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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Battery Market Size
The global battery market attained a value of USD 176.42 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15%.
A battery is a container that consists of two or more cells and converts chemical energy into electrical energy. It is used for powering electronic devices, such as mobile phones, flashlights, and electric cars, among others. Batteries have several advantages over other power sources as they can store energy and provide specific energy capacity.
Primary batteries are single-use batteries that cannot be recharged. Once their chemical reactants are exhausted, the battery loses its ability to produce electricity and must be disposed of. Common examples include alkaline batteries often used in remote controls and flashlights. Secondary batteries, also known as rechargeable batteries, can be recharged and used multiple times. During the charging process, the chemical reactions are reversed, restoring the electrodes to their original state.
Batteries are used in a wide variety of applications, from powering small devices like watches and smartphones to larger applications like electric vehicles and energy storage systems for renewable energy sources like solar and wind power.
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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