battery cyclers Market

The battery cyclers market size is expected to grow from US$ 208.14 million in 2022 to US$ 298.20 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2022 to 2028.

In recent years, the popularity of electric vehicles (EVs) has grown significantly as the technology has matured. Government bodies in both developed and developing countries are investing in expanding electric vehicle manufacturing due to increasing concerns about car emissions and the depletion rate of nonrenewable energy resources. European countries are early adopters of electric mobility, with electric vehicles accounting for 11% (6% battery electric vehicles (BEVs) and 5% plug-in hybrid electric vehicles (PHEVs)) of newly registered passenger cars in 2020, according to the European Environment Agency. Legislative measures, such as subsidies and tax breaks for both manufacturers and consumers in various countries across regions such as North America, Europe, and Asia Pacific, are driving the global production and sales of electric vehicles. This increase in electric vehicle production is driving the growth of the global battery cyclers market.

Numerous countries, including Canada, have established goals to decrease vehicle emissions, promoting the development and marketing of electric vehicles and related charging infrastructure. Norway and Germany are significantly investing in electric vehicle sales promotion, while the UAE, China, India, Saudi Arabia, Chile, Brazil, and Russia are forming alliances to increase electric car production within their respective territories. Amid the COVID-19 pandemic, Germany, France, the UK, Canada, South Korea, Japan, Sweden, the Netherlands, and Norway all witnessed a surge in electric car registrations. According to IEA, there were about 3 million new electric cars registered worldwide in 2020, with Europe leading the way with 1.4 million new electric car registrations, followed by China with 1.2 million and the US with 295,000 registrations. This surge in electric vehicle production and use is fueling the growth of the battery cyclers market.

Impact of COVID-19 Pandemic on Asia Pacific Battery Cyclers Market

The battery cyclers market in Asia Pacific presents vast growth prospects, as countries like China, Japan, and India possess large industrial bases, a positive economic outlook, and favorable government policies. Nonetheless, the COVID-19 pandemic had an unfavorable impact on several sectors in Asia Pacific during Q2 and Q3 of 2020. The manufacturing sector output plummeted by 20.6% in May 2020 compared to a 3.1% rise in May 2019, ascribed to travel restrictions, shutdown of manufacturing plants, unavailability of raw materials, and workforce limitations. Despite the temporary shutdown of manufacturing facilities, the demand for battery cyclers among end users continued to surge in the region after industries resumed their businesses by the end of Q3 of 2020. The presence of significant manufacturing hubs in countries such as China, Taiwan, India, Japan, and South Korea resulted in higher demand for battery cyclers, and this trend has continued to accelerate in 2021 compared to 2020.

The Canadian battery cyclers market held the second-largest share in North America in 2021, owing to the presence of numerous manufacturing plants in the country. This trend is expected to continue as more battery-powered devices are being developed, further driving the growth of the market. Major players in the battery cyclers market are also establishing a presence in Canada, as demonstrated by Volkswagen and Mercedes-Benz's recent agreements with the Canadian government to procure raw materials for EV battery production. However, the production of electric vehicles, buses, and trucks is still in its nascent stages in Canada due to the country's role as a raw material exporter. Nonetheless, Canada is an important player in the global automotive market, which is expected to have a direct impact on battery production and, in turn, drive the growth of the battery cyclers market.

The Asia Pacific region is expected to witness the highest CAGR in the battery cyclers market during the forecast period. The market is segmented by country into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. India is anticipated to hold the second-largest share of the battery cyclers market in Asia Pacific in 2022.

To promote the use of electric vehicles in India, the government plans to offer incentives worth US$4.6 billion by 2030 to businesses setting up innovative battery manufacturing facilities. As a result, there has been an increase in electric vehicle sales in the country, which has led to a surge in battery production. Under the Production-Linked Incentive Scheme for advanced cell chemistry battery manufacturing, the Ministry of Heavy Industries has signed contracts with Ola Electric, Reliance New Energy Ltd, and Rajesh Exports, which will encourage battery cycler manufacturers to test their products' lifecycle and other aspects. India is also a hub for large consumer electronics manufacturing units, which are boosting the production of different electronic components, including batteries. This increase in battery production will further stimulate the growth of the battery cyclers market.

Leading 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 battery cyclers market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the battery cyclers market. The process also serves the purpose of obtaining an overview and market forecast of the battery cyclers market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the battery cyclers market.