Batteries Global Market Sees Growth Rate Of 15% Through 2022

The global batteries market size is expected to grow from $83.83 billion in 2021 to $96.10 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The battery market is expected to reach $161.24 billion in 2026 at a CAGR of 13.8%.

What is the Global Batteries Market?

The batteries market consists of sales of batteries by entities (organizations, sole traders and partnerships) that produce primary and storage batteries. Examples of primary batteries include disposable flashlight batteries, dry cells, primary (e.g., AAA, AA, C, D, 9V), lithium batteries, primary, and watch batteries. Examples of storage batteries include lead acid storage batteries, lithium storage batteries, and rechargeable nickel-cadmium (NICAD) batteries.

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What drives the Global Batteries Market?

Flow batteries are gaining prominence due to low energy density than normal lithium ion batteries. Flow batteries are rechargeable batteries where chemical energy is provided by the two chemical components dissolved in liquids which are contained within a system. It doubles the maximum voltage and yields high storage capacity of renewable power. They have the advantage of supplying power to a large network of electric grid by storing a huge amount of energy than traditional batteries. For instance, some of the major companies manufacturing flow batteries include Sumitomo Electric Industries, UniEnergy Technologies, Dalian Rongke Power and Gildemeister.

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Global Batteries Market Segments
The global batteries market is segmented:
By Type: Secondary Batteries, Primary Batteries
By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Others
By Sales Channel: OEM, Aftermarket
By Mode: Online, Offline
By Geography: The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Batteries Global Market Report 2022provides market size and growth forecasts for the global batteries market, global batteries market share, batteries market segments and geographies, batteries market competitive landscape including leading competitors’ revenues, profiles and market shares. The batteries market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Batteries Industry Players include Samsung SDI, LG Chem Ltd, BYD Electronic (International) Co Ltd, TDK Corp, Panasonic Corporation, Chaowei Power Holdings ltd, GS Yuasa, Brookfield Asset Management, SK Holdings and Berkshire Hathaway Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.