As the global economy recovers in 2021 and the supply of the industrial chain improves, the next-generation advanced battery market will undergo major changes. The next-generation advanced battery market is expected to register a CAGR of 7.24% during the forecast period, 2022-2027, registering market value of USD 2314 million in 2027 from USD 1455 million in 2020. The COVID-19 pandemic affected the market ranging from the supply chain issues owing to difficulties in sourcing the raw materials, shutdown of manufacturing facilities, and transportation of finished products. The pandemic also resulted in declining demand for equipment that uses next-generation advanced batteries, in turn affecting the market. The next-generation advanced batteries are the upgraded version of existing batteries that have higher efficiency and cheaper unit cost. Factors such as rising adoption of electric vehicles, rising focus on clean energy usage, and growth in demand for consumer electronic gadgets are likely to drive the market during the forecast period. However, longer recharge time, high manufacturing and R&D costs, short cycle life span, etc., are likely to restrain the market growth during the forecast period.
The global next-generation advanced battery industry report provides top-notch qualitative and quantitative information including: Market size (2017-2021 value and 2022 forecast). The report also contains descriptions of key players, including key financial indicators and market competitive pressure analysis.
The report also assesses key opportunities in the market and outlines the factors that are and will drive the growth of the industry. Taking into account previous growth patterns, growth drivers, and current and future trends, we also forecast the overall growth of the global next-generation advanced battery market during the next few years. The global next-generation advanced battery market size will reach USD million in 2028, growing at a CAGR of % during the analysis period.
The next-generation advanced battery market can be split based on product types, major applications, and important regions as follows:
Contemporary Amperex Technology Co Ltd
PolyPlus Battery Co Inc.
GS Yuasa Corporation
Johnson Matthey PLC
Solid Electrolyte Battery
Magnesium Ion Battery
Next-generation Flow Battery
Other End Users