Battery Market
Battery Market Size, Share & Trends Analysis Report by Type (Primary Battery and Secondary Battery), by Battery Type (Lithium-ion, Lead-Acid, Nickel Cadmium, NiMH, and Others), by Application (Automotive, Industrial, and Portable) Forecast Period (2024-2031)
Battery market is anticipated to grow at a significant of 10.5% during the forecast period (2024-2031). A battery is a device that converts chemical energy contained within its active materials directly into electric energy by means of an electrochemical oxidation-reduction (redox) reaction.
Market Dynamics
Growing Demand for Battery from Automotive Sector
The increasing demand for electric vehicles globally is a key contributor to the growth of the global battery market. According to the EV Outlook 2023, the automotive lithium-ion (Li-ion) battery demand increased by about 65.0% to 550 GWh in 2022, from about 330 GWh in 2021, primarily as a result of growth in electric passenger car sales, with new registrations increasing by 55.0% in 2022 relative to 2021. In China, battery demand for vehicles grew over 70.0%, while electric car sales increased by 80.0% in 2022 relative to 2021, with growth in battery demand slightly tempered by an increasing share of PHEVs.
Battery demand for vehicles in the US grew by around 80.0%, despite electric car sales only increasing by around 55.0% in 2022. While the average battery size for battery electric cars in the US only grew by about 7.0% in 2022, the average battery electric car battery size remains about 40.0% higher than the global average, due in part to the higher share of SUVs in US electric car sales relative to other major markets, as well as manufacturers’ strategies to offer longer all-electric driving ranges.
Investment in Battery Production Plant Expansion Projects
The increasing focus of key player operating in battery market to adopt different market growth strategies to meet the growing demand for batteries from end-user industries is further aiding to the growth of the global market. For instance, in January 2024, VinFast, the Vietnamese electric vehicle (EV) manufacturer, is set to inaugurate its initial manufacturing facility in India, focusing primarily on battery production for electric vehicles. The plant, located in the southern state of Tamil Nadu, marks a significant step in VinFast's global expansion strategy.
Market Segmentation
Our in-depth analysis of the global battery market includes the following segments by type, battery type and end-user:
- Based on type, the market is sub-segmented into primary battery and secondary battery
- Based on battery type, the market is sub-segmented into lithium-ion, lead-acid, nickel cadmium, NiMH, and others.
- Based on application, the market is sub-segmented into automotive, industrial, and portable.
Lithium-ion Batteries Sub-segment to Hold a Considerable Market Share
Among the battery type for the global battery market, the lithium-ion (Li-ion) battery segment held the highest share in 2023 and is also anticipated to grow during the forecast period. Due to its low maintenance qualities and better energy density, Li-ion batteries are predicted to be widely used in electric vehicles, energy storage systems, and portable gadgets. The key factor driving the segmental growth is a huge increase in consumer electronics adoption on a global scale. Following this, the growing popularity of portable devices such smartphones, laptops, digital cameras, gaming consoles, and flashlights, as well as high-speed internet connections, is driving segmental expansion in the market.
Regional Outlook
The global battery market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Battery Market Growth by Region 2024-2031
Asia-Pacific Holds Major Market Share
Asia-Pacific holds major share in the global battery market. The region is both supplier and consumer in the battery market. The presence of major manufacturers of battery across China, India, and South Korea is a major factor contributing to the high share of the regional market. The growing electronics industry of the region is further contributing to the regional market growth. According to the Invest in India, in 2023, the electronics market in India is valued at $155.0 billion with domestic production accounting for 65.0%. Battery is a core component of several electronic devices thus, the growing electronics industry is set to promote the growth of the regional battery market.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the global battery market include Duracell Inc., Panasonic Corp., Contemporary Amperex Technology Co. Ltd., BYD Co. Ltd., and Tesla Inc. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. Funding for startups by major manufacturers is also contributing to the global market growth. For instance, in October 2023, Carbon black solutions company Birla Carbon has completed the acquisition of Nanocyl SA, a multi-wall carbon nanotubes (MWCNT’s) manufacturer based in Sambreville, Belgium. The acquisition expands Birla Carbon’s presence in the energy systems market by providing it expertise in materials critical to Lithium-ion battery performance along with other conductive applications.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global battery market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. BYD Co. Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Clarios AG
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Contemporary Amperex Technology Co., Ltd. (CATL)
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Battery Market by Type
4.1.1. Primary Battery
4.1.2. Secondary Battery
4.2. Global Battery Market by Battery Type
4.2.1. Lithium-ion
4.2.2. Lead-Acid
4.2.3. Nickel Cadmium
4.2.4. NiMH
4.2.5. Others (NiZn & Flow Battery)
4.3. Global Battery Market by Application
4.3.1. Automotive
4.3.2. Industrial
4.3.3. Portable
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East & Africa
6. Company Profiles
6.1. A123 Systems, LLC
6.2. Akzo Nobel N.V.
6.3. Ambri Inc.
6.4. American Elements
6.5. Ashland Global Holdings Inc.
6.6. b2i Technologies, Inc. (Altair Nano)
6.7. BASF SE
6.8. BroadBit Batteries Oy
6.9. BYD Company Ltd.
6.10. Contemporary Amperex Technology Co., Ltd. (CATL)
6.11. Energus Power Solutions, Ltd.
6.12. Envision AESC Group Ltd. (Envision Energy USA Ltd.)
6.13. Exide Technologies
6.14. Faradion Ltd.
6.15. General Electric Co.
6.16. GS Yuasa Corp.
6.17. Hitachi Chemical Co., Ltd.
6.18. Johnson Controls Inc.
6.19. LG Chem Ltd.
6.20. MaxPower Inc.
6.21. Mitsui & Co. Ltd.
6.22. NEI Corp.
6.23. NGK Insulators Ltd.
6.24. OXIS Energy Ltd (OXIS)
6.25. Panasonic Corp
6.26. ProLogium Technology Co., Ltd.
6.27. Robert Bosch GmbH
6.28. Saft Groupe SA
6.29. Samsung Group (Samsung SDI Co., Ltd.)
6.30. Siemens AG
6.31. Solvay SA
6.32. Tesla, Inc.
6.33. The AES Corp.
6.34. Toshiba Corp.
6.35. TRU Group Inc. (Boston-power, Inc.)
6.36. Umicore Group
6.37. Valence Semiconductor Design Ltd.
1. GLOBAL BATTERY MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
2. GLOBAL PRIMARY BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL SECONDARY BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL BATTERY MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2023-2031 ($ MILLION)
5. GLOBAL LITHIUM-ION BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL LEAD-ACID BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL NIMH BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL NICD BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL OTHER BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL LEAD-ACID BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL BATTERYMARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
12. GLOBAL BATTERY FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL BATTERY FOR INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL PORTABLE BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL BATTERYMARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. NORTH AMERICAN BATTERY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
17. NORTH AMERICAN BATTERY MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
18. NORTH AMERICAN BATTERY MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2023-2031 ($ MILLION)
19. NORTH AMERICAN BATTERY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
20. EUROPEAN BATTERY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
21. EUROPEAN BATTERY MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
22. EUROPEAN BATTERY MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2023-2031 ($ MILLION)
23. EUROPEAN BATTERY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
24. ASIA-PACIFIC BATTERY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
25. ASIA-PACIFIC BATTERY MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
26. ASIA-PACIFIC BATTERY MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2023-2031 ($ MILLION)
27. ASIA-PACIFIC BATTERY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
28. REST OF THE WORLD BATTERY MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
29. REST OF THE WORLD BATTERY MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
30. REST OF THE WORLD BATTERY MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2023-2031 ($ MILLION)
31. REST OF THE WORLD BATTERY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
1. GLOBAL BATTERY MARKET SHARE BY TYPE, 2023 VS 2031 (%)
2. GLOBAL PRIMARY BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL SECONDARY BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL BATTERY MARKET SHARE BY BATTERY TYPE, 2023 VS 2031 (%)
5. GLOBAL LITHIUM-ION BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL LEAD-ACID BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL NIMH BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL NICD BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL OTHER BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL BATTERY MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
11. GLOBAL BATTERY FOR AUTOMOTIVE MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL BATTERY FOR INDUSTRIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL PORTABLE BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL BATTERY MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. US BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
16. CANADA BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
17. UK BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
18. FRANCE BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
19. GERMANY BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
20. ITALY BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
21. SPAIN BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
22. REST OF EUROPE BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
23. INDIA BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
24. CHINA BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
25. JAPAN BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
26. SOUTH KOREA BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
27. REST OF ASIA-PACIFIC BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
28. LATIN AMERICA BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
29. MIDDLE EAST AND AFRICA BATTERY MARKET SIZE, 2023-2031 ($ MILLION)
