Market Size of Battery Cell Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 14.32 % |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Battery Cell Market Analysis
The battery cell market is expected to reach USD 42.08 billion in 2022, registering a CAGR of 14.32% during the forecast period.
Although the market studied was affected by the COVID-19 pandemic in 2020, it recovered and reached pre-pandemic levels. The growing demand for battery cells is expected to boost the market's growth during the forecast period. The rapid adoption of electric vehicles, mainly fostered by the declining price of lithium-ion batteries, is also expected to drive the growth of the market studied. However, the lack of direct access to battery metals is restraining the market's growth. With technological advancements, the price of smart gadgets is expected to decline, making them more affordable to the public, which is expected to provide growth opportunities during the forecast period.
Asia-Pacific dominates the market and is expected to witness the highest CAGR during the forecast period. The majority of the demand comes from countries like China and India.
