NEWARK, Del, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global battery technology market is likely to secure a valuation of US$ 113.5 billion in 2024, with a CAGR of 8.2% during the forecast period. The global market is expected to surpass US$ 250 billion by 2034.
Focus on consumer requirements and minimizing the necessity of critical minerals is gaining traction among the manufacturers. Moreover, developing an intelligent solution to reduce carbon footprint drives its adoption globally. For instance, Stellantis, an Amsterdam-based provider of innovative mobility solutions, signed an agreement with CATL in 2023. Under the agreement, CATL will source LPA battery cells and modules for its electric vehicles.
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Advancements in medical instruments and wearable devices to monitor patients' health have increased the demand for battery technology. Similarly, electronic toys and consumer goods like smartbands are widely expanding the adoption of battery technology.
Manufacturers integrate advanced technologies to enhance work efficiency with better charging solutions, driving market growth. Focus on green solutions, eco-friendly devices, and recyclable approaches are gaining vast market revenue to reduce carbon footprints. Strategic plans for developing intelligent wearable technologies that can convert solar energy into power create opportunities for market players.
Key manufacturers are bringing new technologies to increase global market revenue through their improved product portfolio. Increasing consumer demand for reliable, fast, and energy-efficient devices is raising the adoption of battery technology. Manufacturers are making crucial and valuable products integrating primary and secondary battery technologies, which are booming market revenue.
"Rising wireless devices in transportation and healthcare are crucial in boosting the global market. Technology-based companies are researching ambient energy harvesting and sensing solutions for wireless devices. These breakthroughs in wearable and touchable devices will change the face of battery technology," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Key Takeaways:
- The battery technology market is registering a CAGR of 8.2% between 2024 and 2034.
- The United States is expected to register a CAGR of 8.3% by dominating the global market by 2034.
- Japan is anticipated to capture a CAGR of 3.1% of the global market during the forecast period.
- South Korea is anticipated to register a CAGR of 8.4% in the global market by 2034.
- China significantly drives the global market with a CAGR of 8.5%.
- With a CAGR of 8.7%, the United Kingdom is rapidly advancing globally.
- The automotive category is estimated to lead the global market during the forecast period.
Competitive Landscape
Due to growing consumer demand, key players are adopting various marketing methodologies to bring new product launches. These key players are creating realistic touch sensations that can monitor vibration and motions. Moreover, manufacturers offer a wide range of products integrating innovative battery technology with non-invasive sensors. They are developing sustainable and recyclable products to reduce carbon emissions.
Key Players in the Battery Technology Market
- Exide Corp.
- Hitachi Limited
- SAMSUNG SDI CO. LTD
- Sony Corp
- Google Inc
- General Electric Co.
- Honda Inc.
- Honeywell Batteries
- China Bak Battery, Inc
- Fujitsu Ltd
- American Battery Charging Inc
Report Scope as per Battery Technology Market Analysis
| Attribute | Details |
| Forecast Period | 2019 to 2023 |
| Historical Data Available for | 2024 to 2034 |
| Market Analysis | US$ billion for Value |
| Key Regions Covered | North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, United Kingdom, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, South Africa and North Africa |
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Key Segments Covered in Battery Technology Market
By Battery Type:
- Lead Acid
- Lithium-ion
- Nickle Cadmium
- Nickle Metal Hydride
- Others
By Application:
- Automotive Industry
- Consumer Electronics
- Power Industry
- Defense & Aviation
- Residential & Commercial Industry
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain
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Automotive Battery Management System Industry is expected to record a CAGR of 25.6% during the forecast period.
Battery Management Systems In Western Europe are estimated to rise at an astounding 17.4% CAGR through 2033.
Battery Management System In Japan are expected to demonstrate a remarkable CAGR of 24.2%, reaching a substantial value of US$ 5,577.6 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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