Battery Market To Create Business Opportunities, Owing To High Demand For Portable Electronics7/20/2022 Battery Industry Overview The global battery market size is expected to reach USD 310.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.1% from 2020 to 2027. Technological advancements in terms of enhanced efficiency and cost reduction are likely to open new paths for the global market over the estimated period. Increasing use in aircraft emergency systems in case of non-availability of auxiliary power units (APUs) for ground operations, restarting, and braking the auxiliary power units is expected to propel high capacity battery demand. High density and low cost of the lead-acid battery will support use in grid storage and emergency power supply applications, thus augmenting the market growth. Battery Market Segmentation Grand View Research has segmented the global battery market report on the basis of product, application, and region: Based on the Product Insights, the market is segmented into lead acid, lithium ion, nickel metal hydride, nickel cadmium and others
Based on the Application Insights, the market is segmented into automotive batteries, industrial batteries and portable batteries
Battery Regional Outlook
Key Companies Profile & Market Share Insights The global market is characterized by intense competition due to the presence of major companies across the region. The market is categorized with forwarding integration, where key battery producers are also indulged in the usage and distribution of such batteries. Key participants depend on strategies such as JVs and M&A to strengthen their presence in the market. They also focus on increasing their market productivity and share through R&D activities and product innovations. Some of the prominent players in the battery market include:
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