Battery Market Size to grow by USD 296.6 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Battery Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global battery market is a segment of the larger independent power and renewable electricity market, which encompasses businesses involved in the generation and distribution of electricity derived from renewable sources. This market comprises independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers. The expansion of the global renewable electricity market is anticipated to be fueled by supportive policies and targets for the deployment of renewable power. These initiatives have catalyzed the adoption of renewable energy sources over the past decade, driving significant growth in the sector. - The Battery Market is experiencing significant growth, fueled by the Shift in the automotive industry to EVs. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Shift in the automotive industry to EVs
  • Increase in demand for rechargeable batteries
  • Use of counterfeit batteries
  • Growing environmental concerns
• Growth Projections

The market size is estimated to grow by USD 296.6 billion, at a CAGR of 18.69% during the forecast period. The global battery market is poised for significant growth due to advancements in battery technology, driven by increased research and development capabilities of key vendors. These innovations have led to improvements in battery performance and cost, making them increasingly attractive for various applications in consumer electronics. One such development is Panasonic's Heat Resistance Layer (HRL) technology, which enhances battery safety by adding an insulating metal oxide layer on electrode surfaces, preventing overheating during short circuits. Such technological advancements are expected to fuel market expansion throughout the forecast period.

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• Regional Insights

The Asia Pacific (APAC) region, spearheaded by major contributors India and China, dominates the global battery market in terms of revenue. The primary application sectors for batteries are consumer electronics, including smartphones, laptops, and tablets. The demand for batteries is projected to surge in APAC due to the significant cost reduction of Lithium-ion batteries during the forecast period. Moreover, India is poised for an aggressive expansion in domestic battery production, with the market anticipated to exhibit a remarkable Compound Annual Growth Rate (CAGR) of 30% during the same period. The escalating adoption rates of smartphones in APAC, positioning it as one of the world's largest mobile markets, further fuels the demand for batteries.

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