USD 102.9 Billion
Battery Technology Market Size, Share, Growth Analysis, By Type(Lead-ion, Lithium-ion, Nickel Cadmium, Nickel Metal Hydride), By Application(Automotive Industry, Consumer Electronics, Residential & Commercial Industry, Power Industry), By Component(Cathode, Anode, Electrolyte, Separator), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2236 |
Region:
Global |
Published Date: April, 2024
Pages:
196
|Tables:
96
|Figures:
75
Battery Technology Market Insights
Global Battery Technology Market size was valued at USD 102.9 Billion in 2022 and is poised to grow from USD 108.97 Billion in 2023 to USD 172.38 Billion by 2031, growing at a CAGR of 5.9% in the forecast period (2024-2031).
The increasing use of electronic devices such as watches, toys, remote controls, etc. drives the use of battery technology. Furthermore, there is an increasing number of buyers of electric and hybrid vehicles worldwide as it advances the use of battery technology in automakers. These manufacturers keep a close eye on changing trends to develop simpler and safer batteries. Increasing use of smart devices in healthcare, consumer products, electrical or semi-electrical is increasing the demand for battery technology. These technologies are being adopted by manufacturers to reduce workload, increase productivity and better communication. The rise of wearables such as smart watches and wearable motherboards that can also be worn as accessories is the next big technological innovation for example, smart shirts are prescription health monitoring wearables real-time information.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Lithium-ion Batteries
Fastest Growth
Lead-Acid Battery
Growth Rate
5.9% CAGR
Global Battery Technology Market ($ Bn)
Country Share for North America Region (%)
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Battery Technology Market Segmental Analysis
Based on type, the global battery technology market is segmented into lead-ion, lithium-ion, nickel cadmium, nickel metal hydride, and others. Based on application, the global market is segmented into automotive industry, consumer electronics, residential & commercial industry, power industry, defense & aviation, and others. Based on components, the global market is segmented into cathode, anode, electrolyte, separator. Based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
The automotive group accounted for the largest share of revenue, mainly due to several factors driving its growth. In addition, the widespread adoption of battery technology, increased R&D expenditure and the emergence of sustainable transport options played an important role in the expansion of the sector, expected as government efforts aimed at enforcing it encouraging the use of commercial electric vehicles will further increase market growth in the automotive sector.
Looking ahead over the forecast period, consumer electronics is predicted to offer the most promising opportunities. This introduction is driven by the growing demand for functional and smart consumer electronic devices, such as exercise bands and smart watches. These features enable growth in consumer electronics, meeting customer needs and preferences.
Analysis by Type
Lithium-ion batteries are the dominating segment in the market which is accounted for the largest revenue in 2022. This is due to the increasing demand for these batteries in battery electric vehicles and plug-in hybrid electric vehicles worldwide which will increase rapidly. EVs are marketed as a more environmentally friendly alternative to conventional fuels and since then, a growing number of government activities, including incentives and support, to encourage their acceptance.
Moreover, the lead-acid battery category accounted for the second largest revenue share by 2022 owing to growing applications in uninterruptible power supply (UPS) systems, communication systems and transportation vehicles.
Furthermore, the lead acid category is expected to witness the highest growth rate throughout the forecast period. These batteries are becoming increasingly popular, as they are less expensive and much safer compared to lithium-ion batteries. In addition, lithium-ion batteries react with water and are highly sensitive, making them dangerous. Lead acid batteries may become more popular as an alternative to lithium-ion batteries due to safety concerns.
Global Battery Technology Market By Type (%)
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Battery Technology Market Regional Insights
The market in North America is expected to witness steady revenue growth during the forecast period. Growing government policies and infrastructure, the presence of several companies like Tesla in this sector, and continuous R&D activities are some of the major factors driving the market growth in this sector. To foster economic competitiveness, improve productivity, enable decarbonization goals, and meet national security standards Lithium-Ion Battery Recycling Award by the U.S. Department of Energy. Department of Energy helps it collect, sort, store, and relocate spent and discarded lithium-ion batteries for material recovery for future reuse to create a profitable path.
Battery technology market in Asia Pacific in 2021 with high levels of government funding, presence of key ventures, and established battery manufacturers such as modern Amperex Technology Co., Ltd., with large lithium reserves Has stock, and made up the largest share of earnings payable toward large-scale electronics in-house and battery plants, as well as, according to the United States Geological Survey (USGS), large enterprises inhabited by large market retail outlets as growing cooperation and partnership between China. China is one of the top five lithium reserves but has bought stakes in mining companies in Australia and South America, where most of the world’s lithium is found Chinese company Tianqi Lithium has 100 percent of the world’s lithium reserves 51 percent of each.
Global Battery Technology Market By Geography
- Largest
- Fastest
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Battery Technology Market Dynamics
Drivers
Increasing Research and Development on Battery Improvements
- Companies conduct research and development to produce more durable and safer batteries. As the world moves towards cleaner energy adoption, R&D programs by battery manufacturers to develop battery chemistries have increased exponentially e.g., leading manufacturers such as Amprius Inc. (US) and Nexeon Corporation (UK) are developing silicon anode batteries with enhanced features These advanced silicon anode batteries are expected to be adopted in various industries and industries in the coming years.
Advances in Smart Electronics are Increasing
- The rise in electricity and connectivity worldwide has led to increased reliance on technology. Lithium-ion batteries are used in various appliances, including garden tools, handling equipment, consumer electronics, and uninterruptible power systems. Lithium-ion batteries have energy consumption well and can be sized to fit any device. IoT has gained popularity and empowers smart devices. IoT devices include smart watches, fitness trackers and smart speakers. These devices need long-lasting batteries; Therefore, lithium-ion batteries are widely used in these smart devices. These smart devices have a long life and therefore need rechargeable batteries.
Restraints
Growing Concern about the Storage and Portability of Defective Batteries
- Spoiled batteries contain dangerous chemicals such as acids and heavy metals—mercury and lead. The Environmental Protection Agency reports that lithium metal or lithium-ion batteries caused 254 fires in 64 water plants and that spent batteries should be stored in watertight containers away from other flammable materials. It’s also important to keep a Class D fire extinguisher and sand nearby as a precaution in case of fire.
High Cost of Battery Powered Industrial Vehicles
- The cost of installing high performance and efficient battery mining vehicles, material handling equipment, AGVs and forklifts is high Industrial vehicles need energy efficiency and enable them to operate at any time and for long periods of time. The high cost of installation is one of the major factors preventing manufacturers from entering the cost-effective market.
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Battery Technology Market Competitive Landscape
The competitive environment of the Global Battery Technology Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. The global battery technology market has been extremely complex, with a few large and medium sized players accounting for most of the market share. Key players are deploying various strategies, making mergers and acquisitions, strategic agreements & contracts, developing, testing and introducing highly effective industrial magnetrons.
Top Player’s Company Profiles
- Johnson Controls
- Chaowei Power
- GS Yuasa
- Exide Technologies
- CATL
- East Penn Manufacturing
- BYD
- Panasonic
- PEVE
- EnerSys
- OptimumNano
- Camel
- Exide Industries
- LG Chem
- GuoXuan
- FIAMM
- SAMSUNG SDI
- Fengfan
- Amara Raja Batteries
Recent Developments
- On March 11, 2021, General Motors Co. (NYSE: GMC) announced a partnership with a lithium-metal battery startup to help accelerate the company’s battery development for longer electric vehicles in smaller packages Woburn, Massachusetts-based solid A cooperative development arrangement with Energy Solutions (SES) will help GM reduce vehicle weight, an important goal for manufacturers as it pushes to introduce electric vehicles GM claims its Altium battery packs will be 60% cheaper than modern packs with energy levels doubling by mid-decade.
- On April 11, 2022, Offgrid Energy Laboratories, a leading battery technology manufacturer, announced the launch of its unique zinc gel battery technology to supply the Indian EV battery conversion industry in partnership with transportation partners plans to develop solutions for vehicles powered by low-energy electric vehicles such as two- or three-wheelers. Compared to lithium-ion lead-acid batteries, zinc gel battery technology is less corrosive and environmentally friendly learn Offgrid Energy Labs hopes to have commercial zinc gel products in India by 2023.
- In June 2022, Contemporary Amperex Technology Co., Ltd. launched its new cell-to-pack battery Kilin, which has a volumetric efficiency of 72% and an energy density of up to 255 Wh/Kg.
Battery Technology Key Market Trends
- Increasing Focus on Energy Density: A major market trend in the global battery technology market is the increasing focus on energy density and efficiency. As technology improves, more emphasis is being placed on developing high-capacity batteries, which means more energy can be stored in the same volume or weight. This trend is due to various factors, including applications with lightning energy vehicles (EV), portable electronics, and renewable energy storage systems. If the demand for stable and powerful batteries increases. In addition, there is a distinct trend towards increasing battery efficiency, including reducing energy losses during charge and discharge cycles and increasing the conversion of stored energy into energy improved usefulness Performance improvements not only extend the operation time of battery-powered devices but also contribute to reducing the environmental impact by improving energy efficiency.
Battery Technology 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.
Increasing adoption of EVs, growing environmental concerns, energy storage, battery options, environmentally friendly innovations have all shown growth in battery technology market in recent years. Increasing demand for new battery technologies due to better support is the major factor driving the growth of the market. The cost of installing high performance and efficient battery mining vehicles, material handling equipment, AGVs and forklifts is high. Industrial vehicles need energy efficiency and enable them to operate at any time and for long periods of time, which is hampering market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 102.9 Billion |
| Market size value in 2031 | USD 172.38 Billion |
| Growth Rate | 5.9% |
| 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 |
|
| 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 Technology 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 Technology 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 Technology 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 Technology 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 Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Battery Technology 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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