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

The global batteries market has witnessed robust growth in recent years, driven by various factors such as the proliferation of portable electronics, the surge in electric vehicle (EV) demand, renewable energy integration, and the expansion of energy storage systems. According to recent data, the market size is poised to reach $113.81 billion in 2024, with a notable compound annual growth rate (CAGR) of 9.5%. This upward trajectory is expected to continue, reaching $161.22 billion in 2028, fueled by key trends and innovations in the industry.

Electric Vehicle Demand Sparks Growth:

• Electric vehicles (EVs) emerge as a significant catalyst for the batteries market.
• In 2021, EV sales surged to 6.6 million globally, indicating a substantial increase.
• Companies such as Samsung SDI Co. Ltd., LG Chem Ltd., and TDK Corporation play a pivotal role in meeting the escalating demand.

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Focus on Product Innovations for Reliability:

• Major players in the market prioritize innovative products, notably EV batteries, to enhance reliability.
• Volkswagen, a prominent player, launched the Astroinno EV battery in May 2023, boasting a remarkable 1000 km range.
• The new battery showcases improved energy density and cost-effectiveness, catering to the evolving needs of the market.

Market Segmentation:

• The batteries market is segmented based on type, mode, and sales channel.
  • Type: Secondary Batteries, Primary Batteries
  • Mode: Online, Offline
  • Sales Channel: OEM, Aftermarket

Regional Dominance – Asia-Pacific:

• In 2023, Asia-Pacific emerged as the largest region in the batteries market.
• The region’s dominance is attributed to factors such as the strong presence of key market players, rising consumer demand, and technological advancements.
• Companies in the region, including BYD Electronic Company Limited and GS Yuasa Corporation, contribute significantly to market growth.

Future Growth Drivers and Trends:

• The batteries market is expected to witness sustained growth, reaching $161.22 billion by 2028, with a CAGR of 9.1%.
• Key drivers include the ongoing energy transition, advancements in miniaturization and IoT, increased research and development initiatives, and upgrades to electric grids.
• Noteworthy trends encompass electrification and lightweighting, integration of advanced materials, additive manufacturing, digitalization and connectivity, and collaboration through partnerships.

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The Batteries Global Market Report 2023  provides an overview of the batteries market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The batteries market forecast analyzes batteries market size, batteries market share, leading competitor and their market positions.

The Table Of Content For The Batteries Market Include:
1. Batteries Market Executive Summary
2. Batteries Market Segments
3. Batteries Market Size And Batteries Market Growth Rate
4. Key Batteries Market Trends
5. Major Batteries Market Drivers
……
25. Key Mergers And Acquisitions In The Batteries Market
26. Top Batteries Companies
27. Batteries Market Opportunities And Strategies
28. Batteries Market, Conclusions And Recommendations
29. Appendix

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