Power Up: Exploring the Battery Market Trends
The Battery Market, valued at US$ 7.4 billion in 2022, is set to grow steadily at a CAGR of 2.7% till 2028, reaching US$ 8.9 billion. Asia-Pacific leads this surge, expected to maintain its position as the largest market. This growth is fueled by the rising demand for batteries in various sectors, including automotive, electronics, and renewable energy. Technological advancements, such as lithium-ion batteries and increased focus on sustainable energy solutions, are driving innovation in the market.