Batteries play a vital role in powering various consumer electronic devices such as smartphones, tablets, laptops, and wearable devices. They provide a portable source of electric power and long battery life helps consumers utilize devices for extended durations without recharging. Lithium-ion batteries are increasingly being used as they have high energy density, no memory effect, and low self-discharge. The global Battery Market is estimated to be valued at US$ 192.47 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The demand for batteries is expected to grow significantly during the forecast period, driven by rising demand for energy-efficient devices. Battery-powered devices are increasingly replacing conventional devices due to advantages such as portability and flexibility. Growing sales of electric vehicles is another major factor augmenting the battery market. Various government policies promoting electric vehicles to reduce vehicular emissions will further support the growth of the battery market during the forecast period. Technological advancements in battery technologies aimed at improving battery life and safety are also boosting the battery market.

Segment Analysis

The global battery market is dominated by lithium-ion batteries which accounted for over 40% share in 2020 due to their high energy density and longer lifespan than lead-acid batteries. Rising adoption of electric vehicles and increasing use of consumer electronics are major factors boosting demand for lithium-ion batteries. Lead-acid batteries remain the second largest segment owing to their widespread use in automotive starting, lighting and ignition applications as well as for backup power supplies due to the affordable costs. However, their market share is expected to decline gradually with the growing popularity of high-powered alternatives.

Key Takeaways

The Global Battery Market Share is expected to witness high growth over the forecast period to reach a value of US$ 192.47 Bn by 2024 as countries worldwide ramp up investments to accelerate electric mobility transition and the deployment of renewable energy.

Regional analysis: Asia Pacific currently dominates the global battery market with a share of over 40% in 2024 due to the large EV and electronics manufacturing bases in China, South Korea and Japan. Countries like China and India are expected to drive the region's market growth at a rapid pace during the forecast period supported by strong government initiatives to boost green transportation and domestic battery cell production.

Key players: Key players operating in the battery market are DSM, CP Kelco, H & A Canada Inc., Nanjing Joyfulchem Co., Ltd., Dancheng Caixin Sugar Industry Co. Ltd., Zhengzhou Cinogel Biotech Co., Ltd., Hangzhou Gellan Solutions Biotec Co., Ltd., DuPont, Hebei Xinhe Biochemical Co. Ltd, and Nutricorn Co., Limited. These companies are focusing on partnerships, mergers and acquisitions to augment their manufacturing capacities and gain access to new technologies that enable production of advanced battery chemistries.

Get More Insights Here

https://coolbio.org/ventricular-assist-devices-providing-hope-for-heart-failure-patients/

https://www.newsanalyticspro.com/battery-market-size-share-growth-outlook-2023/