Report : North America Battery Cyclers Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Channel Type (16, 8, and 4), Battery Type [Lead Acid, Nickel Cadmium (NiCd) Batteries, Nickel -Metal (NiMh) Batteries, and Lithium-Ion (Li-Ion) Batteries], and End User (Aerospace, Energy & Power, Automotive, Consumer Electronics, and Others)
At 6.5% CAGR, the North America Battery Cyclers Market is speculated to be worth US$ 75.02 million by 2028, says Business Market Insights
According to Business Market Insights' research, the North America battery cyclers market was valued at US$ 51.49 million in 2022 and is expected to reach US$ 75.02 million by 2028, registering a CAGR of 6.5% from 2022 to 2028. Increasing production and use of electric vehicles and government initiatives for development of efficient battery cyclers are the critical factors attributed to the market expansion.
The popularity of electric vehicles (EVs) has significantly grown in recent years with the continuous maturation of the technology. Furthermore, increasing concerns about car emissions across the region coupled with the rise in depletion rate of nonrenewable energy resources have prompted government bodies across both developed and developing countries to invest in the expansion of electric vehicle manufacturing. The production and sales of electric vehicles are increasing rapidly owing to favorable legislative measures such as subsidies and tax breaks for both manufacturers and consumers in different countries across the region. These factors are thereby driving the manufacturers to increase their electric vehicle production, thus boosting the growth of the battery cyclers market. Many countries have set objectives for reducing vehicle emission levels. They have begun promoting the production and marketing of electric vehicles and related charging infrastructure. Several countries are heavily investing in electric vehicle sales promotion. Countries are making contractual alliances to ramp up electric car production within their territories. Such a surge in the production and use of electric vehicles is bolstering the battery cyclers market growth.
On the contrary, limited reliability of battery testing hurdles the growth of North America battery cyclers market.
Based on channel type, the North America battery cyclers market is segmented into 16, 8, and 4. The 8 segment held 49.3% market share in 2022, amassing US$ 25.40 million. It is projected to garner US$ 39.48 million by 2028 to expand at 7.6% CAGR during 2022-2028.
Based on battery type, the North America battery cyclers market is segmented into lead acid, nickel-cadmium batteries, nickel-metal hydride batteries, and lithium-ion batteries. The lithium-ion batteries segment held 57.3% market share in 2022, amassing US$ 29.52 million. It is projected to garner US$ 46.69 million by 2028 to expand at 7.9% CAGR during 2022-2028.
Based on end user, the North America battery cyclers market is segmented into aerospace, energy and power, automotive, consumer electronics and others. The consumer electronics segment held 23.2% market share in 2022, amassing US$ 11.96 million. It is projected to garner US$ 17.83 million by 2028 to expand at 6.9% CAGR during 2022-2028.
Based on country, the North America battery cyclers market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 63.7% market share in 2022. It was assessed at US$ 32.82 million in 2022 and is likely to hit US$ 46.76 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.
Key players dominating the North America battery cyclers market are Arbin Instruments; BioLogic Sciences Instruments; Bitrode Corporation; Chroma Systems Solutions, Inc.; Digatron; Gamry Instruments; Hioki E.E. Corporation; PEC; Unico, LLC; and Xiamen Tmax Battery Equipments Limited among others.
In 2022, Ambri selected Arbin Instruments for expansion of its Next Generation Development Lab. Under this agreement, Arbin Instruments will supply its Laboratory Battering Testing (LBT) series hardware, that provides high-precision measurements and high-frequency data sampling. Also, this battery test equipment will provide the control which is needed for the real-world tests.
In 2020, Midtronics Inc. had announced its DSS-5000 HD battery diagnostic service system is available for commercial truck and fleet applications. The patented technology is designed to provide accurate and decisive battery state of health information.
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