At a predicted CAGR of 10.6%, the size of the Battery Technology Market is expected to increase from USD 92.0 billion in 2020 to USD 152.3 billion by 2025. Increasing battery technology adoption in the renewable energy sector, rising industrial automation and battery-operated material-handling equipment demand, expanding use of electric and hybrid vehicles, and expanding battery deployment in the utilities sector are some of the key factors driving the market's growth.

By 2025, lithium-ion batteries will dominate the battery technology market.

During the forecast period, the Li-ion battery market is anticipated to be driven by the rising use of PHEVs. Li-ion batteries are employed in a variety of industrial and portable applications. Li-ion battery technology also improves gadget customizability and efficiency. The market for Li-ion batteries has also grown as a result of ongoing advancements in the consumer electronics industry.

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The market for battery technology will be dominated by the transportation sector over the anticipated timeframe.

The Battery Technology Market in Transportation is being driven by the rise in the manufacturing of electric vehicles and the associated demand for lithium-ion batteries. People believe electric vehicles to be the way of the future for both the auto industry and the transportation network. The creation of new and improved EVs is being supported by more automakers. Batteries will be more in demand as a result of the growing popularity of electric and hybrid vehicles.

"During the forecast period, Asia Pacific will hold the greatest market share for Battery Technology."

APAC has a high rate of battery technology adoption since it is mostly made up of developing nations like China and India, which have enormous potential for a wide range of battery technology market application areas. Additionally, the recent expansion of infrastructure and industrialisation initiatives in developing nations have created new paths and chances for the APAC Battery Technology Market. Furthermore, the Battery Technology Market in APAC is being driven by the rise in the production of electric vehicles and automotive batteries.

Key Players

Clarios (US), Panasonic Corporation (Japan), Samsung SDI (South Korea), Chaowei Power (China), Contemporary Amperex Technology (China), Enersys (US), LG Chem (South Korea), BYD Company (China), and Hitachi Chemical (Japan) are major players in the battery technology market.

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