PUBLISHER: The Business Research Company | PRODUCT CODE: 1387538
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387538
“Batteries Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on batteries market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for batteries? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The batteries market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
A battery is an electrochemical device comprising one or more electrochemical cells that can be charged using an electric current and discharged as needed. These devices consist of multiple electrochemical cells connected to external inputs and outputs.
The primary types of batteries are secondary batteries and primary batteries. Secondary batteries are a batch system in which the active materials are the electrodes. These electrodes are consumed by the reaction during discharge and regenerate during the charging process. This reaction continues until the active material is depleted. The equipment can be operated through both online and offline modes. Various sales channels, including original equipment manufacturers (OEM) and aftermarket, are used for automotive batteries, industrial batteries, portable batteries, power tool batteries, starting, lighting, and ignition batteries (SLI batteries), and other applications.
The batteries market research report is one of a series of new reports from The Business Research Company that provides batteries market statistics, including batteries industry global market size, regional shares, competitors with a batteries market share, detailed batteries market segments, market trends, and opportunities, and any further data you may need to thrive in the batteries industry. This batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The batteries market size has grown strongly in recent years. It will grow from $103.98 billion in 2023 to $113.81 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to factors such as the increasing adoption of portable electronics, the rise of electric vehicles (EVs), integration of renewable energy sources, consumer electronics, and the development of energy storage systems.
The batteries market size is expected to see strong growth in the next few years. It will grow to $161.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to factors such as the ongoing energy transition, trends in miniaturization and the Internet of Things (IoT), increased investments in research and development, and upgrades in electric grid infrastructure. Major trends in the forecast period include the electrification and lightweighting of devices, advancements in materials and additive manufacturing, the increasing importance of digitalization and connectivity, and a growing emphasis on collaboration and partnerships in the industry.
The batteries market is expected to experience growth driven by the increasing demand for electric vehicles. Electric vehicles (EVs) rely on electricity as their primary source of propulsion, with batteries supplying the necessary energy for propulsion, regenerative braking, and powering auxiliary systems. For example, in May 2022, data from the International Energy Agency, an intergovernmental organization based in France, revealed a significant increase in electric vehicle sales, reaching 6.6 million units in 2021 compared to the previous year. This surge in electric vehicle demand is a key driver for the batteries market's growth.
Flow batteries are becoming increasingly popular due to their unique advantages over traditional lithium-ion batteries, including their lower energy density. Flow batteries are a type of rechargeable battery that stores chemical energy in two liquid components contained within a system. This design enables them to achieve higher maximum voltage levels and provides substantial storage capacity for renewable energy. Flow batteries offer the significant advantage of supplying power to large electric grid networks by storing a larger amount of energy compared to conventional batteries. Key companies involved in the manufacturing of flow batteries include Sumitomo Electric Industries, UniEnergy Technologies, Dalian Rongke Power, and Gildemeister.
Major companies in the batteries market are committed to developing innovative products, particularly focusing on electric vehicle (EV) batteries, to ensure the delivery of reliable services to their customers. EV batteries are rechargeable energy storage devices specifically designed to power the electric motors of electric vehicles (EVs). An example of this innovation can be seen in Volkswagen, a German-based company well-known for manufacturing batteries for electric vehicles, which introduced the Astroinno, a new EV battery in May 2023. The Astroinno battery boasts an impressive 1000 km range, exceeding the typical lithium-iron-phosphate (LFP) batteries in terms of energy density while remaining cost-effective compared to nickel and cobalt-based batteries. With this new battery, EVs equipped with a 140 kWh battery pack can achieve a remarkable driving range of more than 1,000 km.
Major companies operating in the batteries market include Samsung SDI Co. Ltd., LG Chem Ltd., BYD Electronic Company Limited, TDK Corporation, Panasonic Corporation, Chaowei Power Holdings Ltd., GS Yuasa Corporation, SK Inc., Berkshire Hathaway Inc., China Aviation Lithium Battery Co. Ltd., Hefei Guoxuan High-Tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Inc., E-One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Chemical Co. Ltd., Johnson Controls International PLC, Kokam Co. Ltd., Tianjin Lishen Battery Co. Ltd., Murata Manufacturing Co. Ltd., Dongguan Boliwei Battery Co. Ltd., Northvolt AB, Saft Groupe SA, OptimumNano Energy Co. Ltd., Tesla Inc., A123 Systems LLC, Toshiba Corporation, VARTA AG, Wanxiang Group Corporation, Winston Global Energy Limited, Zhejiang Narada Power Source Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited.
Asia-Pacific was the largest region in the batteries market in 2023. Western Europe was the second largest region in the batteries market. The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the batteries market report are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The batteries market consists of sales of lead acid batteries, lithium-ion (Li-Ion) batteries, nickel-cadmium (Ni-cd), nickel metal hydride batteries, alkaline primary batteries, lithium primary batteries, and other batteries. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.