Battery Market is Forecasted to Reach US$ 8.9 Billion in 2028, Says Stratview Research

The global Battery market is projected to witness a growth rate of 2.7% annually from 2023 to 2028, with an anticipated size of US$ 8.9 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Battery market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3019/battery-market.html#form

Report Highlights:
Market Size in 2028: US$ 8.9 billion
Growth (CAGR): 2.7% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+

Segment Insights on the Battery Market:
The global Battery market is segmented based on battery type, industry type, and region.
Based on battery type - The battery market is segmented into lead-acid, lithium-ion, and nickel-cadmium batteries. Lead-acid is expected to remain the fastest-growing battery type in the market as it held a revenue share of more than 60% in 2022. Despite taking a huge plunge in double digits during the pandemic, lead acid is expected to remain the fastest-growing battery type in the market, owing to a plethora of advantages offered by li-ion technology such as high energy density, low self-discharge, and low to minimal maintenance. In addition to that, increased bandwidth requirements and the growing wireless market are expected to give additional impetus to the market growth during the forecast period.

Based on the end-use industry type - The market is segmented into marine, railway, defense, aviation, and telecom. Telecom is expected to remain the key demand generator in the market, and it held a revenue share of more than 50% in 2022. Telecom batteries are primarily used in backup power applications. With the growing use of cloud computing and data streaming, high-performance reliable backup power is essential now more than ever.
Aviation is expected to be the fastest-growing market segment, owing to an expected rebound in aircraft deliveries and a push towards electric aircraft development.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3019/battery-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

• In terms of regions, Asia-Pacific is expected to remain the largest and fastest battery market. This region has a presence of robust and booming telecom industry and has also witnessed rapid growth in digitalization in a short period, promoting fast adoption of next-generation networks like 5G and IoT. Also, the presence of most of the lithium-ion battery manufacturing in China will further drive industry growth.
• North America is likely to create sizeable opportunities in the coming five years, driven by the thriving aviation industry and the presence of key players such as EnerSys, East Penn Manufacturing Co., and C&D Technologies Inc.

Battery Market Drivers:

Some of the key drivers listed in the report are given below.
• Surging EV Adoption: The rapid growth of electric vehicles (EVs) is significantly increasing the demand for high-performance batteries.
• Renewable Energy Integration: Expanding solar and wind energy projects require efficient battery storage solutions for grid stability.
• Technological Advancements: Innovations in lithium-ion, solid-state, and next-gen battery chemistries are enhancing performance and lifespan.
• Government Policies & Incentives: Supportive regulations and subsidies for clean energy and EV adoption are fueling market expansion.
• Growing Consumer Electronics Demand: Rising smartphone, laptop, and wearable device usage is driving demand for compact and efficient batteries.

Top Companies in the Battery Market:
Stratview Research has identified the following companies as the top market players.
• Amara Raja Batteries Ltd.
• C&D Technologies, Inc.
• East Penn Manufacturing Co.
• EnerSys
• Exide Technologies, LLC
• GS Yuasa Corporation
• Leoch International Technology Ltd.
• Saft
• Toshiba Corporation
• Zhejiang Narada Power Source Co., Ltd.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Battery Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:

Lithium-Ion Battery Market - https://www.stratviewresearch.com/1154/lithium-ion-battery-market.html

Battery Separators Market - https://www.stratviewresearch.com/1891/battery-separators-market.html

Lithium-ion Battery Separator Market - https://www.stratviewresearch.com/3728/lithium-ion-battery-separator-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.