry Corporation of China, Tesla Motors Inc., Albemarle Corp., Caterpillar Inc., Sumitomo Metal Mining Co. Ltd., Qorvo Inc., Humatics Corporation, Apple Inc., Zebra Technologies Corporation, Pulse LINK Inc., Fractus SA, EVE Energy, American Battery Technology Company, SK Innovation Co. Ltd., CALB Technology, Toshiba Corporation, Duracell Inc., Energizer Holdings Inc., Saft Groupe S.A.
Contents of the report:
1. Executive Summary
2. Battery Technology Market Report Structure
3. Battery Technology Market Trends And Strategies
4. Battery Technology Market - Macro Economic Scenario
5. Battery Technology Market Size And Growth
…..
27. Battery Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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