Authored By: Sarah
11 Jul 2024

 Battery Market Size to grow by USD 229.86 billion between 2023-2027

According to a research report “ Battery Market” by Application (Portable batteries, Automotive batteries, Industrial batteries) Type (Lithium ion, Lead acid, Nickel metal hydride, Nickel cadmium, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 229.86 billion, at a CAGR of  17.22% during the forecast period. The automotive industry is experiencing a significant shift towards electrified vehicles (EVs) due to increasing environmental concerns and the push for a more sustainable ecosystem. Governments worldwide are implementing policies to reduce air pollution and vehicle emissions, making EVs an attractive alternative to conventional gasoline vehicles. On average, EVs emit half the greenhouse gases (GHGs) of gasoline vehicles, making them a key contributor to decarbonizing the transport sector. In response, industry players are prioritizing the development and deployment of EVs and electric buses to meet emerging market demands and regulatory objectives.

Browse market data tables, figures, and in-depth TOC on “Battery Market” by Application (Portable batteries, Automotive batteries, Industrial batteries) Type (Lithium ion, Lead acid, Nickel metal hydride, Nickel cadmium, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Application, the Portable batteries segment is projected to dominate the market size in 2024

In the battery market, lithium-ion batteries have emerged as a preferred choice due to their superior performance characteristics. These rechargeable batteries utilize carbon as an anode and lithium-ion as a cathode, resulting in enhanced thermal stability, higher current density, and extended shelf life compared to conventional battery technologies. The segment's growth is primarily driven by the increasing adoption of lithium-ion batteries in high-power applications, such as hybrid electric vehicles (HEVs), electric vehicles (EVs), and consumer electronics devices. The global trend towards electrification, particularly in the automotive sector, is expected to fuel the market expansion throughout the forecast period.

By Type, Lithium ion  segment is expected to hold the largest market size for the year 2024

The automotive battery market, encompassing batteries utilized in electric vehicles (EVs) and e-bikes, is poised for significant expansion during the forecast period. This growth is primarily driven by the automotive sector's increasing adoption of EVs, which offer advantages over traditional battery chemistries, such as lead-acid. These advantages include higher energy density, superior performance, longer cycle life, increased battery compliance, production automation, enhanced security, and reduced weight. Consequently, battery technology has become more economically viable compared to prismatic or laminate batteries, making it an attractive choice for leading EV manufacturers like Tesla.

APAC is forecasted to hold the largest market size by region in 2024

The Asia Pacific (APAC) region, spearheaded by major contributors India and China, dominates the global battery market in terms of revenue. The primary application sectors for batteries are consumer electronics, including smartphones, laptops, and tablets. The demand for batteries is projected to surge in APAC due to the significant cost reduction of Lithium-ion batteries during the forecast period. Moreover, India is poised for an aggressive expansion in domestic battery production, with the market anticipated to exhibit a remarkable Compound Annual Growth Rate (CAGR) of 30% during the same period. The escalating adoption rates of smartphones in APAC, positioning it as one of the world's largest mobile markets, further fuels the demand for batteries.

The Battery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • A123 Systems LLC
  • Clarios
  • Cummins Inc.
  • East Penn Manufacturing Co. Inc.
  • EnerSys
  • Exide Industries Ltd.
  • Furukawa Electric Co. Ltd.
  • GS Yuasa Corp.
  • HBL Power Systems Ltd.
  • Hitachi Ltd.
  • Korea Battery Co. Ltd.
  • Leoch International Technology Ltd.
  • LG Chem
  • Murata Manufacturing Co. Ltd.
  • Panasonic Holdings Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • TDK Corp.
  • Toshiba Corp.
.

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Research Analysis Overview

The battery market is a dynamic and growing industry, driven by the increasing demand for automobiles with plug-in electric capabilities and the need for energy storage solutions in various sectors. Automobiles, particularly plug-in electric vehicles (PEVs), are a significant market for batteries, with lithium-ion batteries being the preferred choice due to their high energy density and long life. However, the battery market extends beyond automobiles. Industrial plants, offices, schools, hospitals, and even consumer electronics rely on batteries for power. Power tool batteries and portable batteries are essential for construction sites, while uninterruptible power supply (UPS) devices require reliable lead-acid batteries. Battery manufacturers produce various types of batteries, including nickel-ion batteries, sodium-sulfur batteries, flow batteries, and lead-acid batteries. Lithium-ion batteries and lead-acid batteries are the most commonly used types in the market. The battery market also includes grid storage solutions for transportation and non-residential construction. Electric vehicles require batteries for propulsion, and grid storage provides energy backup for power grids. The demand for batteries in these applications is expected to grow significantly in the coming years. In summary, the battery market is diverse and includes applications in automobiles, energy storage, and consumer electronics. Lithium-ion batteries and lead-acid batteries are the most commonly used types, and battery manufacturers produce various types to meet the demands of different industries. The market is expected to grow significantly in the coming years due to the increasing demand for energy storage solutions and electric vehicles.

Market Research Overview

The battery market is a dynamic and diverse sector, encompassing various applications in the automotive segment, consumer electronics, power tools, and energy storage systems. The market includes a range of battery types such as Nickel-ion Battery, Sodium-sulfur Battery, Flow Battery, Lead-acid Battery, and Lithium-ion segment. In the automotive sector, the demand for batteries is driven by the e-mobility industry, with e-rickshaws and plug-in electric vehicles leading the charge. The automobile sector's shift towards electrification is a significant trend, with passenger car production seeing a surge in demand for automotive batteries. Consumer electronics, including portable devices, recreation equipment, and wearable devices like fitness bands and smartwatches, also rely on batteries. Rechargeable batteries, such as Lead-acid and Lithium-ion, dominate this segment. In the industrial sector, batteries are used in power generation, grid storage, and backup power systems for offices, schools, hospitals, and industrial plants. Industrial batteries are used in firefighting, construction, medical, electronics, and other applications. Battery manufacturers are focusing on product innovation, efficiency, and charging speed to meet the growing demand for batteries. The global electrification trend is driving the market's growth, with lithium-ion batteries becoming increasingly popular due to their high energy density and long cycle life. The chemical sector also plays a crucial role in battery manufacturing, producing raw materials such as lithium, nickel, and cobalt. The market's future looks promising, with advancements in battery technology and the growing demand for energy storage solutions. The fossil fuel industry's decline and the increasing focus on renewable energy sources are also expected to boost the battery market's growth. The market's size is expected to reach new heights in the coming years, driven by the growing demand for batteries in various applications, including transportation, consumer electronics, power generation, and industrial uses.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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