Global Battery Market Report and Forecast 2024-2032

Global Battery Market Size

The global battery market attained a value of USD 176.42 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 15%.

A battery is a container that consists of two or more cells and converts chemical energy into electrical energy. It is used for powering electronic devices, such as mobile phones, flashlights, and electric cars, among others. Batteries have several advantages over other power sources as they can store energy and provide specific energy capacity.

Primary batteries are single-use batteries that cannot be recharged. Once their chemical reactants are exhausted, the battery loses its ability to produce electricity and must be disposed of. Common examples include alkaline batteries often used in remote controls and flashlights. Secondary batteries, also known as rechargeable batteries, can be recharged and used multiple times. During the charging process, the chemical reactions are reversed, restoring the electrodes to their original state.

Batteries are used in a wide variety of applications, from powering small devices like watches and smartphones to larger applications like electric vehicles and energy storage systems for renewable energy sources like solar and wind power.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Battery Industry Segmentation

The major products of battery are:

• Lithium-Ion

• Lead Acid

• Nickel Metal Hydride

• Nickel Cadmium

• Others

Lithium-ion occupies a substantial battery market share. The demand for lithium-ion batteries in the market has surged significantly in recent years. Lithium-ion batteries are the mainstay in powering consumer electronics like smartphones, laptops, tablets, and digital cameras due to their high energy density, which means they can store more energy for their size and weight. As the market for these devices continues to expand, so does the demand for lithium-ion batteries.

One of the most significant drivers of lithium-ion battery demand is the rapidly growing electric vehicle sector. EVs rely on these batteries for their high energy output, efficiency, and ability to be recharged. Governments worldwide are pushing for EV adoption through incentives and regulations to reduce carbon emissions, further stimulating demand for lithium-ion batteries.

The market can be broadly categorised on the basis of its applications into:

• Automotive Batteries

• Industrial Batteries

• Portable Batteries

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The most significant factor driving the automotive battery market is the burgeoning electric vehicle market. As more consumers and governments push for environmentally friendly transportation options, the demand for high-capacity, efficient batteries, particularly lithium-ion batteries, has skyrocketed. EVs require powerful batteries to ensure adequate range and performance, which has led to intensified research and development in battery technology.

Advancements in battery technology, such as improvements in energy density, charging time, and battery lifespan, are critical to meeting the demands of modern vehicles, including electric and hybrid models. These advancements are making EVs more attractive to consumers and, in turn, driving up demand for advanced automotive batteries.

The report also covers the major regional markets for battery, which are as follows:

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa

Battery Market Analysis

The rapid expansion of the electric vehicle market is one of the primary factors diving the battery demand, particularly lithium-ion batteries. As governments and consumers increasingly focus on reducing carbon emissions, the shift towards EVs is expected to continue, further fuelling the growth of the market.

Technological advancements and growing urbanisation are some of the crucial battery market trends that are enabling the production of batteries that are more efficient, have higher energy densities, are quicker to charge, and have longer lifespans. Continuous innovation is key to meeting the evolving demands of various applications, from consumer electronics to electric vehicles.

Batteries are also playing a crucial role in the renewable energy sector, particularly in storing energy from solar and wind sources. The ability to store and release energy as needed helps address the intermittency challenges of renewable energy, making batteries an essential component of a sustainable energy future.

Surging adoption of electric vehicles to aid the Market Growth

The rising popularity of electronic vehicles is crucial in the expansion of the market. The surging use of lithium-ion batteries in electric cars and scooters is driving the battery market growth. The e-scooter market is witnessing significant growth in emerging economies. Electronic vehicles are increasingly used due to their cost-effectiveness and high efficiency. Moreover, stringent government policies owing to rising pollution levels are also increasing the demand for fuel-efficient electronic vehicles, consequently escalating the demand for a battery. This is expected to drive the market growth in the forecast period.

The rising use of consumer electronics owing to growing disposable income and evolving living standards is also augmenting the market growth. Moreover, the growing consumer awareness is increasing the demand for sustainable products, further catalysing the market. Technological advancements and innovations to develop more efficient, cost-effective, and durable batteries are anticipated to further boost the battery market demand. In addition, the rising prevalence of the use of portable batteries owing to hectic lifestyles and growing dependency on technological gadgets is also fuelling the market growth. Further, increasing research and development activities using technological innovations is also lubricating the market growth. For instance, in 2019, a team of researchers from Stanford University, MIT, and Toyota Research Institute used artificial intelligence (AI) to predict the performance of lithium-ion batteries. Such developments are anticipated to accelerate the market growth.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Regional Insights

Asia Pacific to dominate the market for battery owing to rapid urbanisation and industrialisation

The Asia Pacific market is witnessing a robust growth due to the increasing manufacturing activities in China and India. Rapid urbanisation and industrialisation are increasing the demand for technologically advanced portable products, hence aiding market growth. Moreover, the introduction of favourable initiatives by the Indian government provided funding through incentive 2.0 for manufacturing of consumer electronics and Made in China 2025 initiated by the Chinese government are increasing the demand for batteries, hence aiding the market growth. Moreover, the consumption of consumer electronics is rising significantly in technologically advanced countries, such as South Korea, Japan, and Singapore, among others. The advent of portable and smart devices is increasing the use of batteries, further invigorating the market growth and contributing to the overall growth of the market.

Batteries are extensively used in various industrial applications, such as telecommunication, medical equipment, oil drilling, and tracking systems, among others, which are propelling the market growth. Moreover, batteries are also used in the flourishing aerospace sector to feed navigation and emergency systems, which is bolstering the market growth. Additionally, the development of energy storage systems in various emerging economies for efficient power supply is further boosting the market growth. The rising demand for sustainable energy storage by industrial companies owing to various governments’ regulations is facilitating market growth.

Key Players in the Market

The report presents a detailed analysis of the following key players in the global battery market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• LG Energy Solution

• GS Yuasa International Ltd.

• BYD Company Ltd.

• Exide Industries Ltd.

• Johnson Controls

• Panasonic Corporation

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

Our Top Selling Reports

HVAC Market

Toys Market

Lime Market

Urea Market

Bus Market

Tuna Market

Construction Market

Helium Market

Asphalt Market

Footwear Market

Battery Market Report Snapshots

Battery Market Size

Battery Market Analysis

Battery Market Growth

Battery Companies

Battery Market Regional Analysis