Global Battery Market Key Insights
During the forecast period of 2023-2030, the global battery market is expected to reach an estimated value of ~USD 659 billion by 2030, by expanding at a CAGR of ~14%. The market further generated revenue of ~USD 120 billion in the year 2022.
Major key factors propelling the growth of the battery market worldwide are the increasing demand for hybrid and electric vehicle models as well as the growing use of batteries as a result of the reduced price of the lithium-ion battery.
Market Definition of Battery
In order to power electrical equipment, an electric battery must have external connections and perhaps more electrochemical cells. It transforms stored chemical energy into electrical energy. Electron transport from one electrode to another via an external circuit is a necessary component of battery chemical processes. Therefore, the movement of electrons provides an electric current that can be employed to carry out operations. Batteries can be primarily divided into two categories: rechargeable batteries (secondary batteries) and non-rechargeable batteries (primary batteries).
Global Battery Market: Growth Drivers
Over the forecast period, it is anticipated that the market for lithium-ion batteries as a product category will expand as a result of the rising global popularity of consumer electronics. The market is expanding owing to the high demand for portable gadgets such as fitness bands, smartphones, tablets, and LCDs. For instance, there were over 3.2 million individuals who owned a smartphone in 2019, which rose to 3.5 billion in 2020.
Further, the rising applications in the automotive sector are yet another factor contributing to the market expansion. Electric vehicles get their electricity from lithium-ion batteries. The frequent deployment of electric and plug-in hybrid vehicles has raised the demand for lithium-ion batteries, and this trend is expected to continue. There will be around 92,385 electric automobiles produced in 2022.
The global battery market is also estimated to grow majorly on account of the following:
- Expanding government efforts to lower vehicle carbon emissions in industrialized nations
- Declining fossil-fuel reserves
- Subsidies for the production of EV batteries
- Improved cost-effectiveness and product innovations brought about by technological advancements
Global Battery Market: Restraining Factor
The main obstacles impeding market growth include safety concerns with battery use, fluctuating raw material prices, and concerns with battery recycling.
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Global Battery Market Segmentation
- By Product (Lead Acid, Lithium-Ion, Nickel Metal Hydride, Nickel-Cadmium, and Others)
Owing to the expanding use of these batteries in the automotive, telecom, e-bike, and uninterrupted power supply industries, the lead-acid segment is predicted to hold the highest share by the end of 2035. By 2023, it is predicted that 310 million e-bikes will be in use worldwide. Rising production of e-bikes raises the demand for lead-acid batteries.
- By Application (Automotive, Industrial, Portable, and Others)
- By Region
The market in the Asia Pacific is anticipated to grow significantly over the forecast period as a result of rising auto production and high consumer electronics manufacturing in developing economies such as India and China. For instance, China produced more than 30% of the cars sold worldwide in 2020. In April 2020, there were around 1.5 million cars produced. By the end of the year, there were 2.3 million cars produced. By the end of 2035, rapid industrial development is also projected to accelerate the region’s market growth.
The market research report on global battery also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Battery Market
Some of the key players in the global battery market are Panasonic Corporation, GS Yuasa International Ltd., BYD Company Ltd., A123 Systems LLC, Samsung SDI Co., Ltd., Toshiba Corporation, LG Chem Ltd., NEC Corporation, Sony Corporation, Contemporary Amperex Technology Co., and others.