USD 124.4 billion
Report ID:
SQMIG20D2270 |
Region:
Global |
Published Date: December, 2024
Pages:
179
|Tables:
0
|Figures:
0
Battery Market size was valued at USD 139.88 Billion in 2023 and is poised to grow from USD 161.98 Billion in 2024 to USD 452.28 Billion by 2032, growing at a CAGR of 15.8% during the forecast period (2025-2032).
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.
Global Market Size
USD 124.4 billion
Largest Segment
lead-acid
Fastest Growth
Flow
Growth Rate
16.5%
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Global Battery Market is segmented by Type, Material, Application, End Use, and Region. Based on Type, the market is segmented into Stationary, and Motive. Based on Material, the market is segmented into Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries, and Others. Based on Application, the market is segmented into Automotive Batteries, Industrial Batteries, and Portable Batteries. Based on End Use, the market is segmented into Aerospace, Automobile, Consumer Electronics, Grid-scale Energy Storage, Telecom, Power Tools, Military & Defense, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin 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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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.
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Drivers
Growing Demand for Electric Vehicles (EVs)
Advancements in Battery Technologies
Restraints
Limited Raw Material Supply
Environmental Concerns and Recycling Issues
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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
Recent Developments
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 2023 | USD 139.88 Billion |
Market size value in 2032 | USD 452.28 Billion |
Growth Rate | 15.8% |
Base year | 2024 |
Forecast period | 2025-2032 |
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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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG20D2270
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