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Battery Technology Global Market will Exceed $188.01 Billion By 2028 with a Projected CAGR of 10.9% | Panasonic Corp., Samsung SDI Co. Ltd., BYD Auto Co. Ltd., Clarios
Battery Technology Global Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to consumer electronics boom, growth in renewable energy storage, smart grid and energy management, consumer demand for longer battery life, global push for energy efficiency.
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%. The growth in the forecast period can be attributed to electric vehicle market expansion, growth in energy storage systems, demand for high-performance wearables, integration in electric aircraft, advanced battery management systems, remote and off-grid applications, transition to sustainable transportation. Major trends in the forecast period include fast-charging technologies, cobalt-free batteries, second-life batteries, solid-state batteries, advancements in anode technologies, collaborations and partnerships, recycling and circular economy.
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Market Drivers and Trends:
The increasing demand in consumer electronics is expected to propel the growth of battery technology market going forward. Consumer Electronics are electronic devices designed for everyday use by individuals and households used for entertainment and communication. Consumer electronics uses battery technology for longer battery life in smartphones, tablets, Laptops, digital cameras and gaming devices and provides the necessary energy for portability and usability of these devices. For instance, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, in 2022, LG earned its highest annual revenue ever, an increase of 12.9% from 2021. The revenue for the LG Home Appliance & Air Solution Company in 2022 was $22.5 billion, an increase of 10.3% from 2021. Therefore, the Increasing demand for consumer electronics is driving the growth of the battery technology market going forward.
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.
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Major Key Players of the Market:
Panasonic Corp., Samsung SDI Co. Ltd., Contemporary Ampere*x 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.
Battery Technology Market 2024 Key Insights:
• 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%.
• Surge In Electric And Hybrid Vehicle Adoption Propels Battery Technology Market Growth
• Advanced Battery Technologies Revolutionize The Battery Technology Market
• Asia-Pacific was the largest region in the battery rechnology market share in 2023
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