Report Description Report Description and Highlights

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).