Global Battery Technology Market
Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The "Global Battery Technology Market by Lithium-ion Type (Lithium Cobalt Oxide, Li-Iron Phosphate), Lead-Acid Type (Flooded, Valve Regulated), Nickel Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global battery technology market size is expected to grow from USD 95.7 billion in 2022 to USD 136.6 billion by 2027, at a CAGR of 7.4%. The key factors driving the growth of the battery technology market are surging demand for batteries from the renewable energy industry and utility sector and rising development in smart electronic devices.
Automotive segment to exhibit the highest CAGR during the forecast period
The automotive segment is expected to record the highest CAGR in the battery technology market. The growing environmental concerns and awareness about clean and sustainable fuel are fueling the adoption of EVs, resulting in high demand for battery technology. Lithium-ion batteries are the most suitable energy storage devices for powering electric vehicles due to their high energy density and long life.
Asia Pacific is expected to capture the largest market growth rate during the forecast period
The countries in Asia Pacific are moving toward green energy and therefore are focusing on developing an ecosystem to manufacture batteries in respective countries. The region has become an attractive automotive market, emerging as a hub for automobile production in recent years. Recent infrastructure developments and industrialization activities in emerging countries have opened new avenues and opportunities for OEMs. The increasing purchasing power of the population has stimulated the demand for consumer electronics and automobiles, thereby generating demand for batteries.
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Increasing Demand for Electric and Hybrid Electric Vehicles
Growing Adoption of Battery Technology in the Renewable Energy Industry
Rising Demand for Battery-Operated Material-Handling Equipment and Automation in Various Industries
Increasing Installation of Batteries in the Utility Sector
Increasing Advancements in Smart Electronic Devices
Rising Concern Regarding Storage and Transportation of Spent Batteries
Rising Requirement for Advanced Batteries in Data Centers
Developments in Wearable Devices
Increasing Research and Development for Advancements in Batteries
High Cost of Battery-Operated Industrial Vehicles
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Battery Technology Market, by Control Technology
7 Battery Technology Market, by Technology Type
8 Battery Technology Market, by Vertical
9 Battery Technology Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent and Related Markets
Amperex Technology Limited
Bak Power Battery Co. Ltd.
Byd Company Ltd.
Chaowei Power Holdings Limited
Contemporary Amperex Technology Co. Ltd.
East Penn Manufacturing
Gs Yuasa International Ltd.
Hbl Power Systems Limited
Panasonic Holdings Corporation
Power Sonic Corporation
Samsung Sdi Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/lnvf69
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