Battery Technology Market is Projected To Reach USD 119320 Million By 2028, At A CAGR of 7.8% | Valuates Reports
BANGALORE, India, Dec. 21, 2022 /PRNewswire/ -- Battery Technology Market is segmented by Type - Lead Acid Batteries, Lithium Ion Batteries, Nickel Metal Hydride Batteries, by Application - Passenger Vehicles, Commercial Vehicles, Industrial Vehicles, Other. Global Opportunity Analysis and Industry Forecast, 2023 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Battery Technology market is projected to reach USD 119320 million by 2028 from an estimated USD 76030 million in 2022, at a CAGR of 7.8% during 2023 and 2028.
Major Factors Driving The Growth Of The Battery Technology Market
The Battery Technology market is expanding as a result of the growing use of batteries in electric and hybrid vehicles, as well as the increasing installation of different types of batteries in the utility sector.
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TRENDS INFLUENCING THE GROWTH OF BATTERY TECHNOLOGY MARKET
Currently, lithium-ion and lithium-iron phosphate (or LFP) batteries predominate in the EV battery market. Regarding range, the cost of raw materials, and other factors, they have benefits and drawbacks. Both lithium-ion and LFP batteries are used by Tesla (TSLA). The up-and-coming rival BYD (BYDDF) makes use of an advanced LFP battery. The development of more affordable, dense, and lightweight batteries is a major focus for both battery manufacturers and automobiles. The range of new technologies is wide. Some people tweak outdated battery chemistries to provide slight improvements. Others modify the battery form factor or the battery assembly to achieve appreciable cost or performance reductions. This factor is expected to drive the growth of the Battery Technology market.
An electrified powertrain requires batteries as energy storage components inside the vehicle. To meet the demands and expectations of the end-user experience of an electrified vehicle, batteries supporting functional differentiation must be provided to the assembly line in a commercially appealing, durable, and dependable manner. The need for batteries in automobiles is now even higher. This will further drive the growth of the Battery Technology market.
Due to their ease of recycling, lead-acid and nickel-cadmium batteries are greatly favored in transportation, particularly in passenger cars, light commercial vehicles, heavy commercial vehicles, forklifts, and aircraft. In order to maintain communication, control, signaling, and passenger safety, the transportation vertical needs a dependable power source. Batteries made of nickel-cadmium are best suited for long-lasting, dependable performance in a wide range of temperatures.
The renewable energy sector has a large demand for battery technologies. Therefore, it is anticipated that there will be a great need for battery technology in the years to come due to the increasingly corporate and governmental initiatives to switch to different renewable energy sources. The different automation devices and various battery-operated equipment in the industries use battery technology. As a result, it is anticipated that increasing battery technology adoption across numerous industries will considerably fuel the growth of the worldwide battery technology market.
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BATTERY TECHNOLOGY MARKET SHARE ANALYSIS
Johnson Controls, Chaowei Power, GS Yuasa, and other major companies are significant players in the global battery technology market. A share of around 25% is held by the top three producers globally.
North America and Europe both have market shares of roughly 45%, with Asia Pacific having the largest market share of about 50%. Leading producers of electric vehicles may be found in nations like South Korea, Japan, and China, which has contributed to this expansion. The world's largest producer of electric vehicles is known to be China. Furthermore, due to the expanding government measures to encourage the adoption of electric vehicles, the demand for electric vehicles is already quite high in China and is growing quickly in other emerging regions.
With a market share of about 55%, lead-acid batteries are the most prevalent product category. Lead acid batteries are becoming more popular due to their lower cost and a higher level of safety as compared to lithium-ion batteries.
Passenger vehicles are the most widely used type of vehicle, followed by commercial and industrial vehicles, etc.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Johnson Controls
- Chaowei Power
- GS Yuasa
- Exide Technologies
- CATL
- East Penn Manufacturing
- BYD
- Panasonic
- PEVE
- EnerSys
- OptimumNano
- Camel
- LG Chem
- GuoXuan
- Fiamm
- Samsung SDI
- Hitachi
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