Rising Adoption Of Electric Vehicles To Shape The Future Of Battery Market
The Battery Market is estimated to be valued at US$ 119.99 Bn or bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Batteries are essential components used in various applications ranging from consumer electronics to electric vehicles. They are rechargeable energy storage devices that convert chemical energy into electrical energy.
Market Dynamics:
The battery market is driven by factors such as rising demand for electric vehicles worldwide and advancements in battery technologies. Global sales of electric vehicles surged by 40% in 2021 as compared to 2020. Countries are promoting electric vehicles to reduce emissions from transportation. Furthermore, manufacturers are investing heavily in developing high-density lithium-ion batteries with longer lives and faster charging capabilities to enhance the electric vehicle driving range and experience. These factors are expected to fuel the demand for batteries during the forecast period.
Market key trends:
The global battery market is witnessing rapid growth owing to increasing demand for high capacity batteries from electric vehicles and electronics sectors. Lithium-ion batteries have emerged as the most promising chemical system owing to their high energy density, lightweight, and longer lifespan. Major battery producers are heavily investing in improving the energy density and lifespan of lithium-ion batteries in order to power electric vehicles over longer ranges. Advanced technologies like solid-state batteries are also gaining traction globally as they promise higher energy density compared to conventional lithium-ion batteries.
SWOT Analysis:
Strength: High demand for batteries from burgeoning electric mobility and consumer electronics sectors.
Weakness: High dependency on key raw materials like lithium, cobalt whose prices are volatile.
Opportunity: Advancements in battery chemistries like solid-state batteries promise longer range and higher safety.
Threats: Increasing competition from local battery manufacturers in key markets like China.
Key Takeaways:
The Global Battery Market size was valued at USD 119.99 billion in 2021 and is expected to witness robust growth at a CAGR of 18% during 2023 to 2030. Rapid adoption of electric vehicles globally is a major factor driving the battery demand upwards.
Regionally, Asia Pacific dominated the global battery market in 2021 led by countries like China, Japan and South Korea. The region accounted for over 50% of global battery demand owing to presence of leading battery and EV manufacturers. Countries like China and South Korea are also the largest suppliers of battery components to the world.
Key players operating in the battery market are BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys. These players are focusing on capacity expansion, introduction of advanced chemistries and strategic partnerships to strengthen their positions in the high growth battery space.
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