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Global Next-Generation Batteries Market growing at a CAGR of 5.7% from 2023 to 2030

Category : Energy and Power | Published Date : Jun 2023

Key Market Overview

The Next-Generation Batteries Market is poised for strong expansion and is expected to reach USD 21,143.59 Million by 2030. The market was sized at USD 13,771.81 Million in 2022 and is anticipated to grow at a compound annual growth rate of 5.7% during the period 2023-2030.

The report highlights the increasing adoption of next-generation batteries owing to the growing demand to offer higher energy storage capacity per unit of volume to electric vehicles, allowing EVs to travel farther on a single charge. Consegic Business Intelligence provides an inclusive research report on the next-generation batteries market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.

Global Next-Generation Batteries Market By Overview

Global Next-Generation Batteries Market

Consegic Business Intelligence provides an inclusive research report on the next-generation batteries market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The electric vehicle segment is anticipated to register the fastest CAGR in the next-generation batteries during the forecast period. The growth is credited to the ability of next-generation batteries to offer higher energy storage capacity per unit of weight, allowing EVs to travel farther on a single charge. Additionally, the emergence of all-solid-state batteries allows improved tolerance of high temperature and voltage, resulting in increased power output, shorter charging times, and a longer range of electric vehicles. Consequently, the above-mentioned factors are collectively responsible in driving the growth of the next-generation batteries market.

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Market Dynamics

Driver:

 

  • Increasing demand of next-generation batteries to offer higher energy storage capacity to electric vehicles is driving the market growth.
  • Growing demand of next-generation batteries for the storage of renewable energy including solar and wind is bolstering the market growth.
  • Increasing adoption of next-generation batteries in wearable devices namely smartwatches and fitness trackers to enable efficient functioning of advanced features including heart rate monitoring and GPS tracking is propelling the market growth.

 

Restraints:

  • High manufacturing cost of next-generation batteries due to the incorporation of advanced electrolytes and electrode materials as compared to conventional batteries is restraining the market growth.
  • Strict airline regulations associated with the transport of next-generation batteries is impeding market growth.

Market Segmentation:

Report Attributes Report Details
By Type Lithium-ion batteries, Metal-air batteries, Magnesium-ion batteries, Lithium-sulfur batteries, Nickel-cadmium batteries, Sodium-ion batteries, Solid-electrolyte batteries, Zinc-based batteries, and Others
By Application Consumer Electronics, Industrial, Electric Vehicles, Renewable Energy Storage, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Competitive Landscape :

The landscape for next-generation batteries market is highly competitive with major players AM Batteries, Ambri Inc., Contemporary Amperex Technology Co Ltd, and GS Yuasa Corporation that have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the next-generation batteries are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.

  • Ambri Inc.
  • AM Batteries
  • Contemporary Amperex Technology Co Ltd.
  • GS Yuasa Corporation
  • Ilika PLC
  • Johnson Matthey PLC
  • LG Chem Ltd.
  • Mitsubishi Chemical Corporation
  • Panasonic Energy Co., Ltd.
  • PolyPlus Battery Co Inc.
  • ProLogium Technology
  • Sion Power Corporation
  • TotalEnergies SE
  • Amperex Technology