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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Battery Market Analysis
The rapid expansion of the electric vehicle market is one of the primary factors diving the battery demand, particularly lithium-ion batteries. As governments and consumers increasingly focus on reducing carbon emissions, the shift towards EVs is expected to continue, further fuelling the growth of the market.
Technological advancements and growing urbanisation are some of the crucial battery market trends that are enabling the production of batteries that are more efficient, have higher energy densities, are quicker to charge, and have longer lifespans. Continuous innovation is key to meeting the evolving demands of various applications, from consumer electronics to electric vehicles.
Batteries are also playing a crucial role in the renewable energy sector, particularly in storing energy from solar and wind sources. The ability to store and release energy as needed helps address the intermittency challenges of renewable energy, making batteries an essential component of a sustainable energy future.
Battery Market Report Snapshots
Battery Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global battery market attained a value of nearly USD 176.42 billion.
The market is projected to grow at a CAGR of 15% between 2024 and 2032.
The major market drivers are rapid urbanisation and urbanisation in emerging countries, the surging use of electronic vehicles, and the rising use of consumer electronics.
The increasing research and development (R&D) by major players activities, technological advancements and innovations, the growing demand for sustainable batteries, and the surging usage of lithium-ion batteries are the key trends supporting the market expansion.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major products considered in the market report are lithium-ion, lead acid, nickel metal hydride, and nickel cadmium, among others.
The significant applications of battery include automotive batteries, industrial batteries, and portable batteries.
The major players in the market are LG Energy Solution, GS Yuasa International Ltd., BYD Company Ltd., Exide Industries Ltd., Johnson Controls, and Panasonic Corporation, among others.
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