PUBLISHER: Roots Analysis | PRODUCT CODE: 1721375
PUBLISHER: Roots Analysis | PRODUCT CODE: 1721375
As per Roots Analysis, the global battery market size is estimated to grow from USD 140 billion in the current year to USD 450 billion by 2035, at a CAGR of 11.2% during the forecast period, till 2035.
The opportunity for battery market has been distributed across the following segments:
Type of Battery
Power Capacity
Battery Self-Discharge Rate
Technology
End-User
Geography
Batteries are devices that convert chemical energy into electric energy through electrochemical reactions in a reversible and reusable manner. They play various roles in modern society, such as powering consumer electronics and enabling movement in electric vehicles. The concept of batteries dates back to the 18th century when the Italian physicist Alessandro Volta created the first electrochemical cell.
These devices are classified based on their ability to be recharged, falling into two main categories: primary and secondary batteries. Primary batteries are designed for single-use only; once depleted, they cannot be recharged, while secondary batteries can be recharged multiple times after use due to their capacity to retain excess ions. Various technologies have been developed for producing different types of batteries, including lead-acid, nickel-cadmium, nickel-metal hydride, and lithium-ion (Li-ion) batteries.
Current Li-ion batteries in portable electronic devices face challenges in achieving the necessary energy density and safety, particularly in high energy-dense applications such as electric vehicles (EVs) and energy storage systems. Utilizing batteries on a larger scale in stationary energy storage, along with an efficient battery management system, could maximize the potential of renewable energy sources. Additionally, growing concerns about global warming have heightened the urgency for nations to meet stringent CO2 emission targets.
The transportation sector is a significant contributor to CO2 emissions, accounting for over 25% of the global total. To reduce CO2 levels, countries worldwide are increasingly transitioning to electric vehicles, which represent a prominent area of growth for the global battery market.
Based on the type of battery, the global battery market is segmented into primary batteries and secondary batteries. According to our estimates, currently, secondary batteries segment captures the majority share of the market. This can be attributed to the rising demand for cordless electronics and the growth of the electric vehicle sector.
Based on technology, the battery market is segmented into lead acid batteries, Li-ion batteries, Nickle metal hydride batteries, Nickle cadmium batteries and others. According to our estimates, currently, Li-ion batteries capture the majority share of the market. Notably, in recent years, Li-ion batteries have seen significant usage in compact consumer electronics, such as smartphones, laptops, and power tools, contributing to their strong market presence.
Based on end-user, the battery market is segmented into aerospace industry, automotive industry, electronics industry, energy storage industry, defense and military, and others. According to our estimates, currently, automotive industry captures the majority share of the market. However, fueled by the rising demand for renewable energy sources and a recent transition from fossil fuels to green energy, the market for batteries utilized in the energy storage sector is expected to grow at a higher CAGR during the forecast period.
Based on geography, the battery market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, Asia captures the majority share of the market. However, market in North America is anticipated to experience the highest CAGR during the forecast period
The report on the battery market features insights on various sections, including: