Battery Market Overview
The value was USD 117.44 billion in 2021 in the global battery market size and is expected to rise at a CAGR of 11.10% from 2023 to 2030.
The market growth is assigned to high demand from the automotive application. This application includes rechargeable batteries and electric vehicles. On a global perimeter, the increase in the popularity of consumer electronics is estimated to result in the usage of lithium-ion batteries as a product type over the estimated period.
The rising demand for portable electronics that includes LCD displays, smartphones, tablets, and any other wearable devices such as fitness bands are boosting the market growth. The market is estimated to have considerable growth on account of technological advancement in terms of enhanced efficiency, product innovation and cost-effectiveness.
The global pandemic covid-19 has given the world dynamics a shape economically, socially, politically, and geographically. People were instructed to follow guidelines to act accordingly while buying and using the basics of daily lives.
The automotive industry faced the consequence of the ongoing pandemic due to lockdown, and there was no transport movement without any proper regulation. The battery industry suffered a very negative impact as the industry is majorly concentrated in China, from where the virus was originated. The sales of lithium-ion batteries faced immense downfall during this period by 8.5%. The supply and demand faced a drastic shift due to reduced import-export of the raw materials.
Market segmentation
The battery market is segmented into the following components:-
Regional analysis
Industry news
Post articles and opinions on Professionals UK
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.
