Battery Cyclers Market Growth Drivers and Forecast by 2028

The battery cyclers market size is valued US$ 208.14 million in 2022, it is expected to grow at a CAGR of 6.2% from 2022 to 2028

Aerospace, automotive, consumer electronics, and various other industries are heavily investing in advanced technologies to strengthen their capabilities with advanced machinery and offer enhanced services to customers. The rising demand for advanced machinery will also require battery cyclers to test such machinery; this will increase the demand for battery cyclers in the forecast period. The increasing demand for electric vehicles, which led to a surge in the usage of various batteries, and the growing use of smartphones, laptops, tablets, wearables, and other consumer electronics devices that are boosting the need for thin batteries are further stimulating the demand for battery cyclers. Further, several companies that are established in countries such as China, India, Japan, the US, France, Sweden, and the UK are developing advanced battery testing equipment for the global battery cyclers market. For instance, in February 2022, HIOKI E.E. CORPORATION announced that it would launch three new battery quality testers, which are designed to detect latent defects in quality inspections on battery production lines. Thus, with the implementation of such battery quality testers, the company is increasing the safety of lithium-ion batteries.

Consumer electronics and automotive are the most prominent industries in Japan, and these industries are expected to boost the testing and maintenance of the battery cyclers market in the coming years. Furthermore, market players are adopting various initiatives to improve battery testing, which plays a vital role in fueling the market growth. In August 2020, the Kyoto University and Toyota Motor were engaged in creating next-generation battery technology with the capability to fill the maximum amount of energy into a lightweight and small package as compared to existing lithium-ion batteries. They have created a prototype rechargeable battery on the basis of fluoride. Further, in August 2022, Japan’s Ministry of Economy, Trade and Industry announced to invest over US$ 24 billion in both the public and private sectors to develop a competitive manufacturing base for batteries used in areas such as electric vehicles (EVs) and energy storage. The development of new types of batteries will fuel the adoption of battery cyclers.

Battery Cyclers Market -

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Battery Cyclers Market: Strategic Insights

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Impact of COVID-19 Pandemic on North America Battery Cyclers Market

The battery cyclers market was hampered in Q2 2020 as many manufacturing plants in North America were temporarily shut down. The automakers in the region agreed to implement the temporary shutdown of factories, extend periods between two shifts, social distancing, and extensive deep cleaning of surroundings. In March 2020, several automakers, including GM, Ford, and Honda Motors, closed their facilities for extensive cleaning, which led to disruptions in the supply chains of components and parts.

Many battery testing equipment and component manufacturers are present in the US, and the COVID-19 pandemic severely affected the production and revenue generation of these enterprises. The restricted availability of manufacturing staff resulted in lesser production quantity. Further, the limited availability of raw materials and shutdown of aerospace hampered the battery cyclers market growth in the US. However, rising demand for decarbonized vehicles in the country and the continued development of electric vehicles by companies such as Tesla, General Motors, and Ford are expected to offer growth opportunities for battery manufacturing companies. As a result, the battery cyclers market has been growing since Q3 of 2020 in North America.

Market Insights – Battery Cyclers Market

Based on geography, the battery cyclers market size is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia Pacific is expected to account for the largest battery cyclers market share in 2022, and it is expected to witness the highest CAGR in the global battery cyclers market during the forecast period.

North America is expected to hold the second-largest share of the battery cyclers market in 2022, wherein the US is expected to dominate the North America battery cyclers market share. The US is home to various industries, including automotive, energy & utilities, consumer electronics, and healthcare. The growing industrial sector in the US will create a positive impact on the growth of battery-powered devices in these industries, thereby stimulating the adoption of battery cyclers for testing and maintenance. Moreover, Unico, LLC; Bitrode Corporation; Chroma Systems Solutions, Inc.; Arbin Instruments; PEC are a few other major companies present in the US offering battery cyclers to diversified industries. Additionally, in March 2022, NanoGraf, an advanced battery material company, had a contract from the US Department of Defense to produce a more powerful, longer-lasting 4.3Ah lithium-ion battery for US$ 1 million. The cell will provide US military personnel with enhanced run-time for equipment to maintain safe and efficient operations. Such battery production will create a positive impact on the growth of the battery cyclers market.

Battery Cyclers Market Regional Insights

The regional trends and factors influencing the Battery Cyclers Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Battery Cyclers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Battery Cyclers Market Report Scope

Battery Cyclers Market Players Density: Understanding Its Impact on Business Dynamics

The Battery Cyclers Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Battery type - Based Insights – Battery Cyclers Market

Based on battery type, the battery cyclers market is segmented into lead acid, nickel-cadmium batteries, nickel-metal hydride batteries, and lithium-ion batteries. The lithium-ion batteries segment is expected to dominate the battery cyclers market in 2022. The lithium-ion (Li-ion) batteries are used in electronics, toys, handheld power tools, wireless headphones, small and large appliances, electric vehicles, and electrical energy storage systems. Due to its high energy density, its demand in the market is increasing significantly. They are smaller and lighter than other batteries but hold the same energy, thus increasing its demand in the consumer electronics industry. These batteries are used for emergency power backup or uninterruptible power supply (UPS), thus raising its demand in the energy & power industry. They are also used in boats and yachts as they provide years of reliable motor starts and are used in surveillance or alarm systems in remote locations. All the above factors fuel the demand for lithium-ion (Li-ion) batteries, thus raising the demand for battery cyclers and in turn boosting the battery cyclers market growth.

The battery cyclers market players are mainly focused on the development of advanced and efficient systems.

• In September 2022, Chroma Systems Solutions, Inc. announced that on 18 and 19 October 2022, the company would have an opening celebration of its new facility in Austin, Texas. The company will try to meet the growing demand for battery and power conversion test equipment.
• In February 2021, HIOKI E.E. CORPORATION announced the launch of the Battery Tester BT3554-50. It streamlines lead-acid battery diagnostics with audio measurement and recording guidance.