Published on: July 23, 2024
The battery market is expected to grow at a CAGR of 17.22% between 2022 and 2027, increasing by USD 229.86 billion. This market is driven by factors such as the shift in the automotive industry to EVs, the increase in demand for rechargeable batteries, and the augmented demand from consumer electronics. The growing adoption of renewable energy and advancements in energy storage systems (ESS) are also driving demand in the global battery market.
The battery market covers a wide variety of batteries, including lithium-ion batteries, lead-acid batteries, and specialized batteries for industrial, automotive, stationary, and portable applications.
Nickel hydrogen batteries are primarily used in aerospace and satellite applications due to their high energy density, reliability, and long cycle life. They are preferred for missions requiring long-duration energy storage and reliability in extreme conditions. They are also used as backup power solutions for telecommunications infrastructure, providing reliable power during grid outages.
Increasing satellite launches for communication, Earth observation, and scientific research are driving demand for nickel hydrogen batteries. Ongoing research and development efforts focus on improving energy density, reducing weight, and enhancing the performance characteristics of these batteries.
This report consists of a comprehensive analysis including market size, forecast, drivers, trends, competitive landscape, and other key industry dynamics.
The global Automotive Battery Packs market is experiencing robust growth and is expected to continue expanding significantly over the forecast period. This growth is driven by the increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) worldwide.
Increasing adoption of electric vehicles, advancements in battery technology, supportive government policies, growing consumer awareness of environmental issues, and expanding charging infrastructure are driving market growth.
This report consists of a comprehensive analysis including market size, forecast, drivers, trends, competitive landscape, and other key industry dynamics.
Lithium-sulfur batteries (Li-S) are emerging as a promising alternative to conventional lithium-ion batteries due to their potential for higher energy density and lower cost, making the automotive lithium-sulfur battery market a promising one.
Advancements in electrolyte compositions, anode and cathode designs, and sulfur cathode materials are driving improvements in safety performance and overall battery performance. Collaboration between academia, battery manufacturers, and automakers is essential to accelerate the commercialization of lithium-sulfur battery technology.
This report consists of a comprehensive analysis including market size, forecast, drivers, trends, competitive landscape, and other key industry dynamics.
Several trends are shaping the battery market, including the transition towards lithium-ion battery technology, the emergence of electric vehicles (EVs) and hybrid electric vehicles (HEVs), and the increasing focus on renewable energy sources. Additionally, advancements in battery chemistry, such as lithium-ion phosphate batteries and Lithium-titanate-oxide (LTO), are driving innovation in the industry.
Key drivers of the battery market include the increasing demand for electric vehicles (EVs) and energy storage systems in applications such as grid storage and renewable energy integration. Favorable regulations promoting the adoption of electric vehicles, coupled with government incentives and subsidies, are also fueling market growth.
The battery market faces challenges such as supply chain disruptions, raw material shortages, and environmental concerns related to battery disposal and recycling. There is also intense competition among battery manufacturers, making it harder to stand out in the global market.
APAC is projected to account for 48% of the global market by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for batteries is expected to increase in APAC owing to the decreasing cost of Li-ion batteries. India is expected to aggressively increase domestic production of batteries to help meet rising demand. The increasing smartphone adoption rates have made APAC one of the largest mobile markets in the world, with more than half of the world's mobile subscribers residing in the region, mostly in China and India.
Technavio's battery industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our battery industry reports include:
In order to provide you with a comprehensive view of the battery industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the battery industry with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the battery industry is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
LinkedIn
Facebook 
Twitter
Email
Reddit
Tumblr
Quora
Pinterest
WhatsApp