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Rechargeable Battery Market to Reach Valuation of USD 153.5 Billion by 2028 – Growth in Need for Smartphones, Tablets, and Other Electronic Devices Drives the Market
In terms of revenue, the Global Rechargeable Battery Market is expected to reach USD 153.5 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.5% from 2022 to 2028.
Rechargeable batteries are more energy efficient, produce less waste, and can be charged using a standard battery charger, which is what is primarily driving the movement in customer preference toward their use. Additionally, manufacturers have been able to enhance the performance of lithium-ion batteries because of ongoing advancements in the field of material sciences, increasing demand for these batteries around the world. For instance, the use of cutting-edge lithium-air and lithium-copper batteries in hybrid electric vehicles has increased. In addition, scientists are creating a new type of Rechargeable Battery Market known as a flow battery that, compared to conventional batteries, can produce twice as much power while occupying the same amount of space. With the help of this technology, electric vehicle range and phone charge intervals could be increased. These elements are projected to fuel market growth for rechargeable batteries in the upcoming year.
Key Highlights from Report
Market Dynamics
The increasing demand for portable electronic gadgets worldwide drives the Rechargeable Battery Market. The market is further assisted by the rising demand for digital gadgets, which have become necessary for most of the world's population. These include smartphones, laptops, tablets, and wearable and associated smart devices. Additionally, EV demand has been boosted by a rise in environmental consciousness, which has increased sales of mid to large-sized rechargeable li-ion batteries.
Automotive was the most prominent application category for rechargeable batteries globally, accounting for more than 50% of total sales. Due to rising interest in electric and hybrid vehicles, the market is anticipated to expand significantly. Additionally, increasing consumer electronics product sales will fuel automotive applications during the projected period. The power engineering application category accounted for about 24.0 percent of global revenue in 2014. It is anticipated to expand at a CAGR of more than 6 percent between 2015 and 2030, primarily because of increased renewable energy generation capacity in several nations worldwide.
Leading industry competitors constantly work to provide novel versions with improved charging efficiency, which helps the market even more. For instance, the launch of the upgraded lead-acid battery known as the Absorbent Glass Mat (AGM) is gaining traction in the automotive sector because of its resistance to vibrations, superior overall performance, and little acid leakage. In addition, advancements in the field of material sciences are anticipated to support the expansion of the market for rechargeable batteries during the projected period.
Asia Pacific Rechargeable Battery Market is expected to witness a notable development with a significant growth rate over the analysis period. The second and third largest markets for electric vehicles in the world, respectively, are China and Japan. Rechargeable batteries are increasingly being used due to ongoing advancements in the consumer electronics and automotive industries. They provide many benefits, including greater power capacity, improved safety, and decreased pollution. During the projection period, this is anticipated to drive up demand for rechargeable batteries throughout the region.
The Global Rechargeable Battery Market is Segmented as follows
List of the Key Players of the Global Rechargeable Battery Market is
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The Global Rechargeable Battery Market Scope can be Tabulated as below
Parameter | Details |
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Market Size Provided for Years | 2016-2028 |
Base Year | 2021 |
Historic Years | 2016-2020 |
Forecast Years | 2022-2028 |
Segments Covered |
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Region & Counties Covered |
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Companies Covered |
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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Rechargeable Battery Market to Reach Valuation of USD 153.5 Billion by 2028 – Growth in Need for Smartphones, Tablets, and Other Electronic Devices Drives the Market
28 Jan 2023
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Historical Data | Base Year
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Rechargeable Battery Market to Reach Valuation of USD 153.5 Billion by 2028 – Growth in Need for Smartphones, Tablets, and Other Electronic Devices Drives the Market
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