Battery Cyclers Market Research Report and Outlook by 2028

The battery cyclers market is projected to expand from US$ 208.14 million in 2022 to US$ 298.20 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.2% during this period.

In recent times, the adoption of electric vehicles (EVs) has surged as advancements in technology have progressed. Governments across both developed and developing nations are channeling investments into the enhancement of electric vehicle production, driven by rising concerns regarding vehicle emissions and the rapid depletion of nonrenewable energy sources. European nations are at the forefront of this electric mobility revolution, with electric vehicles representing 11% of newly registered passenger cars in 2020, as reported by the European Environment Agency. Legislative initiatives, including subsidies and tax incentives for manufacturers and consumers alike in regions such as North America, Europe, and Asia Pacific, are propelling the global production and sales of electric vehicles. This uptick in electric vehicle manufacturing is significantly contributing to the expansion of the global battery cyclers market.

Countries like Canada have set ambitious targets to reduce vehicle emissions, thereby fostering the development and promotion of electric vehicles and their associated charging infrastructure. Norway and Germany are making substantial investments to boost electric vehicle sales, while nations such as the UAE, China, India, Saudi Arabia, Chile, Brazil, and Russia are forming partnerships to enhance electric vehicle production within their borders. During the COVID-19 pandemic, countries including Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands, and Norway experienced a notable increase in electric vehicle registrations. According to the International Energy Agency (IEA), approximately 3 million new electric cars were registered globally in 2020, with Europe leading at 1.4 million, followed by China with 1.2 million and the US with 295,000 registrations. This rise in electric vehicle production and usage is a key driver for the growth of the battery cyclers market.

Effects of the COVID-19 Pandemic on the Battery Cyclers Market in Asia Pacific

The battery cyclers market in the Asia Pacific region holds significant growth potential, particularly in countries like China, Japan, and India, which boast substantial industrial bases, a favorable economic outlook, and supportive government policies. However, the COVID-19 pandemic adversely affected various sectors in Asia Pacific during the second and third quarters of 2020. Manufacturing output saw a drastic decline of 20.6% in May 2020 compared to a 3.1% increase in May 2019, primarily due to travel restrictions, factory shutdowns, shortages of raw materials, and workforce limitations. Despite these challenges, the demand for battery cyclers among end users surged as industries resumed operations by the end of Q3 2020. The presence of major manufacturing hubs in China, Taiwan, India, Japan, and South Korea has led to an increased demand for battery cyclers, a trend that has continued to gain momentum in 2021.

In North America, the Canadian battery cyclers market held the second-largest share in 2021, attributed to the numerous manufacturing facilities located in the country. This trend is expected to persist as the development of battery-powered devices continues to grow, further propelling market expansion. Key players in the battery cyclers market are also establishing operations in Canada, as evidenced by recent agreements between Volkswagen and Mercedes-Benz with the Canadian government to secure raw materials for electric vehicle battery production. Nevertheless, the production of electric vehicles, buses, and trucks in Canada remains in its early stages, given the country's role as a raw material exporter. Nonetheless, Canada plays a crucial role in the global automotive landscape, which is anticipated to directly influence battery production and subsequently drive the growth of the battery cyclers market.

The Asia Pacific region is projected to experience the highest CAGR in the battery cyclers market throughout the forecast period. The market is categorized by country, including Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. India is expected to capture the second-largest share of the battery cyclers market in Asia Pacific by 2022.

To encourage electric vehicle adoption in India, the government plans to allocate incentives totaling US$4.6 billion by 2030 for companies establishing innovative battery manufacturing facilities. This initiative has led to a rise in electric vehicle sales, consequently boosting battery production. Under the Production-Linked Incentive Scheme for advanced cell chemistry battery manufacturing, the Ministry of Heavy Industries has entered into agreements with companies like Ola Electric, Reliance New Energy Ltd, and Rajesh Exports, which will motivate battery cycler manufacturers to evaluate their products' lifecycle and other parameters. Additionally, India serves as a hub for large-scale consumer electronics manufacturing, which is enhancing the production of various electronic components, including batteries. This increase in battery production is expected to further stimulate the growth of the battery cyclers market.

Prominent players in the battery cyclers market include BioLogic Sciences Instruments, Unico LLC, Bitrode Corporation, Chroma Systems Solutions Inc, HIOKI E.E. CORPORATION, Arbin Instruments, DIGATRON, PEC, Xiamen Tmax Battery Equipments Limited, and Gamry Instruments.

The overall size of the battery cyclers market has been determined through a combination of primary and secondary research. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data related to the battery cyclers market. This process also aims to provide an overview and forecast of the market's growth across all segments. Additionally, numerous primary interviews have been conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants in this process include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the battery cyclers market.