Latest News - Battery Market: Portable batteries are 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 have led to improvements in battery performance and cost, making them increasingly valuable in consumer electronics applications. For instance, Panasonic's Heat Resistance Layer (HRL) technology 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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Portable batteries
  • Automotive batteries
  • Industrial batteries
  • Energy Storage Systems (ESS)
  • Aerospace and Defense
  • Wearables
• Type
  • Lithium ion
  • Silicon-Graphite Composite
  • Pure Silicon Anode
  • Silicon-Based Solid-State Batteries
  • Silicon-Sulfur
  • Others
• Technology
  • Primary Batteries
  • Secondary (Rechargeable) Batteries
• End-User
  • Automotive
  • Electronics
  • Utilities
  • Industrial
  • Healthcare
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • 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

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Market Scope in Battery Market Research Report

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

Research Analysis Overview

The battery market encompasses various advanced technologies, including solid-state batteries and flow batteries, as well as fuel cells. Innovations like battery swapping, charging infrastructure, and second-life applications are transforming the industry. Battery data analytics, artificial intelligence, blockchain, and cybersecurity are essential for optimizing battery performance, reducing costs, and ensuring safety. Circular economy, life extension, and size/weight reduction strategies aim to enhance energy and power efficiency. Performance monitoring, predictive maintenance, health management, and fault detection systems ensure optimal battery functioning, while capacity estimation, range prediction, and life prediction technologies offer valuable insights for users.

Market Research Overview

In the expanding renewable electricity market, businesses specializing in battery management systems and manufacturing batteries, such as lithium-ion, nickel-cadmium, and lead-acid, play a pivotal role. The market encompasses independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers. Key drivers propelling market growth include supportive policies and targets for renewable power deployment. Effective regulations and ambitious goals have significantly boosted the adoption of renewables, necessitating advanced battery technologies to ensure optimal battery capacity utilization, prolonged battery life, and reduced charging times. 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/