Battery Technology Market is Projected To Reach USD 119320 Million By 2028, At A CAGR of 7.8% | Valuates Reports

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BANGALORE, India, Dec. 21, 2022 /PRNewswire/ -- Battery Technology Market is segmented by Type - Lead Acid Batteries, Lithium Ion Batteries, Nickel Metal Hydride Batteries, by Application - Passenger Vehicles, Commercial Vehicles, Industrial Vehicles, Other. Global Opportunity Analysis and Industry Forecast, 2023 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.

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Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Battery Technology market is projected to reach USD 119320 million by 2028 from an estimated USD 76030 million in 2022, at a CAGR of 7.8% during 2023 and 2028.

Major Factors Driving The Growth Of The Battery Technology Market

The Battery Technology market is expanding as a result of the growing use of batteries in electric and hybrid vehicles, as well as the increasing installation of different types of batteries in the utility sector.

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TRENDS INFLUENCING THE GROWTH OF BATTERY TECHNOLOGY MARKET

Currently, lithium-ion and lithium-iron phosphate (or LFP) batteries predominate in the EV battery market. Regarding range, the cost of raw materials, and other factors, they have benefits and drawbacks. Both lithium-ion and LFP batteries are used by Tesla (TSLA). The up-and-coming rival BYD (BYDDF) makes use of an advanced LFP battery. The development of more affordable, dense, and lightweight batteries is a major focus for both battery manufacturers and automobiles. The range of new technologies is wide. Some people tweak outdated battery chemistries to provide slight improvements. Others modify the battery form factor or the battery assembly to achieve appreciable cost or performance reductions. This factor is expected to drive the growth of the Battery Technology market.

An electrified powertrain requires batteries as energy storage components inside the vehicle. To meet the demands and expectations of the end-user experience of an electrified vehicle, batteries supporting functional differentiation must be provided to the assembly line in a commercially appealing, durable, and dependable manner. The need for batteries in automobiles is now even higher. This will further drive the growth of the Battery Technology market.

Due to their ease of recycling, lead-acid and nickel-cadmium batteries are greatly favored in transportation, particularly in passenger cars, light commercial vehicles, heavy commercial vehicles, forklifts, and aircraft. In order to maintain communication, control, signaling, and passenger safety, the transportation vertical needs a dependable power source. Batteries made of nickel-cadmium are best suited for long-lasting, dependable performance in a wide range of temperatures.

The renewable energy sector has a large demand for battery technologies. Therefore, it is anticipated that there will be a great need for battery technology in the years to come due to the increasingly corporate and governmental initiatives to switch to different renewable energy sources. The different automation devices and various battery-operated equipment in the industries use battery technology. As a result, it is anticipated that increasing battery technology adoption across numerous industries will considerably fuel the growth of the worldwide battery technology market.

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BATTERY TECHNOLOGY MARKET SHARE ANALYSIS

Johnson Controls, Chaowei Power, GS Yuasa, and other major companies are significant players in the global battery technology market. A share of around 25% is held by the top three producers globally.

North America and Europe both have market shares of roughly 45%, with Asia Pacific having the largest market share of about 50%. Leading producers of electric vehicles may be found in nations like South Korea, Japan, and China, which has contributed to this expansion. The world's largest producer of electric vehicles is known to be China. Furthermore, due to the expanding government measures to encourage the adoption of electric vehicles, the demand for electric vehicles is already quite high in China and is growing quickly in other emerging regions.

With a market share of about 55%, lead-acid batteries are the most prevalent product category. Lead acid batteries are becoming more popular due to their lower cost and a higher level of safety as compared to lithium-ion batteries.

Passenger vehicles are the most widely used type of vehicle, followed by commercial and industrial vehicles, etc.

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key players

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- In 2020, the global Power Semiconductor market size was USD 43750 million and it is expected to reach USD 62800 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period 2021-2027.

- The global Ceramic Capacitor market size is estimated to be worth USD 14660 million in 2022 and is forecast to be a readjusted size of USD 23790 million by 2028 with a CAGR of 8.4% during the review period.

- The global Industrial IoT (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.

- The global structured cabling market size was valued at USD 10.62 billion in 2020 and is projected to reach USD 20.88 billion by 2030 growing at a CAGR of 7.4% from 2021 to 2030.

- The global Chip Mounter market size is estimated to be worth USD 4387.1 million in 2022 and is projected to reach USD 5531.9 million by 2028 with a CAGR of 3.9% during the review period.

- The global Multilayer Ceramic Capacitor market size is estimated to be worth USD 9314.5 million in 2022 and is forecast to be a readjusted size of USD 10870 million by 2028 with a CAGR of 2.6% during the forecast period.

- The global lithium-ion battery market was valued at USD 36.7 billion in 2019 and is projected to hit USD 129.3 billion by 2027 at a CAGR of 18.0% from 2020 to 2027.

- In 2020, the global Electric Vehicle Battery Pack market size was USD 37360 million and it is expected to reach USD 230700 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period 2021-2027.

- The global Electric Vehicle Battery Recycling market size is projected to reach USD 2426.4 million by 2028, from USD 1176.3 million in 2021, at a CAGR of 10.8% during 2022-2028.

- In 2020, the global 18650 Lithium Battery market size was USD 6346.1 million and it is expected to reach USD 7091.9 million by the end of 2027, with a CAGR of 1.6% during 2021-2027.

- The global Lithium-Ion Battery Separator market size is estimated to be worth USD 3808.9 million in 2022 and is forecast to be a readjusted size of USD 6565.8 million by 2028 with a CAGR of 9.5% during the review period.

- The global graphene battery market size was valued at USD 48.8 million in 2019 and is projected to reach USD 398.6 million by 2027, to register a CAGR of 31.2% during the forecast period.

- The global Zinc-Air Batteries market size is estimated to be worth USD 418.9 million in 2022 and is forecast to a readjusted size of USD 607.8 million by 2028 with a CAGR of 6.4% during the review period.

- The global Lithium-ion Battery Recycling market size is projected to reach USD 24930 million by 2028, from USD 2543 million in 2021, at a CAGR of 38.1% during 2022-2028.

- In 2020, the global Battery Separator market size was USD 8218.6 million and it is expected to reach USD 18940 million by the end of 2027, with a Compound Annual Growth Rate (CAGR) of 12.7% during 2021-2027.

- The global marine battery market size was valued at USD 0.37 billion in 2021 and is projected to reach USD 1.99 billion in 2030 growing at a CAGR of 20.5%.

- The global lithium-iron phosphate batteries market size was valued at D5.6 billion in 2020, and the lithium-iron phosphate batteries market is forecast to reach D9.9 billion by 2030 at a CAGR of 5.9% from 2021 to 2030.

- The global lead–acid battery market size was valued at USD 39.7 billion in 2018, and is projected to reach USD 59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.

- The global Military Battery market size is estimated to be worth USD 2113 million in 2022 and is forecast to a readjusted size of USD 2751.7 million by 2028 with a CAGR of 4.5% during the review period.

- Industrial Batteries market size is estimated to be worth USD 6229.2 million in 2022 and is forecast to be a readjusted size of USD 8065.5 million by 2028 with a CAGR of 4.4% during the review period.

- The global E-waste Recycling market size is estimated to be worth USD 17260 million in 2022 and is projected to reach USD 27240 million by 2028 with a CAGR of 7.9% during the review period.

- The global thermal management market size is projected to reach USD 78300 million by 2028 from USD 60120 million in 2021 at a CAGR of 3.8% during 2022-2028.

- The global Thermal Energy Storage (TES) market size is projected to reach USD 6019.7 million by 2028, from USD 3817.1 million in 2021, at a CAGR of 6.3% during 2022-2028

- The global Battery Management System (BMS) market was valued at USD 4862 million in 2020 and it is expected to reach USD 30680 million by the end of 2027, growing at a CAGR of 30.1% during 2021-2027.

- The global electric vehicle market was valued at USD 63.01 billion in 2020 and is projected to reach USD 823.75 billion by 2030, registering a CAGR of 18.2% from 2021 to 2030

- The global Electric Commercial Vehicle market size is projected to reach USD 178560 million by 2027, from USD 101270 million in 2020, at a CAGR of 8.3% during 2021-2027.

- The global evtol aircraft market size was valued at USD 45310 million in 2020 and is expected to reach USD 97370 million by the end of 2027 with a CAGR of 11.1% during 2021-2027.

- The global EV Charging Cables market is estimated to be worth USD 618.4 million in 2022 and is forecast to a readjusted size of USD 3672.2 million by 2028 with a CAGR of 34.6% during the review period.

- The global more electric aircraft market valued USD 1,809.20 million in 2019, and is projected to reach usd 4,612.69 million in 2027, registering a CAGR of 15.5%.

- The global Electric Aircraft market size is projected to reach USD 9566 million by 2027, from USD 6753.8 million in 2020, at a CAGR of 4.6% during 2021-2027.

- The global electric motor market size was valued at USD 106.3 billion in 2020 and is expected to reach USD 207.3 billion by 2030, with a CAGR of 6.7% from 2021 to 2030.

- The global connector market was valued at USD 62.3 billion in 2020 and is projected to reach USD 114.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.

- Solid State Battery Market size is projected to reach USD 13680 Million by 2026, from USD 1172.4 Million in 2020, at a CAGR of 50.6% during the forecast period 2021-2026.

- Seawater Battery market size was USD 2 million and it is expected to reach USD 26 million by the end of 2027, with a CAGR of 35.8% during 2021-2027.

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