Battery Market
PUBLISHED: 2024 ID: SMRC27244
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Battery Market

Battery Market Forecasts to 2030 - Global Analysis By Battery Type (Lithium-ion (Li-ion) Batteries, Lithium-Polymer (Li-Po) Batteries, Lead-Acid Batteries, Nickel-Cadmium (NiCd) Batteries and Other Battery Types), Form, Voltage, Technology, Application and By Geography

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4.6 (20 reviews)
Published: 2024 ID: SMRC27244

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Battery Market is accounted for $139.77 billion in 2024 and is expected to reach $381.17 billion by 2030 growing at a CAGR of 18.2% during the forecast period. A battery is a device that stores and releases electrical energy through chemical reactions. It consists of one or more electrochemical cells, each containing a positive (cathode) and negative (anode) electrode, separated by an electrolyte. When connected to a circuit, chemical reactions between the electrodes and the electrolyte generate a flow of electrons, creating electricity. They are widely used in electronics, vehicles, and renewable energy systems for energy storage and power supply.

According to Inflation Reduction Act report, the U.S.'s anticipated capacity for lithium-ion battery gigafactories has increased by a factor of two faster than that of Europe.

Market Dynamics: 

Driver: 

Growing demand for electric vehicles (EVs)

As EV adoption accelerates, fuelled by environmental concerns, government incentives, and advancements in technology, the need for high-capacity, efficient batteries have surged. Lithium-ion batteries, crucial for EVs due to their energy density and rechargeability, have become a focal point for manufacturers. The rise in EV production boosts battery demand, leading to increased investment in battery technologies and manufacturing capabilities, further propelling market growth.

Restraint:

Energy density limitations

Energy density limitations in batteries arise from the physical and chemical constraints of current technologies, particularly in lithium-ion batteries. The amount of energy that can be stored per unit weight or volume is restricted by the materials used for the electrodes and electrolyte. As a result, frequent recharging and limited range reduce user satisfaction, slowing down the widespread adoption of battery-powered solutions in key industries.

Opportunity:

Portable electronics growth

Portable electronics, such as smart phones, laptops, tablets, and wearable devices rely heavily on efficient, compact, and long-lasting batteries, primarily lithium-ion technology, to power their functions. As consumer demand for more powerful, longer-lasting gadgets increases, so does the need for advanced battery solutions with higher energy density and faster charging capabilities. Moreover, innovations in miniaturization and energy efficiency further boost battery production to meet evolving electronics requirements, driving market expansion and innovation in battery technologies.

Threat:

Safety issues

Safety issues in batteries, such as thermal runaway, leakage, and short-circuiting, pose significant risks like fires and explosions. These problems stem from poor design, manufacturing defects, or improper handling. Such safety concerns can lead to costly recalls, regulatory scrutiny, and reduced consumer trust. As a result, the market growth is hampered due to increased insurance costs, stricter regulations, and a general hesitancy from both consumers and businesses to adopt battery technologies.

Covid-19 Impact

The covid-19 pandemic initially disrupted the battery market due to supply chain interruptions, factory shutdowns, and reduced demand for electric vehicles (EVs) and consumer electronics. However, as economies recovered, the market rebounded with a surge in demand for energy storage, driven by renewable energy projects and a renewed focus on EVs. The pandemic also accelerated the shift toward greener technologies, pushing governments to prioritize clean energy initiatives, further boosting battery production and innovation post-pandemic.

The rechargeable batteries segment is expected to be the largest during the forecast period

The rechargeable batteries segment is predicted to secure the largest market share throughout the forecast period. Rechargeable batteries are energy storage devices that can be recharged and used multiple times, unlike single-use batteries. They are commonly made from lithium-ion (Li-ion), nickel-metal hydride (NiMH), or lead-acid technologies. Rechargeable batteries are widely used in consumer electronics, electric vehicles (EVs), and renewable energy storage systems due to their efficiency and cost-effectiveness over time. They offer the advantage of reducing waste and providing a reliable power source for various applications. 

The consumer electronics segment is expected to have the highest CAGR during the forecast period

The consumer electronics segment is anticipated to witness the highest CAGR during the forecast period. In consumer electronics, batteries are crucial for powering devices like smart phones, laptops, tablets, and wearable gadgets. They offer efficient performance and quick charging, enhancing user convenience. Advances in battery technology, such as improvements in capacity and safety, continue to drive innovation in this sector, supporting the growing demand for portable and rechargeable electronic devices.

Region with largest share:

The battery market in the Asia-Pacific region is expected to have largest share, driven by the expanding electric vehicle (EV) industry, renewable energy projects, and the rising demand for consumer electronics. Key countries like China, Japan, and South Korea dominate global battery production, benefiting from strong government initiatives and investments in clean energy. The region is also a hub for technological advancements, with innovations in lithium-ion and solid-state batteries. Asia-Pacific is home to major battery manufacturers, contributing to the region’s leadership in both supply chain dominance and market expansion.

Region with highest CAGR:

The battery market in North America is anticipated to have highest CAGR, fuelled by increasing demand for renewable energy storage, and advancements in consumer electronics. The U.S. and Canada are at the forefront, with significant investments in EV infrastructure and energy storage systems. Government incentives and policies promoting clean energy further boost market expansion. Key players are investing in research and development to enhance battery performance, focusing on lithium-ion and next-generation technologies. North America is also strengthening its battery supply chain to meet domestic and global demand.

Key players in the market

Some of the key players profiled in the Battery Market include Tesla Inc., Panasonic Corporation, LG Energy Solution, Samsung SDI Corporation, CATL (Contemporary Amperex Technology Co. Limited), BYD Company Limited, Johnson Controls International plc, Maxwell Technologies Inc., Sanyo Electric Corporation, VARTA AG, SK Innovation Corporation, Northvolt AB, Renata Batteries, Delectrik Systems, Gotion High-Tech Corporation, Saft Groupe S.A., Envision AESC, Murata Manufacturing Corporation, Boston Power Inc. and EVE Energy Corporation.

Key Developments:

In September 2024, Delectrik Systems has launched a multi-MWh scale Vanadium Flow Battery solution aimed at large-scale commercial, industrial, and utility applications. The system’s core is a 2 MW/10 MWh battery, which can be scaled for projects exceeding 100 MWh. The first installation is expected in India by mid-2025. The solution is designed to accelerate the shift to renewable energy, providing cost-effective, long-duration energy storage for businesses.

In September 2024, CATL has launched new power batteries with an extra-long lifespan for electric buses, the latest offering from its commercial vehicle battery brand Tectrans. The solution has an IP69 rating and can withstand 72 hours of water immersion.

Battery Types Covered:
• Lithium-ion (Li-ion) Batteries
• Lithium-Polymer (Li-Po) Batteries
• Lead-Acid Batteries
• Nickel-Cadmium (NiCd) Batteries
• Nickel-Metal Hydride (NiMH) Batteries
• Solid-State Batteries
• Sodium-Ion Batteries
• Flow Batteries
• Other Battery Types

Forms Covered:
• Cylindrical Batteries
• Prismatic Batteries
• Coin/Button Cells
• Pouch Cells
• Other Forms

Voltages Covered:
• Low Voltage Batteries
• High Voltage Batteries

Technologies Covered:
• Rechargeable Batteries
• Non-Rechargeable Batteries

Applications Covered:
• Consumer Electronics
• Automotive
• Energy Storage Systems
• Industrial
• Military & Aerospace
• Medical Devices
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary  
    
2 Preface   
 2.1 Abstract  
 2.2 Stake Holders 
 2.3 Research Scope 
 2.4 Research Methodology
  2.4.1 Data Mining
  2.4.2 Data Analysis
  2.4.3 Data Validation
  2.4.4 Research Approach
 2.5 Research Sources 
  2.5.1 Primary Research Sources
  2.5.2 Secondary Research Sources
  2.5.3 Assumptions
    
3 Market Trend Analysis 
 3.1 Introduction 
 3.2 Drivers  
 3.3 Restraints 
 3.4 Opportunities 
 3.5 Threats  
 3.6 Technology Analysis
 3.7 Application Analysis
 3.8 Emerging Markets 
 3.9 Impact of Covid-19 
    
4 Porters Five Force Analysis 
 4.1 Bargaining power of suppliers
 4.2 Bargaining power of buyers
 4.3 Threat of substitutes
 4.4 Threat of new entrants
 4.5 Competitive rivalry 
    
5 Global Battery Market, By Battery Type
 5.1 Introduction 
 5.2 Lithium-ion (Li-ion) Batteries
 5.3 Lithium-Polymer (Li-Po) Batteries
 5.4 Lead-Acid Batteries 
 5.5 Nickel-Cadmium (NiCd) Batteries
 5.6 Nickel-Metal Hydride (NiMH) Batteries
 5.7 Solid-State Batteries
 5.8 Sodium-Ion Batteries
 5.9 Flow Batteries 
 5.10 Other Battery Types 
    
6 Global Battery Market, By Form
 6.1 Introduction 
 6.2 Cylindrical Batteries
 6.3 Prismatic Batteries 
 6.4 Coin/Button Cells 
 6.5 Pouch Cells 
 6.6 Other Forms 
    
7 Global Battery Market, By Voltage
 7.1 Introduction 
 7.2 Low Voltage Batteries
 7.3 High Voltage Batteries
    
8 Global Battery Market, By Technology
 8.1 Introduction 
 8.2 Rechargeable Batteries
 8.3 Non-Rechargeable Batteries
    
9 Global Battery Market, By Application
 9.1 Introduction 
 9.2 Consumer Electronics
 9.3 Automotive 
 9.4 Energy Storage Systems
 9.5 Industrial  
 9.6 Military & Aerospace
 9.7 Medical Devices 
 9.8 Other Applications 
    
10 Global Battery Market, By Geography
 10.1 Introduction 
 10.2 North America 
  10.2.1 US 
  10.2.2 Canada 
  10.2.3 Mexico 
 10.3 Europe  
  10.3.1 Germany 
  10.3.2 UK 
  10.3.3 Italy 
  10.3.4 France 
  10.3.5 Spain 
  10.3.6 Rest of Europe
 10.4 Asia Pacific 
  10.4.1 Japan 
  10.4.2 China 
  10.4.3 India 
  10.4.4 Australia 
  10.4.5 New Zealand
  10.4.6 South Korea
  10.4.7 Rest of Asia Pacific
 10.5 South America 
  10.5.1 Argentina
  10.5.2 Brazil 
  10.5.3 Chile 
  10.5.4 Rest of South America
 10.6 Middle East & Africa
  10.6.1 Saudi Arabia
  10.6.2 UAE 
  10.6.3 Qatar 
  10.6.4 South Africa
  10.6.5 Rest of Middle East & Africa
    
11 Key Developments  
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
 11.2 Acquisitions & Mergers
 11.3 New Product Launch
 11.4 Expansions 
 11.5 Other Key Strategies
    
12 Company Profiling  
 12.1 Tesla Inc.  
 12.2 Panasonic Corporation
 12.3 LG Energy Solution 
 12.4 Samsung SDI Corporation
 12.5 CATL (Contemporary Amperex Technology Co. Limited)
 12.6 BYD Company Limited
 12.7 Johnson Controls International plc
 12.8 Maxwell Technologies Inc.
 12.9 Sanyo Electric Corporation
 12.10 VARTA AG 
 12.11 SK Innovation Corporation
 12.12 Northvolt AB 
 12.13 Renata Batteries 
 12.14 Delectrik Systems 
 12.15 Gotion High-Tech Corporation
 12.16 Saft Groupe S.A. 
 12.17 Envision AESC 
 12.18 Murata Manufacturing Corporation
 12.19 Boston Power Inc. 
 12.20 EVE Energy Corporation
    
List of Tables   
1 Global Battery Market Outlook, By Region (2022-2030) ($MN)
2 Global Battery Market Outlook, By Battery Type (2022-2030) ($MN)
3 Global Battery Market Outlook, By Lithium-ion (Li-ion) Batteries (2022-2030) ($MN)
4 Global Battery Market Outlook, By Lithium-Polymer (Li-Po) Batteries (2022-2030) ($MN)
5 Global Battery Market Outlook, By Lead-Acid Batteries (2022-2030) ($MN)
6 Global Battery Market Outlook, By Nickel-Cadmium (NiCd) Batteries (2022-2030) ($MN)
7 Global Battery Market Outlook, By Nickel-Metal Hydride (NiMH) Batteries (2022-2030) ($MN)
8 Global Battery Market Outlook, By Solid-State Batteries (2022-2030) ($MN)
9 Global Battery Market Outlook, By Sodium-Ion Batteries (2022-2030) ($MN)
10 Global Battery Market Outlook, By Flow Batteries (2022-2030) ($MN)
11 Global Battery Market Outlook, By Other Battery Types (2022-2030) ($MN)
12 Global Battery Market Outlook, By Form (2022-2030) ($MN)
13 Global Battery Market Outlook, By Cylindrical Batteries (2022-2030) ($MN)
14 Global Battery Market Outlook, By Prismatic Batteries (2022-2030) ($MN)
15 Global Battery Market Outlook, By Coin/Button Cells (2022-2030) ($MN)
16 Global Battery Market Outlook, By Pouch Cells (2022-2030) ($MN)
17 Global Battery Market Outlook, By Other Forms (2022-2030) ($MN)
18 Global Battery Market Outlook, By Voltage (2022-2030) ($MN)
19 Global Battery Market Outlook, By Low Voltage Batteries (2022-2030) ($MN)
20 Global Battery Market Outlook, By High Voltage Batteries (2022-2030) ($MN)
21 Global Battery Market Outlook, By Technology (2022-2030) ($MN)
22 Global Battery Market Outlook, By Rechargeable Batteries (2022-2030) ($MN)
23 Global Battery Market Outlook, By Non-Rechargeable Batteries (2022-2030) ($MN)
24 Global Battery Market Outlook, By Application (2022-2030) ($MN)
25 Global Battery Market Outlook, By Consumer Electronics (2022-2030) ($MN)
26 Global Battery Market Outlook, By Automotive (2022-2030) ($MN)
27 Global Battery Market Outlook, By Energy Storage Systems (2022-2030) ($MN)
28 Global Battery Market Outlook, By Industrial (2022-2030) ($MN)
29 Global Battery Market Outlook, By Military & Aerospace (2022-2030) ($MN)
30 Global Battery Market Outlook, By Medical Devices (2022-2030) ($MN)
31 Global Battery Market Outlook, By Other Applications (2022-2030) ($MN)
    
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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