Global Battery Market to Grow with a CAGR of 9.2% from 2022-2027

As per the latest report by Renub Research titled “Battery Market by Transport, Size, Forecast 2022-2027, Share, Growth, Industry Trends, Impact of COVID-19, Opportunity Company Analysis" the Battery Market by Transport Size will reach USD 158.41 Billion by 2027. A transportation battery is an electric battery utilized in all-electric vehicles. Transportation batteries rely solely on the chemical energy stored in rechargeable battery packs and do not need a secondary source of propulsion (internal combustion engine, hydrogen fuel cell, and others). The development and commercialization of energy storage technology will significantly impact the power system; because of rapid growth and expansion from small scale towards large scale. It has been durable for more than ten years. Transportation batteries have a wide range of applications like electric trucks, electric vans, rail, electric buses, electric cars, electric motorcycles, scooters, and rickshaws.

Worldwide Battery Market Size by Transport was valued at USD 86.24 Billion in 2021

Notwithstanding, the growing integration of electronics and the rising demand for transportation are the driving factors for the transportation battery industry. Likewise, fuel savings & government incentives for cleaner transportation are essential factors that can boost the growth of the transportation battery market. Furthermore, the introduction and innovation of new hybrid & electric automotive models from OEMs are anticipated to capture the transportation battery market, serving as a stepping stone for market growth.