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“Battery technology market to exhibit significant growth during 2020–2025.”
The global battery technology market size is estimated to grow from USD 92.0 billion in 2020 to USD 152.3 billion by 2025, at a CAGR of 10.6%. Major factors fueling the market growth include increasing demand for electric and hybrid electric vehicles, high demand for battery technology in the renewable energy sector, upsurge in demand for automation & battery-operated material-handling equipment in industries, and high demand from the utility sector.
“The market for lithium-ion batteries to grow at the highest CAGR during the forecast period. “
Lithium-ion batteries are used mainly for automotive applications; in consumer electronics, such as smartphones, laptops, tablets, wearable devices, and other home applications. Electric vehicles are perceived as the future of the automobile industry and transportation system. The growing use of PHEVs is likely to drive the Li-ion battery market during the forecast period. Li-ion batteries are also used in a wide range of portable devices and industrial applications. Furthermore, Li-ion battery technology is used to increase efficiency and make devices easily customizable.
“Transportation application to hold a major share of battery technology market during the forecast period.”
The increase in the production of electric vehicles and subsequent demand for lithium-ion batteries is driving the battery technology market in transportation. With the new carbon emission standards in place, the need to adopt advanced battery technologies in the transportation sector has become even more urgent.
“APAC to hold the largest market share for battery technology during the forecast period.”
The adoption of battery technology is high in APAC as the region mainly comprises developing economies such as China and India, which have a huge potential for many application areas within the battery technology market. The presence of several electronic manufacturers such as Panasonic Corp. (Japan), Samsung SDI Co., Ltd. (South Korea), Contemporary Amperex Technology (China), BYD Auto Co., Ltd. (China), and LG Electronics Inc. (South Korea) is one of the key factors driving the market for batteries in APAC. The region has become an attractive automotive market. In recent years, it has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging economies have opened new avenues and opportunities for OEMs.
Break-up of primary participants’ profile:
- By Company Type – Tier 1 – 52%, Tier 2 – 31%, and Tier 3 – 17%
- By Designation – C-level Executives – 47%, Directors – 31%, and Others – 22%
- By Region – North America - 27%, Europe – 25%, APAC – 38%, and RoW – 10%
The key players in the market include Clarios (US), Panasonic Corporation (Japan), Samsung SDI (South Korea), Chaowei Power (China), Contemporary Amperex Technology (China), Enersys (US), LG Chem (South Korea), BYD Company (China), Hitachi Chemical (Japan) and Others.
The global battery technology market has been segmented into technology type, application, and geography. Based on technology type, the market has been segmented into lithium-ion battery, lead-acid battery, nickel-metal hydride battery, and other battery technologies. Based on application, the battery technology market has been classified into transportation, medical, industrial, commercial & residential, power & utilities, consumer electronics. The report covers four major geographic regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To buy this report:
- Illustrative segmentation, analysis, and forecast for markets based on technology type, application, and geography have been conducted to give an overall view of the battery technology market.
- A value chain analysis has been performed to provide an in-depth insight into the battery technology industry.
- Major drivers, restraints, opportunities, and challenges for the battery technology market have been detailed in this report.
- The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.