PUBLISHER: IMARC | PRODUCT CODE: 1451644
PUBLISHER: IMARC | PRODUCT CODE: 1451644
Battery Market Report by Type (Primary Battery, Secondary Market), Product (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, and Others), Application (Automotive Batteries, Industrial Batteries, Portable Batteries), and Region 2024-2032
The global battery market size reached US$ 127.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 276.3 Billion by 2032, exhibiting a growth rate (CAGR) of 8.7% during 2024-2032. The high use of UPS devices in healthcare, chemical, and oil and gas sectors for continuous power supply, continual technological innovations, such as development of portable and flow batteries with enhanced durability and efficacy, and the rising sales of rechargeable electric vehicles are expected to propel the growth of the battery market. The Asia Pacific is anticipated to witness substantial growth in the forecast period due to favorable government policies and the augmenting demand for clean and reliable energy access.
What is a battery?
A battery refers to an electrochemical device that stores and releases electrical energy. It consists of different elements, including a cathode, an anode, and an electrolyte. It works as an energy storage technology that is utilized in events of blackouts, power shortages, or heavy electricity demand. It offers portable and self-contained power sources, allowing the usage of electronic devices without being tethered to a wall outlet. It enables mobility and convenience, making them essential for portable electronics, including smartphones, laptops, and tablets. It is integrated into numerous medical devices, such as critical care equipment, cardiovascular care devices, pacemakers, ventricular assist systems, drug delivery devices, surgical power tools, home monitoring systems, powered prosthetics, and orthotics. It is also vital for storing energy generated from renewable sources, such as solar and wind power, as it helps balance energy supply and demand, storing excess energy during low-demand periods and releasing it during peak times, thus maximizing the utilization of renewable energy resources.
Increasing Product Utilization in Automobiles Driving the Global Market
Significant growth in the automotive industry is primarily driving the global market. Moreover, with the growing environmental consciousness, there has been an increasing adoption of rechargeable electric vehicles, such as hybrid electric vehicles (HEVs) and electric vehicles (EVs), which are catalyzing the growth of the market. In line with this, the augmenting need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories is also propelling the demand for batteries. Apart from this, continual technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are creating a positive market outlook.
Enhanced Focus on Sustainable Development Creating Positive Market Outlook
Along with this, continual ongoing improvements in energy density, charging speeds, lifespan, safety, and environmental sustainability are also contributing to the market as these advancements enhance the performance and usability of batteries, making them more attractive for diverse applications. The escalating need to provide clean and reliable energy access to remote and underserved areas is supporting the overall demand. The market is further driven by the widespread utilization of batteries in various industrial sectors, such as telecommunications, data centers, healthcare, logistics, and manufacturing, as the battery power critical backup systems, uninterruptible power supplies (UPS), emergency lighting, and various equipment. Moreover, the rising utilization of batteries in submarines since they require shorter charging times is supporting the battery market growth on the global level.
Additionally, the extensive adoption of rechargeable batteries in the aerospace sector to provide power to the engines of commercial and private aircraft is acting as another growth-inducing factor. Furthermore, the development of microgrid systems, which are localized grids that can operate independently of the main power grid, is driving the demand for batteries. Besides this, the rising adoption of smartwatches and fitness bands to count steps, analyze heart rate, and track calorie intake, is propelling the growth of the market. The rapid digitalization of industries and the widespread adoption of IoT devices are also driving the need for reliable and portable power sources. Other factors, such as increased energy efficiency, growing environmental consciousness, and extensive research and development activities by leading players, are further influencing the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global battery market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, product and application.
Type Insights
Primary Battery
Secondary Market
The report has provided a detailed breakup and analysis of the battery market based on the type. This includes primary battery and secondary battery. A primary battery is a type of battery that cannot be recharged or reused once its energy is depleted. It is designed for single-use and is meant to be discarded once it loses its ability to provide power. It has a long shelf life and can be stored for extended periods without significant self-discharge.
A secondary battery is a type of battery that can be recharged and reused multiple times. It is commonly used in a wide range of applications, from portable electronic devices, including smartphones and laptops to electric vehicles and renewable energy storage systems.
Product Insights:
Lithium-Ion
Lead Acid
Nickel Metal Hydride
Nickel Cadmium
Others
Lithium-Ion battery accounted for the majority of market share due to the increasing product demand in the e-mobility sector. The proliferation of smartphones, laptops, tablets, ongoing advancements in battery chemistry, materials science, safety features, and manufacturing techniques are also expected to augment the market growth in this segment during the forecast period.
The lead acid battery market is also gaining widespread prominence. The growing demand for rechargeable batteries, such as starting, lighting, and ignition (SLI) batteries, in the automotive sector is expected to augment the market growth during the forecast period.
Nickel metal hydride and nickel cadmium are also gradually gaining popularity. Growing environmental consciousness, and the rising demand of these batteries in the healthcare sector are expected to fuel the growth of the nickel metal hydride and nickel cadmium market throughout the forecast period.
Application Insights:
Automotive Batteries
Industrial Batteries
Portable Batteries
Automotive batteries accounted for the majority of market share. The integration of renewable energy sources, including solar and wind power, the global shift towards cleaner and more sustainable energy sources, and continuous advancements in battery technology are expected to augment the market growth during the forecast period.
Industrial batteries are gaining popularity due to the growing requirements for efficient power backup and energy storage systems in various industries, such as power generation, chemical manufacturing, marine, recreation equipment, and agricultural machinery and equipment.
Portable batteries are also gaining popularity across the globe. The expansion of charging infrastructure, including public charging stations and fast-charging networks, are expected to fuel the growth of the market in this segment throughout the forecast period.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
According to the battery market report by IMARC, Asia Pacific was the largest market for battery. Some of the factors driving the Asia Pacific battery market included considerable rise in healthcare expenditure, the growing demand for non-residential infrastructure, and the increasing investments in eco-innovations, including electric bikes, cranes, and forklift.
In line with this, continual technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, and extensive research and development activities by key market players are further positive influencing the market in this region.
Moreover, the increasing popularity of consumer electronics, such as LCDs, smartphones, and tablets, and the growing adoption of rechargeable electric vehicles, including hybrid electric vehicles (HEVs) and electric vehicles (EVs), are further contributing the growth of the battery market in Asia Pacific.
Competitive Landscape:
The global battery industry is a highly competitive market due to the presence of major industries across the region as these companies are fairly concentrated and highly competitive. Some of the prominent players operating in the global battery market are:
A123 Systems LLC
BYD Motors Inc.
Contemporary Amperex Technology Co. Ltd.
Envision AESC Group Ltd.
GS Yuasa International Ltd.
Johnson Controls
Panasonic Holdings Corporation
Robert Bosch GmbH
Saft (Total Energies SE)
Samsung SDI Co. Ltd.
Tesla Inc.
Toshiba Corporation
Key Questions Answered in This Report
- 1. What is the market for batteries?
- 2. Is the battery market growing?
- 3. What is the expected growth rate of the global battery market during 2024-2032?
- 4. What are the key factors driving the global battery market?
- 5. What has been the impact of COVID-19 on the global battery market?
- 6. What is the breakup of the global battery market based on the product?
- 7. What is the breakup of the global battery market based on the application?
- 8. What are the key regions in the global battery market?
- 9. Who is the largest manufacturer of batteries?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Battery Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Primary Battery
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Secondary Market
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Product
- 7.1 Lithium-Ion
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Lead Acid
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Nickel Metal Hydride
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Nickel Cadmium
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Others
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
8 Market Breakup by Application
- 8.1 Automotive Batteries
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Industrial Batteries
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Portable Batteries
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 A123 Systems LLC
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 SWOT Analysis
- 14.3.2 BYD Motors Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Contemporary Amperex Technology Co. Ltd.
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.4 Envision AESC Group Ltd.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 GS Yuasa International Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Johnson Controls
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Panasonic Holdings Corporation
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Robert Bosch GmbH
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 SWOT Analysis
- 14.3.9 Saft (Total Energies SE)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Samsung SDI Co. Ltd.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Tesla Inc.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 Toshiba Corporation
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.1 A123 Systems LLC
List of Figures
- Figure 1: Global: Battery Market: Major Drivers and Challenges
- Figure 2: Global: Battery Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Battery Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Battery Market: Breakup by Type (in %), 2023
- Figure 5: Global: Battery Market: Breakup by Product (in %), 2023
- Figure 6: Global: Battery Market: Breakup by Application (in %), 2023
- Figure 7: Global: Battery Market: Breakup by Region (in %), 2023
- Figure 8: Global: Battery (Primary Battery) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Battery (Primary Battery) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Battery (Secondary Market) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Battery (Secondary Market) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Battery (Lithium-Ion) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Battery (Lithium-Ion) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Battery (Lead Acid) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Battery (Lead Acid) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Battery (Nickel Metal Hydride) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Battery (Nickel Metal Hydride) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Battery (Nickel Cadmium) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Battery (Nickel Cadmium) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Battery (Other Products) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Battery (Other Products) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Battery (Automotive Batteries) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Battery (Automotive Batteries) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Battery (Industrial Batteries) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Battery (Industrial Batteries) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Battery (Portable Batteries) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Battery (Portable Batteries) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: North America: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: North America: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: United States: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: United States: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Canada: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Canada: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Asia-Pacific: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Asia-Pacific: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: China: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: China: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Japan: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Japan: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: India: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: India: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: South Korea: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: South Korea: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Australia: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Australia: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Indonesia: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Indonesia: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Others: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Others: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Europe: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Europe: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Germany: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Germany: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: France: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: France: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: United Kingdom: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: United Kingdom: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Italy: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Italy: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Spain: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Spain: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Russia: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Russia: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Others: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Others: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Latin America: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Latin America: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Brazil: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Brazil: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Mexico: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Mexico: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Others: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Others: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Middle East and Africa: Battery Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Middle East and Africa: Battery Market: Breakup by Country (in %), 2023
- Figure 76: Middle East and Africa: Battery Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Global: Battery Industry: SWOT Analysis
- Figure 78: Global: Battery Industry: Value Chain Analysis
- Figure 79: Global: Battery Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Battery Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Battery Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 3: Global: Battery Market Forecast: Breakup by Product (in Million US$), 2024-2032
- Table 4: Global: Battery Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 5: Global: Battery Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Battery Market: Competitive Structure
- Table 7: Global: Battery Market: Key Players
