Battery Analyzer Market size was over USD 210.4 Million in 2023 and is likely to reach USD 406.68 Million by 2036, witnessing around 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of battery analyzer is assessed at USD 220.8 Million. The growth of this market is highly driven by the electric vehicle market since battery analyzer utilization can be widely seen in electric vehicles to see the state of battery present in the electric vehicles. Therefore, the electric vehicle market is one of the primary factors driving the growth of the market. The sales of electric vehicles worldwide grew by 9% in 2020, bringing more than 17 million EVs onto roads. The eco-friendly and low-maintenance nature of battery analyzers makes them more popular among people.
Additionally, properties of battery analyzers such as DC voltage and resistance testing are a few significant factors behind the growth of this market. Easy to use, easy connection with the help of a USB port, and user-friendly interface are a few more characteristics of battery analyzers that are expected to raise the growth of this market in the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.2% |
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Base Year Market Size (2023) |
USD 210.4 Million |
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Forecast Year Market Size (2036) |
USD 406.68 Million |
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Regional Synopsis |
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Type (Stationary, Portable)
The battery analyzer market is segmented and analyzed for demand and supply by type into portable and stationary. Out of this, the portable segment is anticipated to account for the largest market share by the end of 2036. The growth of the market is driven by the growing demand for battery analyzers in UPS batteries and for on-site battery analyzers. As per the data, the global UPS batteries market accounted for a market revenue of USD 170 million in 2020. The rise in the demand for simple functioning-based, compact design, and rugged construction-based batteries is also driving the growth of this segment.
End-user (Automotive, Healthcare, Aviation, Defense, IT & Telecom)
The market is segmented and analyzed for demand and supply by end users into automotive, IT & telecom, healthcare, aviation, defense, and others. Amongst this, the automotive and IT & Telecom segment is expected to hold the largest market share in the forecast period. The market's expansion is driven by the rising popularity of electric vehicles and the increasing use of battery analyzers in the automotive sector to maintain and track the battery servicing of electric vehicles. However, the expansion of the market in the IT and telecom industries is being accelerated by the spike in demand for portable battery analyzers in telecom networks and data center applications.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Battery Type |
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By End User Industry |
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APAC Market Statistics
The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period. This is attributed to the back of presence of the manufacturing industry, along with the growing IT sector, backed by the economic growth in the region. As per the data of the Indian Brand Equity Foundation, the IT and business sector is expected to hold a market revenue of USD 145 million by the end of 2023. Countries such as South Korea, China, India, and Japan are the biggest growth drivers of this market. Battery analyzers are highly used in research and development laboratories which is anticipated to grow the market in this region in the forecast period. The rising use of technologically advanced gadgets and automotive products in this region is also driving the growth of this market. For instance, as per the data, the Indian automotive industry produced around 4266065 units in 2019, and it is anticipated to grow at a CAGR of 12% by the end of 2029.
North American Market Forecast
The market in the North American region is anticipated to gain the largest market share throughout the forecast period. This can be attributed owing to the rapid technical advancement, adoption of new technologies in the IT & telecom sector, and the growing IT sector. The presence of major key players in the region is also expected to boost the market growth. Furthermore, as per a report by International Energy Agency, electric car sales grew in North America by 4% in 2021. It is estimated that by 2030 over 300 million electric cars will run on the streets of the United States. The government of the United States and Canada which are the most popular region of North America is also supporting the demand for Electric Vehicles. For instance, The province of Ontario and the federal government have offered USD 220 million to Ford Motor Company for the production of EVs in the region.
Europe Market Forecast
Additionally, the Europe region is estimated to account for a significant market share in the forecast period. The market is driven by increasing demand for batteries in various industries such as automotive, telecommunications, and power generation. The European battery analyzer market is expected to grow significantly owing to the spread of electric vehicles, which require large-capacity batteries. Moreover, the rising demand for renewable energy storage solutions is expected to further drive market growth.
Author Credits: Dhruv Bhatia
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