The Battery Market is projected to increase by USD 296.60 billion by 2028, growing at a CAGR of 18.69%. This growth is largely attributed to the rise in electric vehicles (EVs) and the growing use of rechargeable batteries. The consumer electronics industry also plays a significant role in driving market expansion. However, challenges such as counterfeit batteries and environmental concerns persist. To overcome these issues, the market needs stricter regulations and sustainable production methods. Technavio predicts that focusing on safer, eco-friendly battery technologies will help the market maintain its growth momentum and address key consumer concerns in the coming years.

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