The global battery technology market size is expected to grow from USD 95.7 billion in 2022 to USD 136.6 billion by 2027, at a CAGR of 7.4%. The increasing demand for electric and hybrid electric vehicles as well as growing adoption of battery technology in renewable energy industry are the key factors driving the market growth.
The key players operating in the battery technology market include the major players which operates in different stages in the entire value chain of battery technology; these players are LG Chem (South Korea), Hitachi Ltd. (Japan), SAMSUNG SDI CO. LTD. (South Korea), GS Yuasa International Ltd. (Japan), Enersys (US), Panasonic Holdings Corporation (Japan), and Contemporary Amperex Technology Co., Ltd. (China). These players have adopted various growth strategies such as product launches, collaborations, partnerships, acquisitions, agreements, joint ventures, and contracts to increase their presence in the global market.
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Contemporary Amperex Technology Co. Ltd. is one of the key players in the battery market. It researches, develops, and manufactures energy storage battery systems and electric vehicle (EV) battery systems. It offers a wide range of products that meet the demands of original equipment manufacturers (OEMs) and aftermarket customers globally. The company has adopted various strategies to tap business opportunities in emerging markets. It intends to expand its presence in new markets and has a clear and dedicated customer focus.
Panasonic Holdings Corporation holds the major share of battery technology market in 2021. The company focuses on maintaining high-quality standards throughout its business activities, as quality assumes greater importance and significance in retaining its customers. The company focuses on investing in new technologies to develop high-performance, energy-efficient products. The company’s R&D department primarily focuses on developing new technologies and products for industries such as automotive, consumer electronics, housing, and battery solutions.
Another important player in battery technology market is LG Chem. It is an established manufacturer of batteries for various applications. It leads the advanced batteries market for grid-scale, residential storage, and automotive applications. The company is engaged in the development and production of mobile batteries and large-format batteries for automotive and energy storage systems.
Battery Technology Market by Lithium-ion Type (Lithium Cobalt Oxide, Li-Iron Phosphate), Lead-Acid Type (Flooded, Valve Regulated), Nickel Metal Hydride, Flow, Metal-Air, Nickel-Cadmium & Solid State Battery), Vertical, Region - Global Forecast to 2027
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