The Battery Market Growth is expected to reach 10.5% CAGR. Also, the Battery Market Revenue is anticipated to expand up to USD 280 Billion by the studied forecast period.
Battery Market Analysis 2023
Batteries are used for supplying primary power or serve as back-up power supply in commercial applications, industrial, or transport. Nickel cadmium, nickel metal hydride, and lead acid are the different types of batteries that owing to its alluring features and perks and have wide industrial, automotive, and portable applications.
Various factors are fuelling the global battery market share. As per the recent MRFR market estimates, such factors include the growing need for electric cars that is supported by the government to reduce carbon footprint, booming automotive sector, the growing consumption of smartphones, consumers changing behavior pattern, growing popularity of consumer electronics, increasing need for portable electronics like wearable devices such as fitness bands, tablets, smartphones, and LCD displays, decreasing fossil fuel reserves, high CO2 emissions, promising government initiatives, and increasing demand during the COVID-19 pandemic.
Market Growth Driving Factors
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10.5% CAGR (2022-2030)
2019 & 2020
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Battery Type and Application
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Burgeoning Need for Portable Electronics to Boost Market Growth
The high demand for portable electronics such as wearable devices like fitness bands, along with tablets, and smartphones, and LCDs will boost market growth over the forecast period.
Technological Advances to offer Robust Opportunities
Technological advances such as product innovation, enhanced efficiency, and cost-effectiveness will offer robust opportunities for the market over the forecast period.
Lack of Awareness in Rural Areas to act as Market Restraint
The lack of awareness in rural areas and dynamically hanging prices of raw material prices may act as market restraints in the forecast period.
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Stringent Government Authorities’ Emission Rules to act as Market Challenge
The stringent government authorities’ emission rules, norms, and regulations in developed countries for generating battery powers as these release harmful emissions in the environment may act as market challenge over the forecast period.
Battery Market Segmentation:
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APAC to Hold Dominant Position in Battery Market
The APAC region will hold a dominant position in the battery market over the forecast period. High demand for automobiles, rapid industrialization and urbanization, high rate of production activities of automobiles in China and India, increase in the segment of electric vehicles, transportable electronics, and consumer electronics, growing automobile production, rapid development in the industrial sector, availability of skilled workforce, low production and setup costs, increase in the purchasing power of the population, elevated standard of living, expansion of the end-user industries of batteries, and the booming economy of China and Japan are adding to the global battery market growth over the forecast period.
Eminent players profiled in the global battery market report include Douglas Battery (U.S.), Johnson Controls Inc(U.S.), Zhejiang Haijiu Battery Co. Ltd (China), CamelGroup (Italy), Exide Technologies (U.S.), Penn Manufacturing Company, Inc.(U.S.), The Furukawa Battery Co. Ltd (Japan), Chaowei Power Holding Ltd (China), and Fengfan Co. Ltd.(China).
The global battery market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more. Besides, they are also investing in various research and development activities.
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