Battery Technology Market Size to grow at a CAGR of 10.6% by 2025

Posted April 21, 2022 by avinashgogawale14

The Global Battery Technology Market is expected to grow from USD 92.0 billion in 2020 to USD 152.3 billion by 2025, at a CAGR of 10.6%.
A battery is an energy storage device that is used extensively in transportation, consumer electronics, and power & utility applications, and for industrial, commercial & residential, and medical purposes. The Battery Technology Market comprises players that offer batteries based on different technologies. The market is diversified, with a large number of companies competing across the value chain to sustain their position in the market and increase their market share. The Battery Technology Market is likely to witness significant growth in the near future primarily due to an increase in demand for electric and hybrid electric vehicles The Global Battery Technology Market size is estimated to grow from USD 92.0 billion in 2020 to USD 152.3 billion by 2025, at a CAGR of 10.6%. Clarios (US), Panasonic Corporation (Japan), Samsung SDI (South Korea), are the leading players in the Battery Technology Market.

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Clarios, formerly known as Johnson Controls Power Solutions, is one of the leading advanced energy storage solution providers. Johnson Controls Power Solutions, the battery division of Johnson Controls International Inc., was acquired by Brookfield Business Partners and was renamed Clarios on May 1, 2019. The company offers automotive batteries globally under private labels and company brand names like Varta, Optima, LTH, Delkor, Baterias MAC, and Heliar. The company has a presence in more than 150 countries in North America, Europe, and the Asia Pacific. They focus on expanding their product portfolio to meet the varying needs of its customers across various end-use applications. For instance, in April 2019, Clarios announced its novel VARTA Silver Dynamic Auxiliary battery range in the European market, and, in March 2019, it introduced its new VARTA Powersports batteries for motorcycle and leisure applications.

Panasonic Corporation (Japan)

Panasonic is a multinational conglomerate comprising 582 consolidated companies across the world. The company operates through four business segments: Appliances, Eco Solutions, Connected Solutions, and Automotive & Industrial Systems. The batteries & energy products subdivision produces a vast array of rechargeable and non-rechargeable batteries for industrial use, including lead-acid, lithium-ion, nickel-metal hydride, nickel-cadmium, coin, lithium, and alkaline technologies. The company focuses on inorganic strategies such as joint ventures and collaborations to target emerging and rapidly growing markets. For instance, in January 2019, it agreed to establish a joint venture with Toyota Motor Corporation related to the automatic prismatic battery business. The company plans to refine its batteries for the automotive segment and focus on the Chinese market, where it has growth potential for EVs and commercial and passenger vehicles.

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Samsung SDI (South Korea)

Samsung SDI, a unit of the Samsung group, manufactures secondary cells and plasma display panels. The company started its secondary Li-ion battery business in 2000; since then, Li-ion battery manufacturing has become its core business. SDI operates in two major business segments: Energy Solutions and Electronics Materials. The Energy Solutions segment includes small-sized li-on batteries, automotive batteries, and ESS (Energy Storage System) products, while the Electronics Materials segment includes semiconductors and display materials products. Samsung SDI has a strong market position in the Battery Technology Market. The company undertakes intensive R&D activities to improve the performance of existing materials, develop new and innovative materials, and enhance the efficiency of secondary cells. It invested 6.6% of the total revenue in 2018 in R&D activities.

Other companies involved in the development of the Battery Technology Market are Chaowei Power (China), Contemporary Amperex Technology (China), Enersys (US), LG Chem (South Korea), BYD Company (China), Hitachi Chemical (Japan) and others.

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Tags battery technology market
Last Updated April 21, 2022