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New York, October 7, 2021/PRNewswire/--According to the latest report from Reports and Data, the global battery market is expected to reach 328.07 billion U.S. dollars in 2028, and the compound annual growth rate of revenue during the forecast period is 13.7%. Increasing demand for consumer electronics products and advances in battery technology are currently important factors driving market revenue growth. Automotive original equipment manufacturers' initiatives to increase the manufacturing of electric vehicle (EV) batteries are also expected to drive revenue growth in the future market. For example, Nissan Motor Co., Ltd. announced in July 2021 that the company will invest in a new super factory with an annual capacity of 100,000 electric vehicle batteries. It will also use its expertise in crossovers and Nissan Leaf’s global success, and focus on providing next-generation car styling, efficiency and battery technology to make it easier to switch to electric driving.
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Northvolt AB is designing a blueprint for the production of next-generation lithium-ion batteries that is different from traditional battery manufacturers. Their company's goal is to improve battery performance, quality, and affordability by leveraging scalability, vertical integration, and automated production. In Salzgitter, Lower Saxony, Germany, the Northvolt-Volkswagen Group joint venture is developing a battery manufacturing plant. Northvolt Zwei is based on the Northvolt battery manufacturing blueprint created for Northvolt Ett. Development will begin in 2021, and operations will begin in early 2024. The output in the first year will be 16 GWh. However, safety issues related to the use of batteries are expected to limit their adoption and restrain market growth to a certain extent during the forecast period.
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Some key highlights from the report:
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For the purpose of this report, Reports and Data has segmented the battery market based on type, technology, application, and region:
Type outlook (revenue, billion US dollars; 2018-2028)
Technology outlook (revenue, billion US dollars; 2018-2028)
Application outlook (revenue, billion US dollars; 2018-2028)
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Regional outlook (revenue, billion US dollars; 2018-2028)
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