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The global battery market size is projected to grow from US$140 billion in 2024 to US$450 billion by 2035, representing a CAGR of 11.2%, during the forecast period, 2024-2035.
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The new research study consists of global battery industry trends, detailed market analysis of leading battery manufacturers, Porter’s five forces analysis, megatrends analysis and market impact analysis. The report includes network attached storage market forecast and opportunity analysis
Batteries are devices that store chemical energy in the form of electric energy using electrochemical reactions under a reversible and reusable system. They serve multiple roles in today’s world, such as powering consumer electronics and facilitating movement with electric vehicles. Batteries date back to the 18th century when the Italian physicist Alessandro Volta, developed the first electrochemical cell. These products are categorized based on their rechargeability, namely into two broad categories, primary batteries and secondary batteries. Primary batteries are meant for single use only, once they have been drained completely, one cannot recharge them; on the other hand, secondary batteries can be recharged numerous times after usage due to their ability to store excess ions inside them. To date, a number of technologies have been used to manufacture various types of batteries, including lead acid batteries, Nickle cadmium batteries, Nickle metal hydride batteries and lithium-ion (Li-ion) batteries. In portable electronic devices, current Li-ion batteries struggle with obtaining the required energy density and battery safety, especially in high energy-dense systems for multiple applications in electric vehicles (EVs) and in energy storage systems. Applying batteries on a large scale in the stationary energy storage sector, which involves battery management system, could help in utilizing the large potential of renewable energy sources. Moreover, the ever-increasing concerns about global warming have imposed the necessity for countries to meet strict CO2 emission targets. The transport sector is a major CO2 source, as it contributes to over 25% of the total CO2 emissions, globally. To decrease the CO2 concentrations, the nations worldwide have now started switching to electric vehicles, which is one of the rising application areas for the global battery market.
The battery market research report presents an in-depth analysis of various leading players involved in manufacturing innovative batteries, across different segments, as defined in the table below:
| Key Report Attributes | Details | |
| Historical Trend | 2018-2023 | |
| Base Year | 2023 | |
| Forecast Period | 2024-2035 | |
| Market Size Value in 2024 | $ 140 Billion | |
| Market Size Value by 2035 | $ 450 Billion | |
| Growth Rate | CAGR of 11.2% from 2024 to 2035 | |
| Type of Battery |
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| Power Capacity |
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| Battery Self-Discharge Rate |
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| Technology |
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| End-User |
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| Geography |
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| Key Companies Profiled in the Semiconductor Market |
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PowerPoint Presentation |
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| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
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One of the key objectives of this market report was to estimate the current market value, opportunity and the future growth potential of the product manufacturers in the global battery market, over the forecast period. Based on multiple parameters, likely adoption trends and through primary / secondary validations, we have provided an informed estimate on the market evolution during the forecast period 2024-2035.
The market report also features the likely distribution of the current and forecasted opportunity for manufacturers in the global battery market across various segments, such as type of battery (primary batteries and secondary batteries), by power capacity (Less than 1 kWh, 1 kWh to 10kWh, 10 kWh to 100 kWh and Above 100 kWh), by battery self-discharge rate (low self-discharge rate batteries, medium self-discharge rate batteries and high self-discharge rate batteries), by technology (Lead acid batteries, Li-ion batteries, Nickle metal hydride batteries, Nickle cadmium batteries and others), by end-user (aerospace industry, automotive industry, electronics industry, energy storage industry, defense and military, and others), and geography (North America, Europe, Asia-Pacific, Latin America and Middle East and Africa). In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three battery market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s evolution.
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.
The global battery market is segmented into two different types of batteries, namely primary batteries and secondary batteries. Presently, secondary batteries are expected to capture the highest share in the battery market and this trend is likely to remain unchanged during the forecast period. This can be attributed to the increasing demand for cordless electronics and the expansion of electric vehicles industry.
The global battery market is segmented into different technologies, such as lead acid batteries, Li-ion batteries, Nickle metal hydride batteries, Nickle cadmium batteries and others. Currently, Li-ion batteries capture the highest market share. Over the years, Li-ion batteries have witnessed profound adoption for smaller / hand-held consumer electronics, including smartphones, laptops and power tools, driving the overall high market share.
The global battery industry is segmented into different end-users, such as aerospace industry, automotive industry, electronics industry, energy storage industry, defense and military, and others. Presently, the automotive industry captured the highest share in the global battery market. However, driven by the increasing demand for renewable energy sources and the recent shift from fossil fuels to green energy, the market for batteries used by the energy storage industry is expected to grow at a higher CAGR during the forecast period.
This segment highlights the distribution of the global battery market across various geographies, such as North America, Europe, and Asia-Pacific, Latin America, and the Middle East and Africa. According to our projections, currently Asia-Pacific captures the majority share of the market opportunity. It is worth highlighting that the battery market in North America is expected to grow at a relatively higher CAGR, during the forecast period, 2024-2035.
The “Battery Market: Industry Trends and Global Forecasts, till 2035” market report features an extensive study of the current market size and future opportunities associated with manufacturers within the battery industry, during the given forecast period. The market report highlights the battery market analysis. Key takeaways of the battery market report are briefly discussed below.
The global battery market size growth is primarily attributed to the rise of electric vehicle (EV) adoption and increasing demand for effective energy storage systems. It is interesting to note that the electricity generated from renewable sources like solar panels or wind turbines cannot be stored in any way other than within batteries created from lithium ions or other materials. These batteries can store electric energy when charged and release the same to power different electric devices. Companies including BYD and A123 systems actively produce batteries for EVs which are further expected to propel the market.
Presently, majority of the market share is captured by Asia-Pacific. The higher demand for batteries in Asia-Pacific is driven by the increasing demand for electric vehicles and sustainable energy storage systems in China. However, the market for these products in North America is expected to grow at a relatively higher CAGR, during the forecast period. According to the Internation Energy Agency (IEA), in 2023, the US experienced 40% year-on-year growth in the demand for EV batteries, further, this trend is likely to increase over the foreseeable future.
Examples of key companies involved in the global battery market (which have also been captured in this market report, arranged in alphabetical order) include A123 Systems, Analog Devices, BYD, Chaowei Power Holding, Contemporary Amperex Technology, Delphi Automotive, Duracell, Exide Technologies, Fengfang and FICOSA. This market report includes an easily searchable excel database for the leading companies manufacturing batteries along with information on their product portfolios.
Several recent developments have taken place in the market, some of which have been outlined below.
In June 2024, Amara Raja Advanced Cell Technologies (ARACT) entered into a licensing agreement with GIB EnergyX. Under the terms of the agreement, GIB EnergyX will provide its LFP technology to ARACT for the manufacturing of lithium-ion cells.