Battery Market Growth to be Propelled by a CAGR of ~10% throughout 2022 – 2030

Research Nester published a report titled “Battery Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global battery market in terms of market segmentation by product, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global battery market is estimated to occupy a sizeable amount of revenue by growing at a CAGR of ~10% during the forecast period, i.e., 2022 – 2030, owing to the rising demand for batteries from automotive applications, and increasing popularity of portable consumer electronics globally. Apart from these, reduction in revenue on fossil fuels and growing carbon dioxide emissions are also expected to drive market growth in the coming years.

The market is segmented by product and application. Based on product, the lead acid segment is anticipated to grab the largest market share during the forecast period on the back of the low price, and increase in applications of these batteries in telecommunication, automotive and uninterrupted power supply. Additionally, by application, the automotive segment is projected to hold the largest share over the forecast period attributing to the rising demand for batteries from electric vehicles.

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Geographically, the global battery market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America region is evaluated to grab the largest share in the market during the forecast period attributing to the rise in adoption of electric vehicles in the region. Moreover, the market in Asia Pacific is assessed to grow by the highest rate in the future owing to the high production of consumer electronics in countries such as China and India.

The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.

Growing Demand for Batteries from Automotive Applications Worldwide to Drive Market Growth

Over the last few years, the demand for lithium-ion batteries from the automotive sector has witnessed a significant surge. This can be attributed to the rise in penetration of electric vehicles around the world, and increasing degrees of electrification and hybridization, which in turn is projected to be a crucial factor driving market growth in the upcoming years.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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However, mismatch in demand and supply of raw materials for battery manufacturing is expected to operate as key restraint to the growth of the global battery market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global battery market which includes company profiling of Panasonic Corporation, GS Yuasa International Ltd., BYD Company Ltd., A123 Systems LLC, Samsung SDI Co., Ltd., Toshiba Corporation, LG Chem Ltd., NEC Corporation, Sony Corporation, Contemporary Amperex Technology Co., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.