Battery Market Size, Share and Price Trends 2023-2028

What is the Size of the Battery Market?:

The latest report by IMARC Group, titled “Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global battery market size reached US$ 116.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 197.8 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028.

Battery Market Uses:

A battery is a power supply unit that consists of one or more cells to convert chemical energy into electrical energy. It acts as a primary or backup power supply device in transport, industrial, and commercial applications. A battery consists of various components, such as a cathode, an anode and an electrolyte, operated on an electromotive force principle. It functions as an energy storage technology that is used in events of blackouts, power shortages, or heavy electricity demand. A battery is also durable, cost-effective, safe, stable, lightweight, reliable, and portable, and is available in various shapes and sizes. Some common types of batteries include lead-acid, lithium-ion, nickel-metal hydride (NiMH), and nickel-cadmium (NiCD).

Request Free Sample Report (Exclusive Offer on this report): https://www.imarcgroup.com/battery-market/requestsample

Who are the Market Leader in Battery Market?:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• A123 Systems LLC (Wanxiang Group Corporation)
• BYD Motors Inc
• Contemporary Amperex Technology Corporation Limited
• Envision AESC Group Limited (Envision Group)
• GS Yuasa Corporation
• Johnsons Controls Inc
• Panasonic Corporation
• Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
• Saft (TotalEnergies SE)
• Samsung SDI Corporation Limited
• Tesla Inc
• Toshiba Corporation

What is the Future of Battery Market?: 

The market is primarily driven by the expanding automotive industry. The growing environmental consciousness has resulted in the adoption of rechargeable electric vehicles like hybrid electric vehicles (HEVs) and electric vehicles (EVs) that make use of batteries. In addition, these batteries find applications in the machinery and maritime equipment, industrial automation system, maritime machinery, defense and aviation, electronic, oil and gas, and civil infrastructure industries, thus fueling the market growth. In recent years, the rising need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories are also propelling the demand for batteries. Besides this, the increasing popularity of consumer electronics, such as LCDs, smartphones, tablets, and wearable devices like fitness bands, are facilitating the market growth. Moreover, technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are also creating a positive outlook for the market. 

Key Market Segmentation:

Breakup by Type:

• Primary Battery
• Secondary Market 

Breakup by Product:

• Lithium-Ion
• Lead Acid
• Nickel Metal Hydride
• Nickel Cadmium
• Others 

Breakup by Application:

• Automotive Batteries
• Industrial Batteries
• Portable Batteries

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other) 

Key Highlights of the Report: 

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape