The global Battery Packaging Market is projected to reach USD 50920 million by 2028 from an estimated USD 26640 million in 2022, at a CAGR of 11.4% during 2023 and 2028.
Major Factors Driving the Growth of the Battery Packaging Market
In recent decades, there has been a significant shift in the market for consumer electronics. According to projections, the growth of the consumer electronics industry and increased industrialization will drive the development of the worldwide battery packaging market. The improvement of battery packaging structures is another crucial factor anticipated to fuel the growth of the global battery packaging market. Furthermore, the growth of the global battery packaging market has been aided in recent years by developments in the automotive industry.
TRENDS INFLUENCING THE GROWTH OF THE BATTERY PACKAGING MARKET
With the demand for electric vehicles continuing to rise, there is an enormous need for the lithium-ion batteries needed to make the power packs. Battery manufacture must be automated in line with the automobile industry’s idea of automating manufacturing processes in order to keep up with demand and maintain the necessary high standards of quality and safety. This factor is expected to drive the growth of the battery packaging market growth.
The demand for and need for battery power for wireless devices are growing exponentially. Sales of mobile phones and laptops have risen by double digits over the past few years. With the advent of smartphones and tablet computers, this trend is expected to grow in the coming years. Thereby driving the growth of the Battery Packaging market. Without energy storage technologies to power these portable devices, this new era of communication, information, and portability would not have been feasible.
Due to their high power density, low weight, and ability to be recharged, lithium batteries, particularly lithium-ion batteries, have emerged as the preferred energy source for many products. Most consumer electronics, including smartphones, computers, and tablets, as well as larger devices like portable power tools, vacuum cleaners, and e-bikes, use lithium batteries. Nevertheless, a lot of individuals are unaware that lithium batteries are considered harmful commodities. The number of lithium batteries shipped also has increased along with the demand for electronic devices. This factor will further fuel the Battery Packaging market.
BATTERY PACKAGING MARKET SHARE ANALYSIS:
Due to the presence of top battery manufacturers in the region and a significant number of countries that are major car users, the Asia Pacific market is predicted to be the most lucrative market. Additionally, countries like China are well-known for having a sizable consumer electronics industry, which is expected to support the expansion of the global battery packaging market in the region.
Based on application, lithium-ion batteries are expected to grow at the highest CAGR of 12.70%. This is attributed to the increasing demand for lithium-ion batteries from various end-user industries.
Key Companies:
- United Parcel Service (UPS)
- Fedex
- DHL
- DS Smith
- Covestro
- Nefab
- Heitkamp & Thumann Group
- Manika Moulds
- Labelmaster
- Zarges
- DGM Services, Inc.
Detailed Report: https://reports.valuates.com/market-reports/QYRE-Auto-20O9088/global-battery-packaging
