Global Next Generation Batteries Market to Reach a Value of USD 27.37 Billion by 2032 | Emergen Research

Vancouver, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global next generation batteries market is projected to reach a market size of USD 27.37 Billion at a steady CAGR in 2032, according to latest analysis by Emergen Research. High revenue growth of this market can be attributed to increasing efforts globally to reduce greenhouse gas emissions and implementation of increasingly stringent government regulations regarding emission levels of conventional vehicles. This has been resulting in companies exploring development of more eco-friendly modes of transportation, including development of electric vehicles and others. Rising preference for and adoption of electric vehicles in the recent past has been boosting research and development initiatives production of more eco-friendly next generation batteries. The automotive and consumer electronics sectors are increasingly adopting the latest generation grid-scale storage batteries owing to higher capacity, higher efficiency, and longer-lasting battery life. The better performance capability and high energy density of lithium-ion batteries are driving demand for next generation batteries.

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The high cost of the next generation batteries and technological limitations in developing economies are among some of the key factors expected to restrain growth of the next generation batteries market to a certain extent over the forecast period.

Scope of Research

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MAJOR COMPANIES and Market Share Analysis

The global next generation batteries market is moderately fragmented, with a large number of small- and medium-sized manufacturers accounting for a major revenue share. These manufacturers are well-equipped with manufacturing facilities and are engaged in various research and development activities. Some prominent players operating in the next generation batteries market are:

• Sion Power Corporation
• Panasonic Corporation
• Hitachi
• Ambri Inc.
• NantEnergy Corporation
• Phinergy
• LG Chemicals
• Samsung
• Mitsubishi Chemical
• Amprius Inc.

Strategic Development

In January 2019, Toyota entered into a partnership with electronics giant Panasonic for manufacturing of its next generation batteries, and even sold them to various automakers. The partnership is expected to focus on enhancement and manufacturing of prismatic lithium-ion batteries and solid-state batteries, and other enhanced power packs for electric cars.
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Key Highlights of Report

• In September 2020, Hitachi Automotive Electric Motor Systems Ltd., declared the establishment of Hitachi Automotive Electric Motor Systems America, Inc. in Kentucky, US. Establishment of the new company was made for growth, production, and sale of electric vehicle motors. The new establishment is expected to strengthen Hitachi Automotive Electric Motor Systems’ position in the growing market for electric vehicles and will help in catering to the increasing shift towards electric vehicle motors in the U.S.
• The consumer electronics segment accounted for largest market share of 42.9% in 2019. The rising need for production of wearable devices with advanced and high-power battery technology that last longer and at a lower cost is driving development of the next generation batteries and their utilization in consumer electronics.
• The lithium sulphur segment revenue is expected to expand at rapid CAGR of 8.2% during the forecast period. Lithium sulphur batteries have a lower environmental impact, lower manufacturing cost, and higher high energy densities in comparison to lithium-ion batteries, which is driving growth of the lithium sulphur batteries segment.
• North America accounted for largest revenue share contribution to the global next generation batteries market in 2019. Increasing initiatives by governments to reduce greenhouse gas emissions and industrialize green energy is driving demand for electric vehicles and next generation advanced batteries.

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Emergen Research has segmented the global next generation batteries market in on the basis of end-use, type, and region:

• End-use Outlook (Revenue, USD Billion; 2020–2027)
  • Transportation
  • Energy Storage
  • Consumer Electronics
  • Industrial
  • Others
• Type Outlook (Revenue, USD Billion; 2020–2027)
  • Nickel cadmium
  • Lithium ion
  • Magnesium ion
  • Lithium Sulphur
  • Solid Electrodes
  • Ultra-capacitors
  • Metal air
  • Nickel metal hydride                                       
• Regional Outlook (Revenue, USD Billion; 2020–2027)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA

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