Battery Market Size, Share, Growth Analysis, By Battery Type (Lead-acid Battery, Flow Battery), By Application (Automotive Batteries, Power Tool Batteries), By End-user (Aerospace Industries, Automotive Industries), By Region -Industry Forecast 2024-2031)
Report ID:
SQMIG20D2263 |
Region:
Global |
Published Date: November, 2024
Pages:
179
|Tables:
0
|Figures:
0
Battery Market Insights
Global Battery Market size was valued at USD 120.79 Billion in 2022 poised to grow from USD 139.88 Billion in 2023 to USD 390.57 Billion by 2031, growing at a CAGR of 15.8 % in the forecast period (2024-2031).
The global battery market is mostly being driven by the automobile industry's significant growth. Additionally, as people's awareness of the environment has grown, rechargeable electric vehicles—such as electric and hybrid vehicles—have become more popular. This is propelling the market's expansion. Accordingly, the need for batteries is being driven up by the growing requirement for electric-powered forklifts and automation systems in large-scale factories, workshops, and industrial logistics and storage facilities. Moreover, continuous improvement in technology such as flow and portable batteries which have enhanced performance and longevity is building a favorable global battery market outlook.
Furthermore, as thes e developments increase battery performance and usability and make them more appealing for a wider range of applications, they are also driving the market. Such evolutions encompass continued improvements in energy density, charging speeds, service life, safety and environmental protection amongst others. There is also a growing need to provide clean and reliable power to remote and unserved areas, which is also contributing to the overall demand. The expanding utilization of batteries across several end-use industries such as manufacturing, data centers, telecom, medical facilities, and transportation further stimulates the market share. Batteries are used to power equipment, emergency lighting, uninterruptible power supplies (UPS), and critical backup systems.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Battery Market Segmental Analysis
The global battery market is segmented based on battery type, application, end-user and region. In terms of battery type, the market is grouped into lead-acid battery, flow battery, nickel-metal hybrid battery, small, sealed lead-acid battery, sodium-sulfur battery, zinc-manganese dioxide battery, lithium-ion battery, nickel-ion battery, and others. Based on application, the market is segmented into SLI batteries, automotive batteries, portable batteries, industrial batteries, power tool batteries, and consumer electronics. Based on the end user, the market is grouped into aerospace industries, automotive industries, electronics, energy storage, military & defense, and others. based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Battery Type
As per categorization by battery type, the market is classified as lead-acid battery, flow battery, nickel-metal hybrid battery, small, sealed lead-acid battery, sodium-sulfur battery, zinc-manganese dioxide battery, lithium-ion battery, nickel-ion battery, and others. Among these, the lead-acid battery earned the largest share and continues to dominate as per the global battery market forecast. Lead-acid batteries have always managed to dominate the global battery market demand, owing to their dependability, affordability, and wide range of usage from automotive, industrial, and energy storage for renewable sources As well as reinventions have been done to increase productivity and longevity of the batteries where improvements of the lead alloys and new mixtures of electrolytes have been made. There is also their capacity to deliver high surge currents that have made them suitable for engine cranking and providing auxiliary power thus enhancing their usage in traditional as well as up-rising markets.
Flow batteries will be the fastest growing segment in the global battery market as they have unique energy storage and sustainability characteristics. Their ability to be scaled up means they can store excess energy that is captured from renewable sources such as solar and wind and hence are suited to grid applications. The flow batteries are less maintenance-intensive and can charge more quickly than standard batteries which further enhances their economic value. In addition, the materials and technologies especially the zinc-bromine and vanadium redox flow batteries are developing cost-effective ways and improving performance. Caring for large storage systems when energy should be stored, the flow batteries are expected to be central to energy storage during the transition.
Analysis by Application
Contemporary automotive battery applications are dominating the global battery market fueled by the increased acceptance of electric vehicles (EVs) and the progress of battery technologies. At the very heart of it are lithium- ion batteries, in particular the types allowing for even greater energy densities and quicker charging times, which enable EVs to possess a greater range and take shorter amounts of time to charge. Moreover, new solid-state batteries are on the market, which are expected to be safer and perform better. More so, the high cost of automotive batteries in the market is due to the ever-increasing need for cleaner modes of transport and the development of strict policies on emissions, thus they are important for the manufacturers who would want to shift to electric and hybrid cars and improve energy efficiency.
The power tool battery application is the fastest growing application in the global battery industry due to increased need for various industries, including construction, manufacturing, and DIY for cordless and portable tools. Lithium-ion technology has seen big improvements in energy density, maximum charging speeds and longevity of the batteries which have improved too the operation of tools. In addition, there is a growing trend in automation and labor-saving innovations in tools, which also increases the performance battery requirement. As these trends suggest for the portable power solutions, so will the power tool batteries as they appear able to support a much higher rate of growth from activity and consumption of power from motion and in some respects, convenience.
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Battery Market Regional Insights
The global battery market is primarily led by the Asia-Pacific region owing to a strong manufacturing base, technology coupled with an eagerness to use electric vehicles and consumer electronics. Nations such as China, Japan, and South Korea are at the forefront of battery production with active involvement in lithium-based and solid-state technology. The region’s focus on renewable energy and green technologies is another factor that is positively impacting the upsurge in the energy storage systems market needle as more batteries will be required. Besides that, progressive legislation and policies favoring electric mobility and utilitarian energy sources in the region enhance its overall growth. Therefore, the Asia Pacific region is aggrandized to sustain its status in the ongoing transformation in the battery market worldwide.
The rapid growth of the global battery market is most evident in North America. This is largely due to the increasing use of energy storage systems and electric vehicles (EVs). In addition, government policies that encourage the adoption of green energy and heavy funding towards building capacity for electric vehicles in the U.S. are encouraging uptake of batteries. On top of that, there are new battery technologies such as solid-state and lithium-sulfur batteries that are being innovated by companies and research centers in the area. In addition, the emphasis on local production of batteries and the resultant inclination towards eco-friendly modes of production has made North America a center of activity in battery evolution thus promoting fast growth of the market.
- Largest
- Fastest
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Battery Market Dynamics
Drivers
Growing Demand for Electric Vehicles (EVs)
- The growing popularity of electric vehicles is one of the major reasons behind the rapid enhancement of the global battery market trends. As governments enforce strict rules covering emissions and individuals choose a greener way of transportation, car manufacturers have started engaging themselves heavily in the production of electric cars. This increase in the desire for effective and high-capacity batteries leads to the growth and development of the market.
Advancements in Battery Technologies
- Integrated innovations in battery chemistry including but not limited to lithium-ion, solid state, flow batteries among others are driving the battery market globally. These developments improve energy density, charging speeds, and general functional capabilities of batteries, making them more efficient and cheaper to produce. As industries are looking for better energy storage systems, rapid growth of battery technology research still plays a significant role in the global battery market expansion.
Restraints
Limited Raw Material Supply
- The global battery market faces challenges due to the limited supply of essential raw materials, such as lithium, cobalt, and nickel. The supply chain can be affected by geopolitical situations, climate change issues, and mining laws among other things, which could result in price instability and unpredictability. This shortage in availability affects the production capacity of batteries and the growth of the market.
Environmental Concerns and Recycling Issues
- The global battery market is restricted by major environmental related issues pertaining to battery manufacture and their recycling processes. Most of the raw materials extraction, for instance, leads to environmental degradation and on the other end, inefficient disposal of batteries leads to toxic wastes. Moreover, the absence of appropriate confinements especially proactive used batteries recycling, inhibits enhancement of the green concepts, most likely refraining the users and producers from the extensive use of the products.
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Battery Market Competitive Landscape
The competitive landscape of the global battery market is characterized by intense rivalry among key players striving for innovation and global battery market share. Many businesses such as Tesla, Panasonic, LG Energy Solution, Samsung SDI, CATL, etc. are at the forefront of developing battery technology and expanding production. Such companies are focused on R&D to increase energy density, sustainability and efficiency. Furthermore, the competition and growth of this sector is further enhanced by the emergence of new players and partnerships.
Top Player’s Company Profiles
- Tesla, Inc. (USA)
- Panasonic Corporation (Japan)
- LG Energy Solution (South Korea)
- Samsung SDI (South Korea)
- Contemporary Amperex Technology Co., Limited (CATL) (China)
- BYD Company Limited (China)
- A123 Systems LLC (USA)
- Saft Groupe S.A. (France)
- Northvolt AB (Sweden)
- SK Innovation Co., Ltd. (South Korea)
- Hitachi Chemical Co., Ltd. (Japan)
- GS Yuasa Corporation (Japan)
- Exide Technologies (USA)
- BASF SE (Germany)
- Amperex Technology Limited (ATL) (China)
Recent Developments
- In September 2023, Tesla made an announcement that it intends to build a new battery manufacturing facility in Texas, with the objective of increasing 4680 battery cell production. This advancement is in line with Tesla’s performance enhancement and battery affordability initiatives, which are geared toward reinforcing the company’s dominance in the electric vehicle industry.
- In August 2023, Contemporary Amperex Technology Co., Limited (CATL) has revealed its new sodium-ion battery technology, which is expected to offer a greener and cheaper option than current lithium-ion batteries. This technology seeks to alleviate lithium supply chain issues while improving energy density and performance in a range of applications including electric vehicles, which are of growing importance.
- In October 2023, A Memorandum of Understanding was signed by LG Energy Solution and General Motors for the development of advanced battery technology for electric vehicles. The purpose of this cooperative effort is to speed up the manufacture of high-performance battery cells with enhanced energy density and faster charging times, as well as contribute to GM’s environmentally friendly vision of the future automobile.
Battery Key Market Trends
- Surge in Demand for Sustainable Energy Solutions: The global battery market is experiencing a profound metamorphosis toward cleaner energy solutions owing to the increasing penetration of renewable energies as well as electric automobiles. In this scenario burdening of the environment with nonutilized battery waste underlined the necessity for greener battery technologies like solid-state and sodium-ion batteries which also allow better performance.
- Integration of Smart Battery Technologies: The smart battery technology incorporation is transforming the global battery market, as the energy management and performance supervision is enhanced with the proliferation of IoT and AI technologies. These improvements allow for the execution of analytics based on large amounts of data in a speedy manner, thus more efficiently utilizing the batteries in the applications for that they are designed for, like electric cars or alternate energy storage systems.
Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global battery industry is poised for robust growth driven by the booming automotive sector, increasing demand for electric vehicles, and advancements in battery technologies. The shift toward sustainable energy solutions and the integration of smart technologies are transforming the landscape, making batteries more efficient and versatile.
Despite the remaining challenges that include limited availability of raw materials or the growing concern for the environment, new inventions such as flow batteries or solid-state technology have come to improve performance and reliability. This will lead to great expansion of the sector as different industries embrace these innovations, thus promoting a greener and more efficient energy landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 120.79 Billion |
| Market size value in 2031 | USD 390.57 Billion |
| Growth Rate | 15.8% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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