Dublin, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The "Battery Cyclers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Channel Type, Battery Type and End User" report has been added to ResearchAndMarkets.com's offering.
The battery cyclers market size is expected to grow from US$ 208.14 million in 2022 to US$ 298.20 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2022 to 2028.
The popularity of electric vehicles (EVs) has significantly grown in recent years with the continuous maturation of the technology.
Furthermore, increasing concerns about car emissions across the globe coupled with the rise in depletion rate of nonrenewable energy resources have prompted government bodies across both developed and developing countries to invest in the expansion of electric vehicle manufacturing.
European countries are among the early adopters of electric mobility. According to the European Environment Agency, in 2020, electric vehicles accounted for 11% [6% battery electric vehicles (BEVs) and 5% plug-in hybrid electric vehicles (PHEVs)] of the newly registered passenger cars.
The global production and sales of electric vehicles are increasing rapidly owing to favorable legislative measures such as subsidies and tax breaks for both manufacturers and consumers in different countries across regions such as North America, Europe, and Asia Pacific. These factors are thereby driving the manufacturers to increase their electric vehicle production, thus boosting the growth of the global battery cyclers market growth.
Many countries, including Canada, have set objectives for reducing vehicle emission levels. They have begun promoting the production and marketing of electric vehicles and related charging infrastructure. Norway and Germany are heavily investing in electric vehicle sales promotion.
The UAE, China, India, Saudi Arabia, Chile, Brazil, and Russia are making contractual alliances to ramp up electric car production within their territories. Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands, and Norway also experienced a surge in electric car registration amid the COVID-19 pandemic.
According to IEA, about 3 million new electric cars were registered in 2020 across the globe. Europe led the electric car registrations with 1.4 million new electric car registrations, while China and the US followed with 1.2 million and 295,000 registrations, respectively. Such a surge in the production and use of electric vehicles is bolstering the growth of the battery cyclers market.
Canada accounted for the second-largest North American battery cyclers market share in 2021. The country houses many manufacturing plants within its boundaries. The continuously growing number of manufacturing facilities over the years in the country will showcase the rise in battery-powered devices, which will further fuel the growth of the battery cyclers market.
Additionally, the country also witnesses imprints of companies offering battery cyclers. Similarly, in August 2023, Volkswagen and Mercedes-Benz, US and German-based legacy automakers, sealed agreements with the Canadian government to acquire raw materials for EV battery manufacturing at their US-based facilities. However, the production of electric vehicles, buses, and trucks is in its initial stages in Canada as the country is an exporter of raw materials.
Further, Canada is a part of a few of the world's largest and most significant automotive markets because of NAFTA and the free trade agreement of the country with the EU, which will directly impact the production of batteries, thereby stimulating the growth of the battery cyclers market.
Asia Pacific is expected to register the highest CAGR in the battery cyclers market during the forecast period. Based on country, the Asia Pacific battery cyclers market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, India is expected to be accounted for the second-largest battery cyclers market share in Asia Pacific.
India has planned to provide US$ 4.6 billion by 2030 in incentives to businesses, which are likely to set up an innovative battery manufacturing facility since it seeks to promote the use of electric vehicles. An increase in electric vehicles is growing in India. Electric vehicles give zero tailpipe emissions while lowering air pollution in the environment; as a result, the sales of electric vehicles have increased.
For instance, in August 2022, the Ministry of Heavy Industries signed contracts with Ola Electric, Reliance New Energy Ltd, and Rajesh Exports under the Production-Linked Incentive (PLI) Scheme for advanced cell chemistry (ACC) battery manufacturing.
This will boost the production of batteries, which will encourage the manufacturers of battery cyclers to test their lifecycle and other aspects. Further, India is a hub for large consumer electronics manufacturing units, which is boosting the production of different electronic components, such as batteries. With the growing manufacturing of batteries, the growth of battery cyclers will rise.
BioLogic Sciences Instruments; Unico, LLC; Bitrode Corporation; Chroma Systems Solutions, Inc; HIOKI E.E. CORPORATION; Arbin Instruments; DIGATRON; PEC; Xiamen Tmax Battery Equipments Limited; and Gamry Instruments are among the leading battery cyclers market players.
| Report Attribute | Details |
| No. of Pages | 159 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $208.14 Million |
| Forecasted Market Value (USD) by 2028 | $298.2 Million |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Key Market Dynamics
Market Drivers
- Increasing Production and Use of Electric Vehicles
- Government Initiatives for Development of Efficient Battery Cyclers
Market Restraints
- Limited Reliability of Battery Testing
Market Opportunities
- Technological Advancements in Battery Cyclers
Trends
- Increasing Adoption of Battery Cyclers in Healthcare Sector
Company Profiles
- BioLogic Sciences Instruments
- Unico, LLC
- Bitrode Corporation
- Chroma Systems Solutions, Inc
- HIOKI E.E. CORPORATION
- Arbin Instruments
- DIGATRON
- PEC
- Xiamen Tmax Battery Equipments Limited
- Gamry Instruments
For more information about this report visit https://www.researchandmarkets.com/r/vrvw57
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