Categories: Market Research

Battery Cyclers Market Report 2024, Battery Cyclers Market Key Players, Industry Analysis

Sizing and Forecast
The battery cyclers market size has grown rapidly in recent years. It will grow from $0.60 billion in 2023 to $0.69 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to the rise of electric vehicles (EVs), renewable energy expansion, consumer electronics boom, research and development, and industrial automation.

The battery cyclers market size is expected to see rapid growth in the next few years. It will grow to $1.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to a focus on sustainability and carbon footprint, rising electric scooters, e-bikes, and other electric vehicles, increasing demand for battery cyclers to ensure reliability and performance, and rise in renewable energy integration. Major trends in the forecast period include advanced data analytics, high-precision control systems, increasing adoption of automation and robotics, integration with AI and machine learning, and the development of capabilities to simulate fast-charging scenarios.

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The battery cyclers market covered in this report is segmented –

1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Based Batteries, Other Batteries
2) By Service: Cell Testing, Module Testing, Pack Testing
3) By Application: Research, End-of-Line
4) By Industry: Automotive And Transportation, Consumer Electronics, Energy And Utility, Industrial, Education And Research, Other Industries

North America was the largest region in the battery cyclers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery cyclers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growth in the electric vehicle (EV) industry is expected to propel the growth of the battery cyclers market going forward. Electric vehicles (EVs) refer to vehicles that are propelled by electric motors using electrical energy stored in batteries or another energy storage device. The demand for electric vehicles (EVs) is increasing due to their environmental benefits, such as reduced emissions and economic incentives, along with advancements in battery technology and supportive government policies. Battery cycles are essential to advancing electric car technology by providing adequately tested and validated batteries, guaranteeing that they fulfill the exacting standards for dependability, performance, and safety that consumers and the automotive industry need. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, growth in the electric vehicle (EV) industry is driving the growth of the battery cyclers market.

Key Industry Players
Major companies operating in the battery cyclers market are WonATech Co. Ltd., Unico LLC, HIOKI E.E. CORPORATION, Neware Technology Limited, Bitrode Corporation, Solartron Analytical, DIGATRON Industrie-Elektronik GmbH, Maccor Inc., Amtest Electro Kft., Arbin Instruments, Chroma ATE Inc., Gamry Instruments, NH Research Inc., Aralab S.L., BioLogic Science Instruments SAS, Xiamen Tmax Battery Equipments Limited, Battery Associates Inc., Ivium Technologies BV, CH Instruments Inc., Petrotest Instruments

The battery cyclers market report table of contents includes:

1. Executive Summary

2. Battery Cyclers Market Characteristics

3. Battery Cyclers Market Trends And Strategies

4. Battery Cyclers Market – Macro Economic Scenario

5. Global Battery Cyclers Market Size and Growth

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32. Global Battery Cyclers Market Competitive Benchmarking

33. Global Battery Cyclers Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Battery Cyclers Market

35. Battery Cyclers Market Future Outlook and Potential Analysis

36. Appendix