Battery Cyclers Market Forecast for 2028
The market size of battery cyclers is expected to grow from US$208 million to US$14 million in 2022. US$ 20 million by 2028; It is projected to grow at a CAGR of 6.2% from 2022 to 2028. Electric vehicles (EVs) have grown in popularity significantly in recent years with the continued maturation of technology.
NEW YORK, October 24, 2022 (Globe Newswire) — Reportlinker.com announced the release of the report “Battery Cyclers Market Forecast by 2028 – COVID-19 Impact and Global Analysis by Channel Type, Battery Type and End User (Aerospace)”. , energy and electricity, automotive, consumer electronics, and others”— https://www.reportlinker.com/p06353525/?utm_source=GNW
In addition, increasing concerns about car emissions around the world, as well as increasing depletion rates of non-renewable energy resources, have prompted government bodies in both developed and developing countries to invest in expanding electric vehicle manufacturing. .
European countries are among the early adopters of electric mobility. According to the European Environment Agency, in 2020, electric vehicles accounted for 11%. [6% battery electric vehicles (BEVs) and 5% plug-in hybrid electric vehicles (PHEVs)] of newly registered passenger cars.
Global production and sales of electric vehicles are growing rapidly due to favorable legislative measures such as subsidies and tax breaks for both manufacturers and consumers in various countries in regions such as North America, Europe and Asia Pacific. These factors are thus prompting manufacturers to increase their electric vehicle production, thus fueling the growth of the global battery cyclers market.
Many countries, including Canada, have set objectives to reduce vehicle emissions levels. They have started promoting the production and marketing of electric vehicles and related charging infrastructure.
Norway and Germany are investing heavily in boosting electric vehicle sales. The United Arab Emirates, China, India, Saudi Arabia, Chile, Brazil and Russia are entering into contractual alliances to increase electric car production in their regions.
Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands and Norway also experienced an increase in electric car registrations amid the COVID-19 pandemic. According to the IEA, about 3 million new electric cars were registered in 2020. Worldwide.
Europe led the way in electric car registrations with 1.4 million new electric car registrations, while China and the US registered 1.2 million and 295,000 registrations, respectively. Such an increase in the production and use of electric vehicles is fueling the growth of the battery cycle market.
Impact of the COVID-19 Pandemic on the Asia Pacific Battery Cyclers Market
China, Japan and India, among others, have large industrial bases, a positive economic outlook and favorable government policies, which provide immense growth opportunities for the battery cycle market. However, the COVID-19 pandemic has adversely affected various regions in Asia. Pacific during Q2 and Q3 of 2020.
According to the National Statistical Office (NSO) data, the manufacturing sector output declined by 20.6% in May 2019 as compared to a 3.1% increase in May 2019; This decline can be attributed to travel restrictions, closure of manufacturing plants, non-availability of raw materials and workforce limitations.
Asia Pacific is a leading manufacturer of consumer electronics and EVs. The emergence of the COVID-19 pandemic in countries in the region has resulted in a loss of revenue due to the temporary closure of manufacturing facilities.
However, demand for battery cyclers among end users continued to increase after the industries resumed their business at the end of the third quarter of 2020, largely due to manufacturing centers in China, Taiwan, India, Japan and South Korea. , Battery Cyclers market players witnessed high demand for their products.
The trend of revenue generation continued at a faster pace in 2021 as compared to 2020.
Canada accounted for the second largest North American battery cyclers market share in 2021. The country has several manufacturing plants within its borders.
The ever-increasing number of manufacturing facilities in the country over the years will reflect the growth in battery powered devices, which will further fuel the growth of the battery cyclers market. Apart from this, the country has also seen a slew of companies offering battery cyclers.
Similarly, in August 2023, Volkswagen and Mercedes-Benz, the US and German-based legacy automaker, entered into an agreement with the Canadian government to acquire raw materials for EV battery manufacturing at their US-based facilities. However, production of electric vehicles, buses, and trucks is in its early stages in Canada as the country is an exporter of raw materials.
In addition, Canada is part of some of the world’s largest and most important automotive markets due to the country’s free trade agreements with NAFTA and the European Union, which will directly affect battery production, leading to the development of battery cyclers. Market.
Asia Pacific is expected to register the highest CAGR in the battery cyclers market during the forecast period. On the basis of country, the Asia Pacific battery cyclers market has been segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific.
In 2022, India is expected to account for the second largest share of the battery cyclers market in the Asia Pacific region.
India plans to provide US$4.6 billion by 2030 as incentives to businesses that are likely to set up an innovative battery manufacturing facility as it seeks to promote the use of electric vehicles. Electric vehicles are on the rise in India. Electric vehicles provide zero tailpipe emissions while reducing air pollution in the environment; As a result, sales of electric vehicles have increased. For example, in August 2022, the Ministry of Heavy Industries signed contracts with Ola Electric, Reliance New Energy Limited and Rajesh Exports under the Production-Linked Incentive (PLI) scheme for advanced cell chemical (ACC) battery manufacturing. This will boost the production of batteries, which will encourage manufacturers of battery cyclers to test their lifecycle and other aspects. In addition, India is home to large consumer electronics manufacturing units, which are promoting the production of various electronic components, such as batteries. With the increasing manufacture of batteries, the growth of battery cyclists will increase.
Biologic Sciences Instruments; Unico, LLC; Bitroad Corporation; Chroma Systems Solutions, Inc.; Hioki EE Corporation; Urban Instruments; Digitron; pec; Xiamen Tmax Battery Equipment Ltd.; and Gamary Instruments are among the major players in the battery cyclers market.
The overall battery cyclers market size has been obtained using both primary and secondary sources. Extensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to Battery Cyclers market.
The process also serves the purpose of getting an overview and market forecast of the growth of the Battery Cyclers market with respect to all market segments. Also, several preliminary interviews with industry participants and commentators have been conducted to validate the data and gain more analytical insights about it. Subject.
Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers – as well as external consultants such as valuation experts, research analysts, and key opinion leaders – specializing in the battery cycle market.
Read full report: https://www.reportlinker.com/p06353525/?utm_source=GNW
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