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A recent report published by Infinium Global Research on battery market provides in-depth analysis of segments and sub-segments in the global as well as regional battery market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional battery market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global battery market.
The global battery market has anticipated remarkable growth and transformation in recent years, driven by a convergence of factors such as the increasing adoption of Electric Vehicles (EVs), the expansion of renewable energy systems, and a growing focus on energy storage solutions. Due to their high energy density and adaptability, lithium-ion batteries have become the industry standard and hold a sizable market share. The expansion of EVs and their incorporation of renewable energy sources into the grid have fostered the demand for these batteries, contributing to a significant market share. Furthermore, the market is also diversifying with the development of alternative battery chemistries, such as solid-state batteries and advanced lead-acid batteries, which aim to enhance energy density, safety, and environmental impact. Moreover, Sustainability and recycling have grown in significance as the industry tries to address issues with resource scarcity and environmental effect. To meet the world's expanding needs for energy storage and lower carbon emissions, the global battery market has opportunities for continued growth, innovation, and sustainable practices.
The global battery market is driven by a range of factors that leads to significant transformation in the battery innovation services. Two primary factors are the increasing integration of renewable energy sources into the global energy landscape and the easy uptake of Electric Vehicles (EVs) as nations shift to greener and more sustainable modes of transportation. Additionally, the demand for high-capacity batteries for EVs and energy storage solutions to manage the intermittency of renewables is fueling the market forward. However, challenges such as supply chain issues for critical raw materials, including lithium, cobalt, and nickel, may hampers the industry's growth. Nonetheless, an exciting opportunity exists in the development of large-scale energy storage solutions, essential for achieving grid stability and reducing carbon emissions. The future of the battery market depends on innovation, sustainable solutions to address these evolving dynamics in the pursuit of a greener and more efficient energy future.
The battery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region is the largest shareholder in the battery market due to the rising disposable income in the region. The main factor driving the demand for batteries in the Asia Pacific region is the growing emphasis on sustainable mobility in nations like China and India. The presence of major market players drives the growth in the region. Meanwhile, North America is also expected to witness the fastest growing region in battery market. The growing focus on developing efficient battery technologies and active government assistance encouraging the market growth in the region. The major market players such as Tesla Inc., Panasonic Corporation, LG Chem Ltd, Duracell Inc., and Samsung SDI Co. Ltd. are contributing to the growth of battery market in the region.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 104.39 Billion |
| Market Size by 2030 | USD 382.9 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 15.42% |
| Largest Market | Asia-Pacific |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Type, and By End User |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global battery market covers segments such as type, and end user. On the basis of type, the sub-markets include lithium-ion battery, lead-acid battery, nickel battery, flow battery, and others. On the basis of end user, the sub-markets include aerospace industries, automotive industries, electronics, energy storage, military and defence, and others.
The report provides profiles of the companies in the market such as SAMSUNG SDI CO., LTD, EXIDE INDUSTRIES LTD., GS Yuasa International Ltd., Hitachi, Ltd., NEC Corporation, Toshiba Corporation, Panasonic Corporation, A123 Systems LLC, BYD Company Ltd., and LG Energy Solution.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the battery market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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