Global Battery Market: Regional & Strategic Developments

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Global Battery Market Regional Strategic
Developments By Shruti Vanjare The increasing
popularity of consumer electronics, including
smartphones, tablets, and LCDs, on a global
scale, is mainly accredited to the rise in
internet penetration and the growing disposable
income. In this regard, according to statistics,
the total revenue of the global consumer
electronics market is likely to reach 1135.72
billion by 2026, from 1085.8 billion in 2021.
Subsequently, this factor is set to fuel the need
for high-capacity batteries, such as lithium-ion,
thus augmenting the battery market,
globally. According to Inkwood Researchs
estimations, the global battery market is
expected to grow with a CAGR of 16.68 during the
forecast period of 2022 to 2030. The markets
notable growth is attributed to the incentives
for electric vehicle manufacturing as well as the
declining prices of batteries. For instance,
according to industry data, the prices of
batteries have depreciated by approximately 97
since 1991. Hence, the reduction in battery
prices is expected to bolster its demand and
adoption across various industries, thus
promoting market growth over the upcoming years.
Regional Trends to Strengthen Global Markets
Growth Trajectory Significant investments by key
players in battery technologies across the globe
are expected to have a positive impact on the
market growth during the forecast period. For
instance, in 2022, the United Kingdom start-up,
Britishvolt, gained new investments worth 50.17
million from Glencore for constructing a
large-scale battery factory in the country.
Consequently, this factor is integral to the
markets growth in Europe.
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• On the other hand, while North America remains
  one of the largest consumers of different types
  of batteries, the surging adoption of electric
  vehicles in the Asia-Pacific further contributes
  to the global markets growth.
• Asia-Pacific to Lead the Market with a 17.68
  CAGR
• The increasing demand for electric vehicles is a
  major driving factor facilitating the growth of
  the Asia-Pacific battery market during the
  forecast years. In this regard, China leads the
  global sales of electric vehicles, with about 2.9
  million battery electric vehicles sold in the
  country in 2021. Besides, this figure also
  denotes a substantial increase of 162 compared
  to 2020.
• The growth of the automotive industry, especially
  in developing nations such as India and Japan,
  further contributes to the adoption of electric
  vehicles in the region. Since a wide range of
  batteries is utilized in hybrid electric vehicles
  as well as electric vehicles, automotive
  batteries is set to be the fastest-growing
  application during the forecast period.
• Moreover, Barrel Energy signed a memorandum of
  understanding with Roshan Energy Technologies for
  developing and manufacturing lithium-ion
  batteries in India. Hence, such joint ventures
  and collaborations play an essential role in
  positioning lithium-ion battery, under the
  technology category, as the fastest-growing and
  dominating segment.
• North America to Dominate the Market by 2030
• North America continues to remain one of the
  largest consumers of various types of batteries,
  acquiring a revenue share of 91.26 in 2021.
  Moreover, the integration of renewables with
  energy storage is set to present lucrative growth
  opportunities for the North America battery
  market over the upcoming forecast years.
• In this regard, the United States, capturing the
  highest revenue share in North America, has
  undertaken considerable measures and investments
  to boost the production of advanced batteries.
  For instance, the United States Department of
  Energy issued notices of intent to provide an
  amount worth 2.91 billion for the expansion of
  energy industries, including energy storage and
  electric vehicles.
• Likewise, in 2021, the government of the United
  States announced to offer funding worth
• 209 million for 26 new laboratory research
  projects pertaining to electric vehicle
  batteries. The government is establishing efforts
  to boost the domestic supply chain of lithium
  batteries, as well.
• In Conclusion Key Players Efforts to Counter
  Limitations

performance battery technologies.
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• Aligning with this, Saint-Gobain announced its
  plan to partner with Addionics, an Israeli
  battery technology start-up, to develop next
  generation solid-state lithium-ion batteries
  integrated with novel electrode components. The
  partnership aimed to deliver significant
  improvements in electric vehicle battery
  performance. These include a longer driving
  range, fast charging, enhanced safety, and lower
  production costs, thereby providing the global
  battery market with notable growth opportunities.
• Frequently Asked Questions (FAQs)
• Which is the fastest-growing type in the global
  battery market?
• A Secondary battery segment, under the type
  category, is set to progress with the highest
• CAGR of 17.20 during the forecast period.
• What are the main technologies analyzed in the
  global battery market report?
• A Lead-acid battery, lithium-ion battery,
  sodium-sulfur (NAS) battery, nickel-zinc (NiZn)
  battery, nickel-cadmium (NiCD) battery,
  nickel-metal hydride (NiMH) battery, zinc-
  manganese dioxide battery, flow battery, small
  sealed lead-acid battery, and other technologies
  are analyzed in the global report.