Battery Analyzer Market Size

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.