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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Battery Market Regional Analysis
Asia Pacific to dominate the market for battery owing to rapid urbanisation and industrialisation
The Asia Pacific market is witnessing a robust growth due to the increasing manufacturing activities in China and India. Rapid urbanisation and industrialisation are increasing the demand for technologically advanced portable products, hence aiding market growth. Moreover, the introduction of favourable initiatives by the Indian government provided funding through incentive 2.0 for manufacturing of consumer electronics and Made in China 2025 initiated by the Chinese government are increasing the demand for batteries, hence aiding the market growth. Moreover, the consumption of consumer electronics is rising significantly in technologically advanced countries, such as South Korea, Japan, and Singapore, among others. The advent of portable and smart devices is increasing the use of batteries, further invigorating the market growth and contributing to the overall growth of the market.
Batteries are extensively used in various industrial applications, such as telecommunication, medical equipment, oil drilling, and tracking systems, among others, which are propelling the market growth. Moreover, batteries are also used in the flourishing aerospace sector to feed navigation and emergency systems, which is bolstering the market growth. Additionally, the development of energy storage systems in various emerging economies for efficient power supply is further boosting the market growth. The rising demand for sustainable energy storage by industrial companies owing to various governments’ regulations is facilitating market growth.
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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