Global Battery Market

Battery Market Size, Share, Growth Analysis, By Type (Stationary, Motive), By Material, By Application, By End Use, By Region - Industry Forecast 2025-2032


Report ID: SQMIG20D2270 | Region: Global | Published Date: December, 2024
Pages: 179 | Tables: 102 | Figures: 71

Battery Market Insights

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.

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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 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. 'Tesla, Inc. ', 'Panasonic Corporation ', 'LG Energy Solution ', 'Samsung SDI ', 'Contemporary Amperex Technology Co., Limited (CATL) ', 'BYD Company Limited ', 'A123 Systems LLC ', 'Saft Groupe S.A. ', 'Northvolt AB ', 'SK Innovation Co., Ltd. ', 'Hitachi Chemical Co., Ltd. ', 'GS Yuasa Corporation ', 'Exide Technologies ', 'BASF SE '

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.

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.

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.

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Global Battery Market

Report ID: SQMIG20D2270

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