Battery Market Size (2024 - 2029)

The battery market is poised for significant growth, driven by factors such as decreasing lithium-ion battery prices and the increasing adoption of automotive batteries in electric vehicles. Despite challenges like the imbalance in the supply and demand of raw materials, the market is recovering from the COVID-19 impact and has returned to pre-pandemic levels. The integration of energy storage with solar PV systems is gaining traction, particularly in developed regions, presenting substantial opportunities for market expansion. The Asia-Pacific region is anticipated to lead the market, with substantial demand originating from countries like China, India, Japan, and South Korea.

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Market Size of Battery Industry

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Battery Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 16.64 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Battery Market Analysis

The Battery Market is expected to register a CAGR of 16.64% during the forecast period.

The global battery market is estimated to reach a value of USD 132.44 billion by the end of this year.

The market was negatively impacted by COVID-19 in 2020. Currently, it has reached pre-pandemic levels.

  • Over the long term, factors such as the declining lithium-ion battery prices and the growing usage of automotive batteries in electric vehicles are expected to drive the market.
  • On the flip side, a mismatch in the demand and supply of raw materials for battery manufacturing is likely to hinder the market growth.
  • As solar energy is an intermittent source and generates power only during the daytime, using off-grid solar power in conjunction with energy storage substantially enhances the utilization of solar PV units. As a result, energy storage with solar PV has been gaining popularity in developed countries, which is likely to create a huge opportunity for the battery market in the near future.
  • Asia-Pacific is expected to dominate the battery market, with most of the demand coming from China, India, Japan, and South Korea.

Battery Industry Segmentation

A battery is a device that converts chemical energy contained within its active materials directly into electric energy by means of an electrochemical oxidation-reduction (redox) reaction. The battery market is segmented by type, technology, application, and geography.

By type, the market is segmented into primary batteries and secondary batteries. By technology, the market is segmented into lead-acid batteries, lithium-ion batteries, nickel-metal hydride (NiMH) batteries, nickel-cadmium (NiCD) batteries, nickel-zinc (NiZn) batteries, flow batteries, sodium-sulfur (NAS) batteries, zinc-manganese dioxide batteries, small sealed lead-acid batteries, and other technologies (dual carbon batteries, zinc-carbon batteries, silver-oxide batteries, etc.). By application, the market is segmented into automotive batteries (HEV, PHEV, and EV), industrial batteries (motive, stationary (telecom, UPS, energy storage systems (ESS)), etc.), portable batteries (consumer electronics, etc.), power tool batteries, SLI batteries, and other applications. The report also covers the market size and forecasts for the battery market across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD billion).

Type
Primary Batteries
Secondary Batteries
Technology
Lead-acid Batteries
Lithium-ion Batteries
Nickel-metal Hydride (NiMH) Batteries
Nickel-cadmium (NiCD) Batteries
Nickel-zinc (NiZn) Batteries
Flow Batteries
Sodium-sulfur (NAS) Batteries
Zinc-manganese Dioxide Batteries
Small Sealed Lead-acid Batteries
Other Technologies (Dual Carbon Batteries, Zinc-carbon Batteries, Silver-oxide Batteries, etc.)
Application
Automotive Batteries (HEV, PHEV, and EV)
Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), etc.)
Portable Batteries (Consumer Electronics, etc.)
Power Tool Batteries
SLI Batteries
Other Applications
Geography
North America
United States
Canada
Rest of North America
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Europe
Germany
France
Italy
United Kingdom
Russian Federation
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Battery Market Size Summary

The global battery market is poised for significant growth, driven by the increasing adoption of electric vehicles and advancements in battery technology. The shift from internal combustion engine vehicles to electric vehicles is a key factor propelling the demand for lithium-ion batteries, which are favored for their high energy density and low maintenance requirements. The market is also benefiting from the declining prices of lithium-ion batteries, making them more accessible for various applications. However, challenges such as the mismatch in the supply and demand of raw materials for battery manufacturing could pose obstacles to market expansion. The integration of energy storage solutions with solar power systems is gaining traction, particularly in developed regions, presenting new opportunities for market growth.

Asia-Pacific is expected to dominate the battery market, with China and India emerging as major hubs for investment and development. The region's rapid urbanization and increasing consumer spending are driving the demand for advanced battery technologies. China, as the largest market for electric vehicles, continues to lead in battery demand, supported by government policies and a thriving EV industry. Meanwhile, India is making strides in developing cost-effective battery technologies, such as zinc-air batteries, which offer longer shelf life and economic advantages over traditional lithium-ion batteries. The market remains fragmented, with key players like Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Duracell Inc., Tesla Inc., and Panasonic Corporation playing significant roles in shaping the industry's future.

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Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type, till 2027

    4. 1.4 Import and Export Analysis in USD million, by Major Technology Type and Major Country, till 2021

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitute Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Primary Batteries

      2. 2.1.2 Secondary Batteries

    2. 2.2 Technology

      1. 2.2.1 Lead-acid Batteries

      2. 2.2.2 Lithium-ion Batteries

      3. 2.2.3 Nickel-metal Hydride (NiMH) Batteries

      4. 2.2.4 Nickel-cadmium (NiCD) Batteries

      5. 2.2.5 Nickel-zinc (NiZn) Batteries

      6. 2.2.6 Flow Batteries

      7. 2.2.7 Sodium-sulfur (NAS) Batteries

      8. 2.2.8 Zinc-manganese Dioxide Batteries

      9. 2.2.9 Small Sealed Lead-acid Batteries

      10. 2.2.10 Other Technologies (Dual Carbon Batteries, Zinc-carbon Batteries, Silver-oxide Batteries, etc.)

    3. 2.3 Application

      1. 2.3.1 Automotive Batteries (HEV, PHEV, and EV)

      2. 2.3.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), etc.)

      3. 2.3.3 Portable Batteries (Consumer Electronics, etc.)

      4. 2.3.4 Power Tool Batteries

      5. 2.3.5 SLI Batteries

      6. 2.3.6 Other Applications

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Asia-Pacific

        1. 2.4.2.1 China

        2. 2.4.2.2 India

        3. 2.4.2.3 Japan

        4. 2.4.2.4 South Korea

        5. 2.4.2.5 Rest of Asia-Pacific

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 France

        3. 2.4.3.3 Italy

        4. 2.4.3.4 United Kingdom

        5. 2.4.3.5 Russian Federation

        6. 2.4.3.6 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle East & Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 United Arab Emirates

        3. 2.4.5.3 South Africa

        4. 2.4.5.4 Rest of Middle East and Africa

Battery Market Size FAQs

The Battery Market is projected to register a CAGR of 16.64% during the forecast period (2024-2029)

Duracell Inc., Panasonic Corporation, Contemporary Amperex Technology Co. Limited, BYD Co. Ltd and Tesla Inc. are the major companies operating in the Battery Market.

Battery Market Report Snapshots

Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)