The sodium-ion battery breakthrough is revolutionizing the battery technology market, paving the way for advancements in energy storage solutions. FMI's comprehensive report delves into the key drivers and restraints shaping the market while highlighting the top companies and their competitive landscape.
Battery Technology Market Forecast by Lead-acid and Lithium-ion Battery, Global Growth Opportunities and Revenue Forecast from 2024 to 2034.
NEWARK, Del., Nov. 27, 2023 /PRNewswire/ -- 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.
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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.
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.).
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 | ||||
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Key Market Segments Covered |
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Key Companies Profiled |
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Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!
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.
Key Players in the Battery Technology Market
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.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
About the Autor:
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.
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