Enjoy complimentary customisation on priority with our Enterprise License!
The battery market size is projected to increase by USD 296.60 billion, with a CAGR of 18.69% between 2023 to 2028. The automotive sector's transition to electric vehicles (EVs) and rising demand for rechargeable batteries contribute to the market's expansion, fueled further by increased consumer electronics adoption and growing use of battery packs. However, challenges impede this growth trajectory, including the proliferation of counterfeit batteries, mounting environmental apprehensions, and safety concerns. Addressing these obstacles is essential for sustained market advancement. Combatting counterfeit products through stringent regulations and enhanced authentication measures can bolster consumer trust and ensure product reliability. Moreover, prioritizing eco-friendly practices and investing in safer battery technologies can mitigate environmental impacts and enhance product safety. By navigating these challenges effectively, stakeholders can capitalize on the growing EV and rechargeables market while fostering sustainability and consumer confidence in the industry's future.
To learn more about this market growth and forecasting report, Download Report Sample
The battery market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the portable batteries segment will be significant during the forecast period. The global market is poised for significant expansion in the forecast period, driven primarily by the automotive sector, including electric vehicles (EVs) and e-bikes. Lithium-ion batteries, a key technology in this segment, offer advantages over traditional chemistries like lead-acid, such as higher energy density, superior performance, longer cycle life, and production automation. These factors make lithium-ion batteries more cost-effective and attractive to leading EV manufacturers.
Get a glance at the market contribution of various segments. Request a PDF Sample
The portable segment was valued at USD 52.10 billion in 2018. The market encompasses various applications, including UPS devices in the chemical sector, consumer electronics, non-residential construction (hospitals, schools, offices, industrial plants), electric vehicles, plug-in electric vehicles, storage, automobiles, portable electronics (smartphones, LCDs, tablets, wearable devices, fitness bands), and others. Product innovation and efficiency are crucial factors driving the market's growth in the context of global electrification and energy storage, as the world transitions away from fossil fuels and towards e-mobility. The lithium-ion segment dominates the market, with increasing demand from the automobile sector and electronics industry. Rechargeable batteries, including lithium-ion and lead-acid, are essential for various applications, such as charging speed requirements, automobile sector needs, and industrial, medical, construction, firefighting applications. Hence, owing to such factors, the portable segment is expected to grow during the forecast period.
For more insights on the market share of various regions, Request PDF Sample now!
APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC region is a significant contributor to the global market, driven by the major economies of India and China. Industrial applications, including power backup and energy storage systems for power generation, are key sectors for the demand. Additionally, the automotive segment, including passenger cars and transportation, is a significant consumer of batteries, particularly in the production of electric and hybrid vehicles. In the consumer electronics sector, portable devices such as smartphones, laptops, and tablets, as well as recreation equipment, are major contributors to the market growth. The automotive batteries market includes applications in e-rickshaws and other electric vehicles. Lead-acid, flow, sodium-sulfur, nickel-ion, SLI, portable, and power tool batteries are among the various types of batteries in demand. The grid storage sector is also expected to witness increased adoption for energy storage solutions.
The global battery market is witnessing significant growth due to the increasing demand for UPS devices, electric vehicles, and grid storage. Among various types of batteries, lead-acid batteries and lithium-ion batteries are holding major market shares. Lead-acid batteries are widely used in non-residential construction, transportation, and industrial applications, including SLI batteries for automobiles and portable batteries for power tools and consumer electronics. On the other hand, lithium-ion batteries are extensively used in plug-in electric vehicles and energy storage systems. Other types of batteries, such as flow battery (using zinc-bromide or vanadium redox flow), sodium-sulfur battery, and nickel-ion battery, are also gaining popularity in specific applications, including hospitals, schools, offices, and industrial plants. The market is expected to continue its growth trajectory in the coming years, driven by advancements in technology and increasing demand for renewable energy storage solutions.
The shift in the automotive industry to EVs is notably driving the growth of the market share. The demand for batteries, particularly lithium-ion batteries, is rising due to the increasing sales of electric vehicles (EVs) and consumer electronics. Battery manufacturers are at the forefront of this trend, innovating to improve efficiency and charging speed. The automobile sector is a significant market for batteries, with plug-in electric vehicles leading the charge. However, the use of batteries is not limited to automobiles; they are also essential in various industries such as hospitals, schools, offices, industrial plants, and non-residential construction. In the chemical sector, batteries are used in UPS devices and firefighting applications.
The lithium-ion segment is expected to dominate the market, with applications ranging from portable electronics like smartphones, LCDs, tablets, wearable devices, and fitness bands to energy storage for renewable energy systems and grid stabilization. The global electrification of industries and the shift away from fossil fuels are driving the growth of the e-mobility industry and the market. Rechargeable batteries, including lead-acid and lithium-ion, are crucial for the efficient operation of various applications. As the market evolves, the sustainability factor of lithium-ion batteries continues to account for their prominent role in shaping the future of electric technology and overall battery industry growth.
Technological developments are a major trend in the market. The global market is experiencing significant growth due to advancements in technologies. Battery manufacturers are introducing innovative solutions to enhance performance and safety. For instance, Panasonic's heat resistance layer (HRL) technology improves battery safety by adding an insulating metal oxide layer on electrodes, preventing overheating during short circuits. Batteries have diverse applications in various sectors, including UPS devices, the chemical sector, electric vehicles, consumer electronics, and industrial plants. Lithium-ion batteries are gaining popularity due to their high energy density and efficiency. The increasing sales of electric vehicles and plug-in electric vehicles are driving the demand for lithium-ion batteries. Consumer electronics, such as smartphones, tablets, wearable computing devices, and fitness bands, also rely on rechargeable batteries.
Product innovation and charging speed are crucial factors influencing the growth of the market. The automobile sector is another significant application area, with lithium-ion batteries powering electric vehicles and automobiles. Batteries are also essential for energy storage in non-residential construction, hospitals, schools, offices, industrial plants, and firefighting. The global electrification trend and the growing e-mobility industry are expected to boost the demand for batteries in the coming years. The lead-acid batteries segment and the lithium-ion batteries segment are the major contributors to the market's growth. In conclusion, the market is witnessing significant growth due to advancements in technologies, increasing demand from various sectors, and the global trend towards electrification and e-mobility. The market is expected to continue growing in the forecast period, driven by the innovation and efficiency of technologies. These factors will drive battery market growth and trends of the global market during the forecast period.
The use of counterfeit batteries is a major challenge impeding battery market growth. The market encompasses various types of batteries, such as lead-acid and lithium-ion, used in UPS devices, electric vehicles, consumer electronics, and industrial applications. Counterfeit batteries pose significant risks to safety, health, and the environment. In 2021, the global value of counterfeit goods reached USD 5 trillion. Consumers purchasing fake batteries may encounter hazardous substances, contaminated products, or malfunctioning parts. The chemical sector plays a crucial role in production, with lithium-ion batteries and Lead-acid Battery being key segments.
The automobile sector, electric vehicle sales, and non-residential construction are significant markets for batteries. Applications include electric vehicles, plug-in electric vehicles, storage, automobiles, portable electronics, smartphones, LCDs, tablets, wearable devices, fitness bands, and product innovation. The lithium-ion segment and Lead acid batteries dominate the rechargeable batteries market. Factors driving growth include energy storage, global electrification, and the e-mobility industry. However, challenges include charging speed and environmental concerns from unlawful disposal of toxic chemicals.
The battery market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the battery market research report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Furukawa Electric Co. Ltd. -? The company offers solutions for automotive products. The company's key offerings include?batteries.
The battery market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market analysis and report of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The battery market is a significant sector in the technology industry, driven by the increasing demand for portable electronic devices and the electrification of transportation. The market is witnessing substantial growth due to the rising adoption of electric vehicles (EVs) and energy storage systems (ESS). Batteries play a crucial role in powering various applications, including consumer electronics, telecommunications, renewable energy, and transportation. Lithium-ion battery are currently the most popular type in the market due to their high energy density, long cycle life, and low self-discharge rate. The market is highly competitive, with key players such as Panasonic, LG Chem, and Samsung SDI dominating the landscape.
Furthermore, these companies are investing heavily in research and development to innovate and improve technology, ensuring their market position. The market is also witnessing significant growth in emerging economies, particularly in Asia Pacific, due to the increasing demand for EVs and renewable energy. Governments in these regions are providing incentives to promote the adoption of electric vehicles, further boosting the market growth. In conclusion, the market is expected to continue its growth trajectory, driven by the increasing demand for portable electronics, EVs, and renewable energy. Companies are investing in research and development to innovate and improve technology, ensuring their market position.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
179 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 18.69% |
|
Market growth 2023-2027 |
USD 296.6 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
16.0 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 44% |
|
Key countries |
China, US, Germany, UK, and Japan |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
A123 Systems LLC, CLARIOS LLC, Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Furukawa Electric Co. Ltd., GS Yuasa International Ltd., HBL Power Systems Ltd., Hitachi Ltd., Korea Battery Co. Ltd., Leoch International Technology Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TDK Corp., and Toshiba Corp. |
|
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our battery market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this battery market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
