PUBLISHER: Orion Market Research | PRODUCT CODE: 1078130
PUBLISHER: Orion Market Research | PRODUCT CODE: 1078130
Global Aluminum-based Battery Market Size, Share & Trends Analysis Report by Application (Industrial, Automotive, Others) By Type ( Aluminum-ion battery, aluminum-air battery), Forecast Period (2022-2028)
The global aluminum-based battery market is anticipated to grow at a CAGR of 8.1% during the forecast period.The market is set to display impressive growth during the forecast period with some emergingkey trends, such as the aluminum batteries' advantages over other batteries driven by continuously evolving end-user expectations and the rise of electric vehicles in automotive. In addition, the availability of aluminum on earth's crust is abundant and government initiatives and programs to make to minimize fossil fuel consumption by switching to electric vehicles in various country is further propelling the growth of the aluminum-based battery market.
The global aluminum-based battery market can be segmented into type and application. Based on type, the market is classified into aluminum-ion batteriesand aluminum-air batteries. Among these,the aluminum-air battery is expected to hold a major market share during the forecast period. Based on application, the market is bifurcated into automotive, consumer electronics, aerospace, telecom towers, and others (military and hospitals).
Geographically market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America holds the largest market share and is anticipated to grow at a decent rate over the forecast period owing to its wide utilizationin electric vehicles owing to its high energy-density characteristics. Apart from these, rising R&D development expenditure, and initiatives by the government to reduce the carbon emission further leading to the makret growth. The Asia-Pacific is projected to be the fastest-growing market for aluminum-based batteries - owing to the increasing demand for electric vehicles in the region. According to India Brand Equity Fund (IBEF), the Government of India, two and three-wheeler are expected to drive high electrification of vehicles by 2025. In addition, the presence of established companies, which are consistently striving for extensive commercialization of their batteries and enhancing their geographical reach, in the APAC region backed by various government initiatives is anticipated to be a key factor escalating the growth of the regional market.
Research Methodology
The market study of the global aluminum-based battery market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers
Category- Industrial Automation