The global battery market is anticipated to grow significantly at a CAGR of 10.5% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, investments in battery manufacturing, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, the major player’s investment to produce the battery along with the technological advancements is one of the major factors that are propelling the growth of the market.
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In June 2021, Northvolt AB, a Swedish battery developer, and the manufacturer have raised $2.75 billion in the capital as it prepares to ramp up to an annual production capacity of 150 GWh in Europe by 2030. The funding round of the company was co-led by existing investors Goldman Sachs and Volkswagen, and the various new investors including the Swedish pension funds AP1-4 and OMERS, one of Canada’s largest pension plans. AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia di San Paolo through Fondaco Growth, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania, and Stena Metall Finans also participated in the raise. Volkswagen announced a €500 million ($620 million) investment in the battery maker on Wednesday, keeping its 20% interest in the company.
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In September 2020, Tesla Inc. has revealed new, in-house-produced batteries for its electric vehicles, signifying a dramatic move from the manufacturer that, if successful, could dramatically cut the cost of electric vehicles. The new battery cell features a “tables” design, in which the company claims that it provides five times the energy, six times the power, and 16% more range compared to its old battery cell, and it introduced at its Battery Day Event in September 2020. The advantages of the tabless battery cell will overcome the disadvantages of standard battery cells in terms of power loss. The company revealed intentions to expand the production of these cells at its 10-gigawatt pilot facility. Thus, the technological advancements in the old batteries and investment by the major players to increase the production capacity for the manufacturing of the battery are fueling the growth of the global battery market.
Global Battery Market Report Segment
By Category
- Primary
- Secondary
By Type
- Lithium-Ion (Li-Ion)
- Nickel-Metal Hydride (NI-MH)
- Nickel Cadmium
- Lead Acid
- Others
By Application
- Automotive
- Industrial
- Household
- Telecommunication
- Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
