Categories: Automotive

Advanced Battery Market Size Poised to Exceed $175.13 Bn By 2032

The global advanced battery market size is predicted to expand around US$ 175.13 billion by 2032 from US$ 75.7 billion in 2022, representing at a CAGR of 8.8% between 2023 to 2032.

 

A battery comprises of one or multiple cells which eases the translation of chemical energy to electricity. Batteries are employed to supply primary power and also work as back-up power supply in industrial, transport, and commercial applications. As the global transportation sector is growing, batteries market is also expected to grow proportionally. Increasing number of electrical devices and circuits in the transportation sector is one of the main influences boosting the growth of the market.

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Advanced battery technology such as A lithium-ion (Li-ion) battery makes use of lithium ions as a main constituent of its electrochemistry. Lithium atoms in the anode, throughout a discharge cycle, are ionized and detached from their electrons. Silver-oxide batteries are employed in small electronic devices such as cameras, watches, wearables among others. Also, zinc-carbon batteries find application in consumer electronics on account of its low costs and better conductivity from carbon-improved technology. Current, lead-acid batteries are utilized for powering electric vehicles, and consumer electronic devices for storage purpose. Advanced battery technologies like sodium sulfur batteries, lead-acid batteries, advanced flow batteries, lithium ion, sodium metal halide and lithium polymer batteries can be some of the crucial segments based on this technology.

Advanced Battery Market Market Scope

Report Highlights Details
Market Size in 2023 US$ 81.98 Billion
Market Size by 2032 US$ 175.13 Billion
Growth Rate from 2023 to 2032 CAGR of 8.8%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Type, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned Pathion Inc., PolyPlus Battery Company Inc., GS Yuasa Corporation, Oxis Energy Ltd, Samsung SDI Co. Ltd., Others

Growth Factors

Advanced batteries market is predicted to observe vigorous growth during years to come due to, intensifying emphasis on clean energy practice, increasing adoption of electric vehicles and refining economics of battery storage system. Further, development in electric vehicles and electronic gadgets are probable to boost the next generation battery market during coming years. However, advanced batteries offer limitations such as high costs, long recharge time, short cycle life span which hampers the market growth.

Upsurge in demand for compacted, economical, and energy effectual batteries in numerous end-use sectors like consumer electronics and electrical vehicles in emerging and established nations is predictable to boost the global advanced battery market throughout the prediction period. Advanced battery is inexpensive and proposes fast charging than traditional batteries. Such advantages of advanced battery make its acceptance desirable over alternative technologies. Yet, comparative high price of advanced batteries and ambiguous governing frameworks may constraint the market growth. Nonetheless, momentous openings are expected to occur from the electric vehicles industry as numerous manufacturers are producing more lighter, powerful, reliable, durable and inexpensive batteries.

Regional Snapshots

Asia Pacific is expected to display prominent growth prospect on account of economies such as China. The upsurge in battery capacity of China is chiefly done to address the striking demand from the electric vehicle market. Similarly, the local battery suppliers are deliberately intensifying their capacities in proportion with the demand. Furthermore, India is also anticipated to upsurge the local production of lithium-ion batteries. The India lithium-ion battery market is likely to display a vigorous growth throughout the estimate period, amongst augmented acceptance of EVs, renewable and energy storage initiatives. Several new entrants are also proposing innovative products in the market. Such as Green vision Technologies, startup in India, functions under the brand name Relicell and produces sealed, maintenance-free lead-acid batteries for UPS devices and electronic weighing machines. The U.S. based startup named Ateios manufactures ergonomic, ultra-thin printed flexible silver-oxide batteries for wearables.

Technological progressions including printed, flexible, thin-film batteries needed in wearable devices are anticipated to boost the product sale across the North America. Furthermore, research activities attentive on usage of batteries for plug-in EVs are probable to inspire growth in the regional market.

Read More: Forklift Market Size Surpass Around US$ 32.39 Billion by 2032

Key Players & Strategies

Industry participants are highlighting R&D operations to produce advanced battery modules and cells that provide improved performance, inferior battery price and longer life than traditional batteries. Major market companies focus on numerous strategic initiatives including their product portfolio diversification in order to improve their footprint in numerous end-use sectors.

For instance, Samsung SDI perceives that government policies are improving sales for energy storage systems. Numerous nations are incorporating main renewable energy investments in their fiscal stimulus programs. With Covid-19 pandemic disheartening people from utilizing public transportation, sales for cylindrical batteries are increasing to power electric scooters and bikes.

Few of the noticeable players operational in the global advanced batteries market include Motorola, Samsung, Sony, Nippon Chemicals, Sanyo, Kodak, Olympus, Honda, Siemens, Fujifilm, FMC Lithium and Maxell among others.

Top Players contending in the Market:

  • Pathion Inc.
  • PolyPlus Battery Company Inc.
  • GS Yuasa Corporation
  • Oxis Energy Ltd
  • Samsung SDI Co. Ltd.
  • Others

Advanced Battery Market Segments Covered:

By Type

  • Sodium Sulfur Battery
  • Sodium Metal Halide Battery
  • Lithium-Ion Polymer Battery
  • Advanced Lead Acid Battery
  • Smart Nano Battery
  • Others

By Application

  • Consumer Electronics
  • Automotive Battery
  • Energy Storage Systems
  • Industrial Battery

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Prathamesh Sakpal

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