Global Battery Market is expected to reach USD 132.55 billion by 2024. Battery is known for creating electricity using metals or liquids that are good conductors of electricity. The battery has two electrodes, which are positive and negative ends. It is made up of three key constituents like electrolyte, anode, and cathode. Batteries that must be thrown away after use are termed as primary batteries; whereas the batteries that can be recharged are termed secondary batteries. The Battery Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
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Low cost of raw materials, growth in need for security of energy supply, emerging several novel applications for batteries, technological enhancement, and growing disposable income are documented as major factors of Battery Market that are estimated to enhance the growth in the years to come. However, presence of alternatives like diesel generators and fuel cells may restrain overall market growth in the coming years. Battery Market is segmented based on type, application, and region.
Nickel Cadmium (NiCD), Lead Acid, Nickel Metal Hydride (NiMH), Lithium-Ion (Li-ion), and other types could be explored in Battery in the forecast period. Lead acid batteries sector accounted for the substantial market share of Battery and is estimated to lead the overall market in the coming years. The lithium-ion batteries sector is estimated to grow at highest CAGR with fastest pace in the coming years.
The market may be categorized based on applications like batteries, automotive batteries, power tools batteries, industrial batteries, portable batteries, and others that could be explored in the forecast period. Automotive batteries sector accounted for the significant market share of Battery and is estimated to continue its dominance in the coming years.
Globally, Asia Pacific accounted for the significant market share of Battery and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be growing demand for industrialization and automobiles and high demand from consumer electronics. The emerging countries like India and China are the key consumers of Battery in this region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
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