DUBLIN--(BUSINESS WIRE)--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.
Market Dynamics
Drivers
- 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
Restraints
- Rising Concern Regarding Storage and Transportation of Spent Batteries
Opportunities
- Rising Requirement for Advanced Batteries in Data Centers
- Developments in Wearable Devices
- Increasing Research and Development for Advancements in Batteries
Challenges
- High Cost of Battery-Operated Industrial Vehicles
Key Topics Covered:
1 Introduction
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
13 Appendix
Companies Mentioned
- Amperex Technology Limited
- Bak Power Battery Co. Ltd.
- Byd Company Ltd.
- Chaowei Power Holdings Limited
- Clarios
- Contemporary Amperex Technology Co. Ltd.
- Duracell
- East Penn Manufacturing
- Enerdel, Inc.
- Energizer Holdings
- Enersys
- Exide Industries
- Exide Technologies
- Gs Yuasa International Ltd.
- Hbl Power Systems Limited
- Hitachi Ltd.
- LG Chem
- Lithiumwerks
- Panasonic Holdings Corporation
- Power Sonic Corporation
- Saft
- Samsung Sdi Co. Ltd.
- Tesla, Inc.
- Toshiba Corporation
- Varta AG
For more information about this report visit https://www.researchandmarkets.com/r/1iktu7
