Battery Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028

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Global Battery Market Research Report:

The latest report by IMARC, titled “ Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” finds that the global battery market size reached US$ 116.6 Billion in 2022. A battery is a power supply unit that consists of one or more cells to convert chemical energy into electrical energy. It acts as a primary or backup power supply device in transport, industrial, and commercial applications. A battery consists of various components, such as a cathode, an anode and an electrolyte, operated on an electromotive force principle. It functions as an energy storage technology that is used in events of blackouts, power shortages, or heavy electricity demand. A battery is also durable, cost-effective, safe, stable, lightweight, reliable, and portable, and is available in various shapes and sizes. Some common types of batteries include lead-acid, lithium-ion, nickel-metal hydride (NiMH), and nickel-cadmium (NiCD).

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Global Battery Market Trends :

The market is primarily driven by the expanding automotive industry. The growing environmental consciousness has resulted in the adoption of rechargeable electric vehicles like hybrid electric vehicles (HEVs) and electric vehicles (EVs) that make use of batteries. In addition, these batteries find applications in the machinery and maritime equipment, industrial automation system, maritime machinery, defense and aviation, electronic, oil and gas, and civil infrastructure industries, thus fueling the market growth. In recent years, the rising need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories are also propelling the demand for batteries. Besides this, the increasing popularity of consumer electronics, such as LCDs, smartphones, tablets, and wearable devices like fitness bands, are facilitating the market growth. Moreover, technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are also creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 197.8 Billion by 2028, exhibiting a CAGR of 8.8% during the forecast period (2023-2028).

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Type Insights:

• Primary Battery

• Secondary Market

Product Insights:

• Lithium-Ion

• Lead Acid

• Nickel Metal Hydride

• Nickel Cadmium

• Others

Application Insights:

• Automotive Batteries

• Industrial Batteries

• Portable Batteries

Regional Insights:

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• North America

• United States

• Canada

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

• Europe

• Germany

• France

• United Kingdom

• Italy

• Spain

• Russia

• Others

• Latin America

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• Brazil

• Mexico

• Others

• Middle East and Africa

Note: We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report.

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Competitive Landscape with Key Players:

BYD Motors Inc.

Contemporary Amperex Technology Co. Ltd.

Envision AESC Group Ltd.

GS Yuasa International Ltd.

Johnson Controls

Panasonic Holdings Corporation

Robert Bosch GmbH

Saft (Total Energies SE)

Samsung SDI Co. Ltd.

Tesla Inc.

• and Toshiba Corporation

View Full Report with TOC & List of Figure: https://www.imarcgroup.com/battery-market

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