New York, USA, June 21, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global battery market is anticipated to rise at a stable CAGR of 12.1%, thereby garnering a revenue of $298.1 billion by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the battery market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Rising demand for electric vehicles in the global automotive sector is predicted to be the primary growth driver of the battery market in the forecast period. Additionally, growing demand for portable devices and wearables is expected to further drive the market forward.
Opportunities: Rising demand for ecofriendly transportation is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, overall technological advancements in battery technology are anticipated to augment the growth rate of the market.
Restraints: However, limited availability of raw materials for battery manufacturing may restrict the growth of the battery market in the forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the battery market in a negative way. There was an overall decline in the supply of raw materials required for battery manufacturing during the pandemic, which affected the growth rate of the market. Additionally, the demand for batteries from consumer electronics and automotive manufacturing industries reduced substantially due to shutdown of industries, which affected the growth rate of the market.
Segments of the Market
The report has fragmented the battery market into segments based on battery type, application, and region.
Battery Type: Lithium-Ion Batteries Sub-segment to be One of the Most Lucrative
The lithium-ion batteries sub-segment is expected to have a dominating share by 2031. The increasing demand for electric vehicles and renewable energy storage systems is anticipated to help in the growth of this sub-segment.
Application: Automotive & Transportation Sub-segment to be Highly Dominant
The automotive & transportation sub-segment of the battery market is expected to garner a huge market share by 2031. Increasing use of batteries in internal combustion engine (ICE) vehicles, hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) is predicted to be the primary growth driver of the sub-segment in the forecast period.
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Region: Market in the Asia-Pacific Region to be the Most Dominant
The battery market in Asia-Pacific region is predicted to grow rapidly in the 2022-2031 timeframe. The increasing pace of urbanization in various countries and rising demand for renewable energy are expected to become the important growth drivers of the market in this region.
Prominent Market Players
Some leading players in the battery market are
- Contemporary Amperex Technology Co. Limited
- SAMSUNG SDI CO. LTD.
- ENVISION AESC GROUP LTD
- LG Energy Solution
- CALB, EXIDE INDUSTRIES LIMITED
- Advanced Power Solutions n.v.
- Shenzhen Grepow Battery Co. Ltd.
- Amara Raja Group
- BYD Company Ltd.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in March 2022, Reliance Industries, a multinational conglomerate, announced that it has signed an agreement to acquire Lithium Werks, a lithium battery technology developer. This acquisition is expected to help Reliance Industries to expand its operations and increase its market share substantially in the coming period.
Finally, this comprehensive report also summarizes many crucial aspects of the battery market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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Battery Market Size Projected To Generate A Revenue Of $298.1 Million By 2031
