New York, USA, Aug. 31, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global battery market is forecasted to reach $21,072.6 million by the end of 2026 at a CAGR of 4.3%, increasing from $14,950 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report discloses the real-time CAGR registered by the market during the pandemic. According to the report, the battery market has recorded a CAGR of 4.3% during recent months, while it was expected to be 4.4% in the pre-COVID-19 scenario. The main factor behind this downfall is the restrictions imposed on the operations of consumer electronics and manufacturing industries during the pandemic.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time revenue of the battery market has been decreased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $13,519.2 million, while it was estimated to be $16,486.8 million in a pre-COVID analysis. One of the major factor behind this breakdown of the market is the decline in product demand leading to stoppage of battery manufacturing.
Post Pandemic Scenario & Market Estimations
As per the report, the battery market is expected to recover from the loss in the 1st /2nd quarter of 2022. However, with the 3rd wave and the expected 4th wave of the pandemic, the restrictions are not being lifted entirely, thus slowing the recovery of the market. This may extend the recovery period further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period. The leading players of the market are focusing on the market research reports for developing newer approaches and strategies.
Geographical Analysis and Major Market Players
On the basis of region, the global for battery market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific Battery market for accounted for $8,260.5 million in 2026 and is expected to rise at 4.0% CAGR throughout the forecast period. The developing automobile sectors and heavy investments by international market players are expected to offer attractive environment for the Asia Pacific market growth.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/188
Key Players and Strategies
The most significant players of the global battery market include -
- Tesla
- Johnson Controls
- Exide Technologies
- TOSHIBA CORPORATION
- Robert Bosch GmbH
- LG Chem.
- Delphi Technologies
- GS Yuasa International Ltd.
- Panasonic Corporation
- Saft
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. For instance, in May 2021, Johnson Controls International plc, the global leader for smart, healthy, and sustainable buildings, announced its completion of its acquisition of Silent-Aire, a world leader in the design, engineering, manufacturing, and servicing of Modular Data Centers. It is expected that Johnson Controls International plc will be benefitted by the Silent-Aire’s portfolio of data center solutions in the long run. Enquire and Get Quick Access to Top Companies Development Strategies Summary Report
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