Advanced Electronics and EVs Drive Battery Cyclers Market to $1.3 Billion by 2034
The Global Battery Cyclers Market is poised for substantial growth, with its value expected to increase from US$ 750.0 Mn in 2023 to US$ 1.3 Bn by 2034, driven by a steady CAGR of 4.9% during the forecast period. This growth is fueled by the rising adoption of modern electronic technologies and advancements in next-generation battery cycling systems.
Analyst Viewpoint: The increasing demand for advanced electronic devices, such as smartphones, laptops, and electric vehicles (EVs), is propelling the battery cyclers market. These devices require robust and reliable battery systems, making battery cyclers essential for testing and validating battery performance. The ongoing research and development of next-generation battery cycling systems are further driving market growth by improving battery utilization and safety.
Market Dynamics: The surge in demand for battery-powered devices and EVs has led to the development of more efficient and reliable battery systems. As a result, key players in the battery cyclers market are focusing on the creation of automated and integrated battery testing solutions. These advancements offer a more efficient way of temperature conditioning cells in test environments compared to traditional methods, enhancing the accuracy and reliability of battery testing.
Regional Outlook: Asia Pacific remains a dominant player in the battery cyclers market, accounting for the largest market share in 2023. The region is expected to maintain its leadership position, driven by the increasing adoption of EVs, particularly in China. Europe is also projected to witness significant growth due to the rising demand for battery storage in grid infrastructure.
Analysis of Key Players
Battery testing on modern testbeds faces a variety of safety problems. Thus, key players in the global battery cyclers market are developing products with enhanced safety features and increased capacity to meet the evolving needs of various industries.
AMETEK.Inc., Arbin Instruments, AVL, BioLogic, Bitrode Corp., Chroma ATE Inc., DIGATRON, Greenlight Innovation, Ivium Technologies B.V., Maccor, Inc., MATSUSADA PRECISION Inc., NATIONAL INSTRUMENTS CORP., Neware Battery Testers International, Unico, LLC, and Xiamen Acey New Energy Technology Co., Ltd. are key players operating in the battery cyclers industry.
These companies have been profiled in the battery cyclers market report based on parameters such as company overview, business segments, product portfolio, recent developments, business strategies, and financial overview.