Global Battery Market: Strategic Regional Developments

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Global Battery Market Strategic Regional
Developments As per Inkwood Research, the global
battery market is expected to grow with a CAGR of
16.45 during the forecast period of 2024 to
2032. The impetus behind this notable growth
stems from the global shift towards sustainable
transportation, like electric vehicles (EVs),
necessitating cutting-edge batteries capable of
faster charging and extended lifespans.

• These demands are further driving advancements in
  battery technology, coupled with factors such as
  the declining prices of batteries as well as
  incentives for electric vehicle adoption,
  especially in emerging economies. For
  example, as of April 2024, in India,
  electric two- wheelers will receive a maximum
  subsidy of INR 10,000 per vehicle, while
  electric three- wheelers are set to receive
  INR 50,000. Moreover, while lithium battery
  cell pricing plummeted by approximately 50,
  reports indicate that the price of lithium-ion
  battery packs dropped 14 to a record low of
  139/kWh, as of November 2023.
• Strategic Initiatives to Strengthen Global
  Battery Market Foothold
• Significant investments and strategic
  partnerships by key players in battery
  technologies across the globe are expected
  to have a positive impact on the market
  growth during the forecast period. For instance
  
• In April 2024, BMW Group and Rimac Technology,
  a division of the Rimac Group, announced a
  partnership to jointly develop advanced
  high-voltage battery technologies. The battery
  tech is expected to debut in BMW Group vehicles
  by the latter half of this decade.

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• ExxonMobil and SK On, a prominent global EV
  battery manufacturer, signed a non-binding
  memorandum of understanding (MOU) in June 2024.
  The agreement sets the stage for a potential
  multiyear supply arrangement of up to 100,000
  metric tons of Mobil Lithium from ExxonMobils
  Arkansas project. SK On plans to incorporate
  this lithium into its United States EV
  battery production, supporting ExxonMobils
  goal to supply lithium for about 1 million
  EV batteries annually by 2030 and
  bolstering the national
  EV supply chain.
• In April 2024, Pure EV, an Indian electric
  two-wheeler manufacturer, revealed a
  collaboration with Pragmatic Design Solutions
  (PDSL), a UK-based engineering firm specializing
  in customized digital technology and
  engineering solutions. Together, they aim to
  develop a solid-state battery technology platform
  tailored for electric two-wheelers. Moreover,
  the partnership targets meeting the dynamic
  demands of consumers in both domestic as well as
  international markets.
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• Regional Outlook Global Battery Market Growth
  Trajectory
• The global battery market is expected to
  record substantial growth driven by
  increasing demand for electric vehicles and
  renewable energy storage solutions. Key regions,
  including Europe, North America, and the
  Asia-Pacific, are witnessing significant
  investments in battery manufacturing
  infrastructure and advanced technologies,
  positioning them as pivotal players in shaping
  the future of energy storage worldwide.
• Europe Key Investment Insights
• The United Kingdoms government and major
  organizations have heavily invested in new
  battery production facilities and advanced
  technologies, driving market growth. For
  instance, Echion Technologies, based in
  Cambridge, raised 29M in its Series B round led
  by Volta Energy Technologies, scaling up
  production of its niobium-based battery
  materials. This marks Voltas first European
  investment, highlighting Echions
  leadership in global energy
  storage.
• Britishvolt, another UK startup, secured
  over 50 million from Glencore in 2022 to
  build a large-scale battery factory. This move
  has been pivotal for the United Kingdoms
  shift to zero-emission
  electric vehicles.
• Italvolt, an Italian start-up, announced
  plans to construct a 4.27 billion electric
  vehicle battery manufacturing facility in the
  country. With an initial capacity set to reach 45
  GWh upon completion, the first phase of the
  project is anticipated to be finalized by the end
  of 2024.
• Asia-Pacific to Lead the Market with a 17.36
  CAGR (2024-2032)

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• significant rise in vehicle sales, with
  approximately 2.3 million passenger cars and
  310,000 commercial vehicles sold, indicating
  an increase compared to the previous month.
• The growth of the automotive industry,
  especially in developing nations such as India
  and Japan, further contributes to the
  adoption of electric vehicles in the region.
  Since a wide range of batteries is utilized in
  hybrid electric vehicles as well as electric
  vehicles, automotive batteries is set to
  be the fastest-growing application
  during the forecast period.
• Moreover, Barrel Energy signed a memorandum
  of understanding with Roshan Energy
  Technologies for developing and manufacturing
  lithium-ion batteries in India. Hence, such
  joint ventures and collaborations play an
  essential role in positioning the lithium-ion
  segment, under the technology category, as
  the key battery technology.
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  Global Battery Market North America to Dominate
  the Market by 2032
• North America continues to remain one of the
  largest consumers of various types of
  batteries, with the region progressing
  with a significant CAGR of 16.42
  between 2024 to 2032. Moreover, the
  integration of renewables with energy storage
  is set to present lucrative growth
  opportunities for the North America
  battery market over the
  upcoming forecast years.
• In this regard, the United States, capturing
  the highest revenue share in North America,
  has undertaken considerable measures and
  investments to boost the production of
  advanced batteries. For instance, the United
  States Department of Energy issued notices of
  intent to provide an amount worth 2.91 billion
  for the expansion of energy industries,
  including energy storage and electric
  vehicles.
• In 2022, researchers at the University of
  Texas at Austin, partially funded by the
  United States National Science Foundation,
  developed a stable sodium- based battery
  material. This new material can recharge as
  quickly as conventional lithium-ion batteries and
  offers the potential for higher energy output. As
  a result, these strategic investments and
  innovative research efforts are expected to
  drive substantial growth in the United States
  battery market during the forecast period.
• While regional developments are integral to
  the overall global expansion, the problems
  associated with battery safety and recycling
  may hinder the global battery market
  growth. Hence, in order to overcome these
  limitations, major companies such as Duracell,
  Panasonic Corporation, and Samsung SDI Co
  Ltd, among others, are attempting to
  provide safer, more reliable, and
  high-performance battery technologies.
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• Which is the fastest-growing type in the global
  battery market?
• A The secondary battery segment, under the type
  category, is set to progress with the highest
  CAGR during the forecast period, 2024 to 2032.
• What are the main technologies analyzed in the
  global battery market report?
• A Lead-acid battery, lithium-ion battery,
  sodium-sulfur (NAS) battery, nickel-zinc (NiZn)
  battery, nickel-cadmium (NiCD) battery,
  nickel-metal hydride (NiMH) battery,
  zinc-manganese dioxide battery, flow battery,
  small
• sealed lead-acid battery, and other technologies
  are analyzed in the global report.