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Battery Market Size, Price Analysis, Strategy and Report 2022-27

IMARC Group’s latest research report, titled “Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” the battery market reached a value of US$ 105.56 Billion in 2021. Looking forward, IMARC Group expects the global battery market to reach a value of US$ 182.96 Billion by 2027, exhibiting a CAGR of 9.20% during 2022-2027.

A battery is an indispensable power source for various electronic devices in consumer and industrial applications. It is found in all sectors of the economy that use electronic equipment, where an AC line cord or other energy source does not derive energy. It can stock power chemically and transfer power to electronic applications and devices to function properly. A battery can be of many types, such as sodium-based, lead-based, nickel-based, and lithium-based. The sodium-based battery is extensively used in small power devices. On the other hand, lithium-based batteries pack high power density and find application in many devices, from electronic devices, such as mobile phones, to electric vehicle batteries. 

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Market Trends:

The global market is primarily driven by the high demand for portable electronics, including LCDs, smartphones, tablets, and wearable devices, such as fitness bands. In line with this, rapid technological advancements in terms of enhanced efficiency, cost-effectiveness, and product innovations are creating a positive outlook for the market. Furthermore, the increasing electric vehicle sales are driving the product uptake. Apart from this, the decreasing rate of fossil fuel reserves, along with promising government initiatives and high CO2 emissions, is catalyzing the product demand. Moreover, the widespread usage of uninterrupted power supply devices in the oil and gas, healthcare, and chemical sectors for constant power supply is propelling demand for a lead-acid battery.

Important Attribute and highlights of the Report:

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COVID-19 Impact Overview:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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