Latest News- Battery Market: Portable batteries is expected to lead the Application segment during 2024-2028

The Battery Market is being driven by Shift in the automotive industry to EVs

The Battery Market is expected to grow at a CAGR of 18.69% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 296.6 billion. The global battery market is experiencing significant growth due to advancements in battery technology, driven by increased research and development capabilities of key vendors. These innovations include improvements in energy density, which makes batteries an ideal solution for various applications in the consumer electronics sector. Notably, Panasonic's Heat Resistance Layer (HRL) technology is a game-changer, as it enhances battery safety by incorporating an insulating metal oxide layer on electrode surfaces, preventing overheating even during short circuits. Such technological breakthroughs will undoubtedly propel the expansion of the global battery market throughout the forecast period. 

Get more information on Battery Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Portable batteries
  • Automotive batteries
  • Industrial batteries
• Type
  • Lithium ion
  • Lead acid
  • Nickel metal hydride
  • Nickel cadmium
  • Others
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Shift in the automotive industry to EVs
• Increase in demand for rechargeable batteries
• Augmented demand from consumer electronics

However, the market also witnesses some limitations, which are as follows:

• Use of counterfeit batteries
• Growing environmental concerns
• Safety issues

Benefits of Buying Global Battery Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Battery Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The battery market encompasses various types of batteries, including UPS devices, Lead-acid batteries (such as SLI and deep cycle), Lithium-ion batteries, and alternatives like Flow, Sodium-sulfur, and Nickel-ion. These batteries serve diverse industries, from Electric Vehicles and Non-residential construction to Transportation, Grid storage, and Consumer Electronics. Key players include manufacturers of Lead-acid, Lithium-ion, and other specialized batteries. Applications range from SLI batteries and Portable power sources to Power tools, Hospitals, Schools, Offices, Industrial plants, Plug-in electric vehicles, and Grid energy storage for Automobiles and other sectors.

Market Research Overview

In the realm of energy technology, the battery market holds a pivotal role, particularly within the parent global renewable electricity market. This sector encompasses UPS device manufacturers, chemical companies specializing in lead acid and lithium-ion batteries, electric vehicle (EV) manufacturers, and consumer electronics brands. The market's growth is propelled by various factors, including supportive policies and targets for renewable power deployment. Renewable energy adoption has surged in recent years due to ambitious targets and effective incentives, driving demand for batteries in sectors such as electric vehicles, non-residential construction (hospitals, schools, offices, industrial plants), and the solar power industry. Battery manufacturers stand to benefit significantly from this trend, as their products are essential components in the renewable energy value chain.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/