Battery Analyzer Market Share

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.