Estimated Growth Potential Of The Batteries Market 2023-2032 – Includes Batteries Market Size
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s “Batteries Global Market Report 2023,” the global batteries market is poised to expand from $93.71 billion in 2022 to $103.87 billion in 2023, marking a compound annual growth rate (CAGR) of 10.8%. Furthermore, the batteries industry is projected to reach $153.86 billion in 2027, experiencing a CAGR of 10.3%.
Asia-Pacific held the largest batteries market share, and Western Europe was the fastest-growing region in 2022.
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The global batteries market is segmented –
1) By Type: Secondary Batteries, Primary Batteries
2) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications
3) By Sales Channel: OEM, Aftermarket
4) By Mode: Online, Offline
Subsegments Covered: Lead Acid, Lithium-Ion (Li-Ion), Nickel-Cadmium (Ni-Cd), Nickel Metal Hydride, Other Secondary Batteries, Alkaline Primary Batteries, Lithium Primary Batteries, Other Primary Batteries
Batteries Market Prominent Players
Major players in the batteries market are Samsung SDI, LG Chem Ltd., BYD Electronic (International) Co Ltd., TDK Corp, Panasonic Corporation, Chaowei Power Holdings Ltd., GS Yuasa, Brookfield Asset Management, SK Holdings and Berkshire Hathaway Inc.
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Prominent Batteries Market Trend
Flow batteries are rising in importance owing to their lower energy density compared to typical lithium-ion batteries. These rechargeable batteries derive chemical energy from two dissolved chemical components in liquid form within a system, effectively doubling maximum voltage and offering substantial renewable power storage capacity. Their key advantage lies in supplying extensive energy to the electric grid, surpassing traditional batteries. Major flow battery manufacturers include Sumitomo Electric Industries, UniEnergy Technologies, Dalian Rongke Power, and Gildemeister.
The Batteries Global Market Report 2023 provides comprehensive insights on the batteries market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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