Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Battery Diagnostics and Repair Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Vertical (Automotive, Power Grid), By Test Type, By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global battery diagnostics and repair market size is anticipated to reach USD 1.93 billion by 2030, growing at a CAGR of 6.3% from 2023 to 2030. The growing demand for sustainable energy sources, electric vehicles (EVs), and consumer electronics is driving the demand for battery diagnostics and repair. 
The rising popularity of EVs has led to a notable increase in the demand for electric vehicle batteries. As EVs become increasingly popular for their energy efficiency, the dependence on reliable battery solutions is also anticipated to grow. To ensure the durability of these costly batteries, effective diagnostics and repair services are essential, which is thus driving the growth of the market.
Growing technological advancements are resulting in more sophisticated and user-friendly battery diagnostics and repair solutions. For instance, the integration of the Internet of Things (IoT) in battery diagnostics solutions has enabled a data-driven approach for monitoring battery health. This proactive approach enables early detection of flaws, leading to early repair, thus extending the battery's life even further. Such technological advancements are significantly contributing to the market's growth.
However, the market faces certain constraints, including limited awareness of available services, the proprietary nature of battery technologies, environmental regulations for battery disposal, complex modern battery systems, and concerns about data security and privacy with IoT integration, all of which need to be addressed for sustained market growth. Key market players are focusing on eliminating these constraints while designing battery diagnostics equipment and providing repair services, which is expected to favor the market's growth.
Battery Diagnostics and Repair Market Report Highlights
- In terms of component, the hardware segment dominated the market in 2022 with a revenue share of more than 72%. The hardware segment is expected to grow significantly over the forecast period. The growing use of battery testing equipment and battery monitoring systems for battery health monitoring is contributing to the segment's growth
- In terms of test type, the battery cell test segment dominated the market in 2022 with a revenue share of more than 45%. The battery cell test segment is expected to grow significantly over the forecast period. The increasing demand for precise testing of individual battery cells, especially in EVs and renewable energy applications, is driving the segment's growth
- In terms of vertical, the automotive segment dominated the market in 2022 with a revenue share of more than 52%. The segment is expected to grow significantly over the forecast period. The segment's growth is fueled by the increasing popularity of EVs. As EV adoption continues to surge worldwide, there is propelling demand for efficient battery diagnostics and repair services
- Based on region, Europe is anticipated to register significant growth over the forecast period. The regional growth is driven by stringent environmental regulations, growing focus on sustainability, and the region's commitment to reducing electronic waste
Key Attributes
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $1.2 Billion |
| Forecasted Market Value (USD) by 2030 | $1.93 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Outlook
3.2.2. Manufacturing & Technology Trends
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.1.1. Increasing demand for electric vehicle batteries
3.3.1.2. Global shift towards sustainable energy usage
3.3.2. Market Restraint Impact Analysis
3.3.2.1. Lack of awareness and lack of battery standardization
3.3.3. Market Opportunity Impact Analysis
3.3.3.1. IoT integration
3.4. Impact of COVID-19 Pandemic
3.5. Industry Analysis Tools
3.5.1. Porter's Analysis
3.5.2. PESTEL Analysis
Chapter 4. Battery Diagnostics and Repair Market: Component Estimates & Trend Analysis
4.1. Component movement Analysis & Market Share, 2022 & 2030
4.2. Battery Diagnostics and Repair Market Estimates & Forecast, By Component
4.2.1. Hardware
4.2.1.1. Battery Testing Equipment
4.2.1.2. Battery Monitoring Systems
4.2.1.3. Others
4.2.2. Software
4.2.3. Services
4.2.3.1. Battery Testing
4.2.3.2. Battery Repair
4.2.3.3. Battery Installation
4.2.3.4. Others
Chapter 5. Battery Diagnostics and Repair Market: Test Type Estimates & Trend Analysis
5.1. Test Type Movement Analysis & Market Share, 2022 & 2030
5.2. Battery Diagnostics and Repair Market Estimates & Forecast, By Test Type
5.2.1. Battery Cell Test
5.2.2. Battery Pack/Module Test
Chapter 6. Battery Diagnostics and Repair Market: Vertical Estimates & Trend Analysis
6.1. Vertical Movement Analysis & Market Share, 2022 & 2030
6.2. Battery Diagnostics and Repair Market Estimates & Forecast, By Vertical
6.2.1. Automotive
6.2.1.1. ICE Vehicles
6.2.1.2. Electric Vehicles
6.2.2. Consumer Electronics
6.2.3. Industrial Applications
6.2.4. Power Grid
6.2.5. Others
Chapter 7. Battery Diagnostics and Repair Market: Regional Estimates & Trend Analysis
7.1. Battery Diagnostics And Repair Market: Regional Outlook
7.2. North America
7.3. Europe
7.4. Asia Pacific
7.5. Latin America
7.6. MEA
Chapter 8. Competitive Landscape
8.1. Company Categorization
8.2. Participant's Overview
8.2.1 DV Power
8.2.2 Keysight Technologies
8.2.3 Exponential Power
8.2.4 AVILOO GmbH
8.2.5 CycloChrome
8.2.6 SUN Mobility
8.2.7 Midtronics, Inc.
8.2.8 Bosch Automotive Service Solutions Inc.
8.2.9 ENERSYS
8.2.10 Saft
8.3. Financial Performance
8.4. Product Benchmarking
8.5. Company Market Positioning
8.6. Company Market Share Analysis, 2022
8.7. Company Heat Map Analysis
8.8. Strategy Mapping
8.8.1. Expansion
8.8.2. Collaborations
8.8.3. Mergers & Acquisitions
8.8.4. New Product Launches
8.8.5. Partnerships
8.8.6. Others
For more information about this report visit https://www.researchandmarkets.com/r/h1oqa1
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