New York, US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Batteries Market Research Report Information by Battery Type, Region, and Application - Forecast Till 2030”, the global Batteries market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 11.10%. The reports further predict the market will acquire nearly USD 326.57 Billion by the end of 2030. As per the documents, the Battery market was valued at nearly USD 117.44 Billion in 2022.
Batteries Market Overview:
Batteries are crucial devices mainly utilized in the automotive industry. They present electric energy to automobiles for ignition, lighting, etc. The global Battery industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the increasing demand for transportation across the globe. Furthermore, the significant rise in the use of batteries in electric vehicles is also projected to enhance the development of the market over the assessment era.
Competitive Analysis
The listing of the prominent leaders across the global market for Batteries includes players such as:
- Panasonic Corporation
- Saft Groupe
- LG Chem
- Fengfang Co. Ltd
- Johnson Controls Inc
- Penn Manufacturing Company Inc
- Exide Technologies
- Chaowei Power Holding Ltd.
- The Furukawa Battery Co. Ltd.
- Delphi Automotive
- Among others.
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Batteries Market USP Covered
Market Drivers
The global Battery industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the increasing demand for transportation across the globe. Furthermore, the significant rise in the use of batteries in electric vehicles is also projected to enhance the development of the market over the assessment era. Moreover, the factors such as the increased demand for storage solutions, rising demand for electronic & hybrid vehicles, and growing use of consumer electronics are also projected to catalyze the market expansion over the review timeframe.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Batteries Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 326.57 Billion 2032: Significant Value |
| CAGR during 2023-2032 | 11.10% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Battery Type, Application, and Region |
| Key Market Opportunities | The rising demand for electronic and hybrid vehicles |
| Key Market Dynamics | The increasing demand for transportation and electronic vehicles |
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Batteries Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Batteries market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Batteries Market Segment Analysis
Among all the battery types, the Lead-acid Battery segment secured the leading position across the global battery market in 2021. The high energy density and lightweight solutions are considered the main parameter supporting the development of the segment. Furthermore, the factors such as grid storage, increased demand for electric vehicles (EVs), and growing requirement for storage & power backup are also considered to propel the segment's expansion over the coming years.
Among all the application areas, the Automotive Batteries segment ensured the leading position across the global market for batteries in 2021, given mainly to the Advances in technology that have allowed automotive batteries to become lighter, longer lasting, and more efficient than ever before.
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Batteries Market Regional Analysis
The global battery market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to secure the top position across the global Batteries industry over the assessment period. The growing vehicle production across the region is considered the main parameter supporting regional market development. Furthermore, factors such as increasing demand throughout the area and fast industrial expansion are also likely to enhance the performance of the regional market over the assessment period. Moreover, because of the low setup and production costs and accessibility to a talented labor pool, India and China are considered vital producers in the consumer electronics sector, which in turn is projected to boost the regional market's growth over the coming years.
The North American regional battery market will likely showcase massive development over the review timeframe. The main parameters supporting the development of the regional market include the quick adoption of electric cars, falling Li-ion battery prices, a developing renewable sector, and rising consumer electronics sales. In addition, the North American region continues to be a leader in battery research and development and one of the world's largest users of batteries, which in turn is also likely to boost the market's development over the assessment period.
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The European regional battery market is anticipated to grow substantially over the review timeframe. The region has long been one of the world's top automakers and will secure the position well into the future. Leading automakers, including Porsche, Audi, Ferrari, BMW, Mercedes Benz, Lamborghini, Jaguar, and Volvo, are present in the area, which is likely to enhance the performance of the regional market over the coming years. Furthermore, the escalating demand for industrial batteries market is also projected to boost the performance over the assessment timeframe.
Related Reports:
Portable Battery Market Research Report Information By Technology, By Battery Capacity By Application, And By Region – Market Forecast Till 2030
Automotive Battery Market Research Report Information By Vehicle Type, By Type, By Function, By Engine Type, And By Region –Market Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
