Press release
Battery Manufacturing Equipment Market Expected to Achieve 25.5% CAGR by 2029: Growth Forecast Insights
Battery Manufacturing Equipment Market
How Large Will the Battery Manufacturing Equipment Market Size By 2025?
The scale of the battery manufacturing equipment market has expanded remarkably in recent times. By 2025, it will reach a value of $19.2 billion, having risen from $15.13 billion in 2024, representing a compound annual growth rate (CAGR) of 26.9%. Several factors contributed to this growth during the historical period, including a surge in consumer electronics demand, an escalation in the desire for electric vehicles (EVs), an increased focus on renewable energy storage solutions, advancements within battery management systems (BMS), together with government subsidies and incentives encouraging clean energy.
How Big Is the Battery Manufacturing Equipment Market Size Expected to Grow by 2029?
Over the coming years, the battery manufacturing equipment market is projected to experience substantial growth, reaching a market size of $47.6 billion by 2029. This represents a compound annual growth rate (CAGR) of 25.5%. Several factors will contribute to this growth during the forecast period, such as the increasing demand for energy storage systems, the worldwide expansion of renewable energy, the need for lightweight and high-energy-density batteries, as well as emphasis on battery recycling and the circular economy. Key trends that will define this period include an uptick in the outsourcing of manufacturing equipment, the advancement of cleanroom manufacturing practices, the adoption of innovative coating and drying technologies, a focus on designing safety-centric equipment, and a move towards vertical integration in production.
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Which Key Market Drivers Powering Battery Manufacturing Equipment Market Expansion and Growth?
The surge in the need for electric vehicles is predicted to drive the advancement of the battery manufacturing equipment market. An electric vehicle is a type of transport that utilises an electric motor that harnesses power from a battery, which can be recharged from an external source. Their reliance solely on batteries offers a unique advantage to the battery manufacturing equipment sector. The growth of this sector is directly tied to the rising consumption of electric vehicles. For example, the Department of Infrastructure, Transport, Regional Development, Communications, and the Arts, an Australian government agency responsible for executing Australian government policy and schemes, reported in February 2024 that as of January 31, 2022, there were 20.7 million registered motor vehicles. This reflects a 2% growth from January 2021. Battery electric vehicles (BEVs) accounted for around 40,000, a 100% rise from 2021, including 34,200 passenger cars in 2022, a boost of 118% from 2021. Hybrid-electric vehicles (HEVs) came in at roughly 277,000 in 2022, a 35% increase from 2021. Hence, the ballooning demand for electric vehicles is fuelling the expansion of the battery manufacturing equipment market.
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Which Fast-Growing Trends Are Poised to Disrupt the Battery Manufacturing Equipment Market?
The emergence of product innovations has become a prominent trend in the battery manufacturing equipment market. Top companies within this market are focusing on producing unique products to solidify their market stance. For example, LiCAP Technologies, an American firm that manufactures electrodes for energy storage devices, unveiled a new apparatus for affordable battery production in June 2022. The incorporation of LiCAP's unique Activated Dry Electrode method with this new machine is expected to significantly influence the design of a 1 GWh demonstration plant, which is slated for completion in 2023. LiCAP has plans to ramp up production of lithium-ion battery (LIB) electrodes and lithium-ion battery cells using this new equipment.
What Are the Emerging Segments in the Battery Manufacturing Equipment Market?
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
Subsegments:
1) By Lead Acid: Flooded Lead Acid, Absorbent Glass Mat (AGM), Gel Lead Acid
2) By Lithium Ion: Cylindrical Cells, Prismatic Cells, Pouch Cells
3) By Nickel Metal Hydride: NiMH Cylindrical Cells, NiMH Prismatic Cells
4) By Nickel Cadmium: NiCd Cylindrical Cells, NiCd Button Cells
5) By Other Types: Solid State Batteries, Flow Batteries, Zinc-Air Batteries
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Who Are the Global Leaders in the Battery Manufacturing Equipment Market?
Major companies operating in the battery manufacturing equipment market include Sony Energy Devices Corporation, BYD Co. Ltd., Panasonic Corporation, LG Chem Ltd., Johnson Controls International plc, Toshiba Corporation, Contemporary Amper*ex Technology Co. Ltd., 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
Which are the Top Profitable Regional Markets for the Battery Manufacturing Equipment Industry?
Asia-pacific was the largest region in the battery manufacturing equipment market in 2024. 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.
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