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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Battery 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.
Battery Market Report Snapshots
Battery Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global battery market attained a value of nearly USD 176.42 billion.
The market is projected to grow at a CAGR of 15% between 2024 and 2032.
The major market drivers are rapid urbanisation and urbanisation in emerging countries, the surging use of electronic vehicles, and the rising use of consumer electronics.
The increasing research and development (R&D) by major players activities, technological advancements and innovations, the growing demand for sustainable batteries, and the surging usage of lithium-ion batteries are the key trends supporting the market expansion.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major products considered in the market report are lithium-ion, lead acid, nickel metal hydride, and nickel cadmium, among others.
The significant applications of battery include automotive batteries, industrial batteries, and portable batteries.
The major players in the market are LG Energy Solution, GS Yuasa International Ltd., BYD Company Ltd., Exide Industries Ltd., Johnson Controls, and Panasonic Corporation, among others.
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