Global advanced batteries market to reach $2,5 billion by 2026
27 July 2022
News
The next generation advanced batteries market in the US was estimated at $72,9 million in 2021. The country currently accounts for a 33,96% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of $367,6 million in 2026, trailing a CAGR of 71,8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 50,7% and 57,4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 57% CAGR while the rest of the European market will reach $571,3 million by the close of the analysis period.
The need for batteries that can be recharged quickly is growing at an unprecedented rate, leading to the development and production of highly advanced batteries that are inevitable for the efficient functioning of smart homes, smart wearables and smartphones.
At the same time, the availability of higher efficiency, higher capacity and higher durability next-generation grid-scale storage batteries is pushing demand for their application in consumer electronics and automotive industries. The revenue growth is also contributed to by the ability of these advanced batteries to charge, recharge and discharge at a rapid rate.
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