New York, United States , July 30, 2024 (GLOBE NEWSWIRE) -- The Global Battery Technology Market Size is to Grow from USD 104.12 Billion in 2023 to USD 192.86 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.36% during the projected period.
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Battery technology refers to the battery chemistry utilized in a specific EV model, which includes the cells and platform voltage. The higher the voltage of the platform's electrical system, the faster DC charging is possible, as long as the charging infrastructure is adequate. The battery market provides a wide range of battery types used to power everyday devices and equipment. It specializes in consumer batteries for electronic devices such as cameras, toys, and remote controls. The sector also produces industrial batteries for backup power systems, automobiles, and other uses. The battery industry provides cost-effective and high-performance solutions for all major battery chemistries, including alkaline, lithium-ion, lead-acid, and more. Government attempts to reduce vehicle carbon emissions are driving the adoption of electric vehicles and renewable energy. For example, the United States government has supported the electric vehicle (EV) and renewable energy industries, raising demand for battery energy storage systems (BESSs) and battery management systems (BMSs), which are primarily powered by lithium-ion batteries. The increased use of electronic devices such as watches, toys, and remote controls is pushing up demand for battery technology. Battery technology advances in automakers, and the number of electric and hybrid vehicle owners expands worldwide. Because of their lower emissions, EV batteries are replacing fossil fuels such as gasoline and diesel in the automotive industry. Furthermore, exhausted batteries deserve to be stored in watertight containers away from flammable and combustible elements. In the event of a fire, prepare a Class D extinguisher and sand nearby.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Battery Technology Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Lithium-ion Battery, Lead-acid Battery, Nickel Metal Hydride Battery, and Others), By Application (Portable Batteries, Industrial Batteries, and Automotive Batteries), By Vertical (Aerospace, Automotive, Commercial, Consumer Electronics, Healthcare, Industrial, Marine, Power & Utility, Residential, Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The lithium-ion battery segment accounted for the largest revenue share of the battery technology market during the projected timeframe.
Based on the technology type, the battery technology market is categorized into lithium-ion battery, lead-acid battery, nickel metal hydride battery, and others. Among these, the lithium-ion battery segment accounted for the largest revenue share of the battery technology market during the projected timeframe. There is an increasing market demand for lithium-ion batteries in battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The growing popularity of electric vehicles among worldwide consumers is expected to speed up the deployment of lithium-ion batteries. Lithium-ion batteries are also used in several portable and industrial settings. They are easily customized to meet unique needs, and the use of innovative anode materials has boosted their energy efficiency.
The automotive batteries segment is expected to hold the highest market share of the battery technology market during the projected timeframe.
Based on the application, the battery technology market is divided into portable batteries, industrial batteries, and automotive batteries. Among these, the automotive batteries segment is expected to hold the highest market share of the battery technology market during the projected timeframe. Due to increased electric vehicle production and shifting mobility trends. Global initiatives to reduce car emissions and reliance on fossil fuels are accelerating the electrification of automobile powertrains. Individual battery-powered forms of mobility are becoming increasingly popular as a method of reducing urban traffic and pollution. The introduction of various powered vehicles, ranging from minimal scooters to massive pickups, is fueling the exponential growth of the automotive battery sector.
The transportation segment dominated the market with the highest market share of the battery technology market during the projected timeframe.
Based on the vertical, the battery technology market is divided into aerospace, automotive, commercial, consumer electronics, healthcare, industrial, marine, power & utility, residential, transportation, and others. Among these, the transportation segment is dominated the market with the highest market share of the battery technology market during the projected timeframe. Lead-acid and nickel-cadmium batteries are commonly used in transportation, particularly in passenger cars, light commercial autos, large commercial vehicles, forklifts, and aircraft, since they are easily recyclable. The transportation vertical requires a steady power supply to ensure that communication, control, signaling, and passenger safety are not impacted.
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Asia Pacific is expected to hold the largest share of the battery technology market over the forecast period.
Asia Pacific is expected to hold the largest share of the battery technology market over the forecast period. Demand for electric vehicles is high in China, and it is rapidly expanding in other emerging markets as a result of intensifying government programs to stimulate the adoption of EVs. Furthermore, Asian countries such as India, Japan, South Korea, and China are the largest makers of consumer electronics. The presence of major consumer electronics firms in the region generates high demand for battery technologies. Asia Pacific has the world's largest population, resulting in a big customer base in the region. A significant focus on the automotive industry has raised battery demand, particularly for lithium-ion batteries, which are widely used in electric vehicles.
North America is predicted to grow at the fastest pace in the battery technology market during the projected timeframe. Growing government regulations and infrastructure, the presence of companies such as Tesla in this industry, and continued R&D activities are among the key drivers of market growth in this sector. To improve economic competitiveness, raise productivity, enable decarbonization objectives, and meet national security requirements. The US Department of Energy has presented the lithium-ion battery recycling prize. The Department of Energy assists in collecting, sorting, storing, and relocating spent and discarded lithium-ion batteries for material recovery and future reuse, which generates money.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the battery technology market are A123 Systems LLC, BYD Company Ltd., GS Yuasa International Ltd., Penn Manufacturing Company Inc., Samsung SDI Co., Chaowei Power Holding Ltd., Exide Industries Ltd., Hitachi Maxell Corp., General Electric Co., Coslight, Google Inc., Tesla, Johnson Controls Inc., Panasonic Corporation, and others.
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Recent Developments
- In March 2024, LOHUM, a battery technology enterprise, said it had raised $54 million in Series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, among other new and established venture firms.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Battery Technology Market based on the below-mentioned segments:
Global Battery Technology Market, By Technology Type
- Lithium-ion Battery
- Lead-acid Battery
- Nickel Metal Hydride Battery
- Others
Global Battery Technology Market, By Application
- Portable Batteries
- Industrial Batteries
- Automotive Batteries
Global Battery Technology Market, By Vertical
- Aerospace
- Automotive
- Commercial
- Consumer Electronics
- Healthcare
- Industrial
- Marine
- Power & Utility
- Residential
- Transportation
- Others
Global Battery Technology Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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