Australia Battery Market Report and Forecast 2024-2032

Australia Battery Market Outlook

The Australia battery market size was valued at USD 1.55 billion in 2023. The market is further projected to grow at a CAGR of 8.2% between 2024 and 2032, reaching a value of USD 3.23 billion by 2032.

Key Takeaways

• In 2022, Australia witnessed a surge in battery installations linked to solar systems. 47,100 residential energy storage systems were installed, marking a 55% growth compared to the previous year.

• In 2022, there was one battery energy storage system for every seven solar power systems, resulting in a cumulative total of 180,000 Australian homes and businesses equipped with both solar and batteries.

• In 2023, Victoria and New South Wales led in the total number of energy storage installations. Tasmania and the Australian Capital Territory (ACT) experienced remarkable growth, installing four times more batteries in 2022 than in 2021.

The growth of the battery market is primarily fuelled by favourable government policies and incentives, increasing adoption of renewable energy sources, and the rising demand for energy storage solutions across various sectors like automotive, residential, commercial, and industrial applications. Additionally, the accelerating adoption of electric vehicles is contributing to Australia battery market development by driving demand for advanced battery technologies. For instance, the national count of home energy storage systems grew to 1,920 MWh in 2022, which is enough to meet the daily electricity needs of 128,000 typical households.

Moreover, the growing need for energy storage to balance intermittent renewable energy sources, improve grid stability, and provide backup power during outages is a key trend driving the Australia battery market growth. Additionally, advancements in battery technologies, such as improved energy densities and faster charging capabilities, are shaping the market trends and enhancing product offerings. The integration of batteries into smart grids and electric vehicle (EV) charging infrastructure is another significant trend, reflecting the increasing focus on sustainable energy solutions.

Further, lead-acid batteries are widely used in traditional vehicles for starting, lighting, and ignition (SLI) applications. They offer excellent cold-cranking performance and reliability, making them economically viable for mass-market technology in Australia. Lithium-ion batteries dominate the Australia battery market share, especially in the automotive sector due to the increasing demand for electric vehicles (EVs) and grid storage solutions. They offer high-energy density and lightweight properties, making them ideal for modern energy storage needs.

Nickel-cadmium batteries are known for their durability and reliability, commonly used in various applications like portable devices, emergency lighting, and power tools due to their long life and cost-efficiency. Lithium-titanate-oxide batteries have emerged as the fastest-growing product in the battery market. Their ability to fast charge and innovative features are driving their adoption across various applications, including automotive and energy storage systems. Zinc-manganese dioxide batteries are commonly used in electronic devices like cameras, watches, and toys due to their reliable power supply. Nickel-ion batteries offer a reliable power source for various applications such as aerospace, electronics, and industrial equipment due to their durability.

Market Segmentation

Australia Battery Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Primary Battery

• Secondary Battery

Market Breakup by Product

• Lead Acid Battery

• Nickel Cadmium Battery

• Lithium-Ion Battery

• Nickel Metal Hydride Battery

• Lithium Titanate Oxide (LTO) Battery

• Zinc-Manganese Dioxide Battery

• Nickel-ion Battery

• Others

Market Breakup by Application

• Portable Batteries

• Industrial Batteries

• Automotive Batteries

• Consumer Electronics

• Others 

Market Breakup by End Use

• Automobile

• Energy Storage

• Aerospace

• Electronics

• Military and Defence

• Others

Market Breakup by Region

• New South Wales

• Victoria

• Queensland

• Western Australia

• Australian Capital Territory

• Others

Competitive Landscape

Market players are focused on providing premium quality of silica sand across industries to stay ahead in the competition.

• Magnis Energy Technologies Limited

• Lithium Batteries Australia

• Energy Renaissance Pty Ltd.

• Battery Energy Power Solutions Pty Ltd.

• Century Yuasa Batteries Pty Ltd.

• Sun Brilliance Pty Ltd.

• Smart Battery Technologies Pty Ltd.

• Master Instruments Pty Ltd.

• Others

Key Highlights of the Report