Report Ocean presents a comprehensive research report on Battery, analyzing markets in 150+ countries. With access to 1,00000+ annual reports, subject matter experts ensure accuracy. Methods like S.W.O.T., P.E.S.T.E.L., and regression analysis forecast growth. The report covers regulations, research tech, innovation, and future trends in Battery.
The global battery market size was US$ 120.3 billion in 2021. The global battery market size is forecast to reach US$ 390.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.9% during the forecast period from 2022 to 2032.
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A battery uses precise chemical interactions to transform chemical energy into electrical energy. Electrons can move from one molecule to another under the appropriate circumstances, converting energy into electricity. Some of the most popular battery kinds include Nickel Cadmium, Lithium-Ion, Nickel Metal Hydride (NiMH), and Lead Acid (NiCD). Batteries are used in a wide range of industries, from the automotive to the industrial. In the event of blackouts, power shortages, or high electrical demand, batteries are energy storage devices that can be utilized to store energy for later use. One or more electrochemical cells, which instantly convert chemical energy into electrical energy, make up a battery.
Factors Influencing Market Growth
The rise in demand for portable electronics, including LCDs, smartphones, tablets, and wearable devices such as fitness bands drive the global market.
The increasing use of IoT and rising adoption of IoT-enabled devices boost the global market growth.
The growing demand for wireless communication, the rise in R&D activities to design advanced, flexible, and thin batteries, and the increasing demand for thin and flexible batteries fuel the global market.
The raw material price changes and the inexpensive availability of counterfeit batteries may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Several governments worldwide imposed a lockdown in order to curb the virus from spreading. This resulted in the delay in product launch by the majority of manufacturers of commercial electronics. In addition, due to an inadequate supply of raw materials, the virus pandemic has further contributed to an economic and power crisis. Road traffic came to a complete stop, businesses closed all across the world, and sales of electric cars plummeted. Stay-at-home directives and quarantines prevented employees from working in factories that made batteries and cars, closed mines and refineries, and halted the export of manufactured goods.
Regional Analysis
The Asia Pacific region accounted for a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increasing automobile production and rising development in the industrial sector. In addition, India and China are the hubs of producing consumer electronics due to the lower production and setup prices and the presence of a professional workforce.
North America is forecast to have considerable growth during the forecast period. As a result of the decreased Li-ion battery price, rising consumer electronics sales, growing adoption of electric vehicles, and a surge in the renewable sector.
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Leading Competitors
The leading prominent companies profiled in the global battery market are:
Berkshire Hathaway
BYD Company
Brookfield Asset Management
CATL
Eveready Industries
Exide Industries
Farasis Energy
GS Yuasa
Hitachi
Other Prominent Players
Scope of the Report
The global battery market segmentation focuses on Battery Type, Application, and Region.
Segmentation based on Battery Type
Printed Battery
Thin Film Battery
Segmentation based on Application
Automotive Battery
Industrial Battery
Portable Battery
Power Tool Battery
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
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Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Meta Title: Battery Market Size, Share, Insight and Forecast 2022 To 2030
Meta Description: Global Battery Market is projected to reach US$ 390.3 billion by the end of 2030 from US$ 120.3 billion in 2021, at a CAGR of 10.9%
Meta Keywords: battery market Size, battery market share, battery market trend, battery market Forecast, battery market insight
FAQs:
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