The size of the worldwide battery market was estimated at USD 119.99 billion in 2021, and from 2022 to 2030, it is predicted to increase at a compound annual growth rate (CAGR) of 18%. The market is expected to grow as a result of falling lithium-ion battery prices and increased demand from data centers. The market is segmented into lithium-ion and lead acid batteries, among other things, and the shortage of raw materials is expected to hamper growth. Africa, Asia Pacific, and many other regions are expected to drive the market.
The
global residential Battery Market is divided into
five geographical regions: North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa.
Over
the projection period, it is anticipated that the use of lithium-ion batteries
as a product type would increase due to the rising global popularity of
consumer devices. The market is expanding due to the high demand for portable
electronics including LCDs, smartphones, tablets, and wearable gadgets like
fitness bands. Due to technical developments that have improved efficiency,
cost-effectiveness, and product innovation, the Battery
Market is anticipated to have significant expansion.
Demand for batteries is anticipated to increase as a result of strict pollution
regulations set by government authorities in industrialized nations like the
United States and the United Kingdom and a rising focus on fuel efficiency.
The market for portable batteries has benefited from the presence of global industrial heavyweights in North America and Europe's automotive and energy sectors. The desire for electric vehicles has also been fueled by people's growing awareness of the environment and eco-friendly products. One of the main drivers propelling the market is the presence of Tesla, a leading manufacturer of electric vehicles, and its quick technological breakthroughs to make electric vehicles more pleasant and effective for consumers. A further factor boosting Battery Market expansion is the quickening development of portable electronic devices including smartphones, watches, smart glasses, smart bands, and basic medical equipment. Additionally, the expansion of investments in the creation of small-scale renewable energy sources necessitates the installation of effective energy storage systems in households.
Key Players
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 are just a few of the companies that make
up the energy sector.
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