Global battery market is anticipated to grow at a significant CAGR of 10.5% during the forecast period (2024-2031). The global battery market is driven by the growing demand for renewable source of energy globally. To meet the targets of renewable energy different governments are investing in storage projects. For instance, India's government is offering $452.0 million in incentives to companies under a programme to promote battery storage projects. As a part of this project, in March 2024, GoodEnough Energy announced its plans to start operations at India's first battery energy storage gigafactory in the northern region of Jammu and Kashmir by October.
Browse the full report description of “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)” at https://www.omrglobal.com/industry-reports/battery-market
Further, in March 2024, Swedish battery manufacturer Northvolt AB launched the construction of its gigafactory in Heide, northern Germany, where it plans to produce up to 60 GWh of electric vehicle (EV) batteries per year. The factory will be located at an industrial site outside of Heide on land spanning 110 hectares (271.8 acres). It will manufacture batteries for about one million EVs each year, relying on the region’s onshore and offshore wind farms for electricity.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Type
o By Battery Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Duracell Inc., Panasonic Corp., Contemporary Amperex Technology Co. Ltd., BYD Co. Ltd., and Tesla Inc. among others.
Key questions addressed by the report.
Global Battery Market Report Segment
By Type
By Battery Type
By Application
Global Battery Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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