Battery Market Share Report, Size, Trends & Analysis 2030

The Battery market size is expected to grow from US$ 109.61 billion in 2022 to US$ 172.70 billion by 2030; it is estimated to grow at a CAGR of 5.8% from 2022 to 2030. 

Analyst Perspective:

Currently, the market comprises various types of batteries depending on the application they are used for. The most often used kind of single-use battery is an alkaline battery. These non-rechargeable batteries, which are the least expensive type of battery, keep a constant discharge rate throughout their lifetime, resulting in dependable operation. Alkaline batteries are convenient, but because they are disposable, they are not a green alternative. The first rechargeable batteries to be created were NiMH batteries. The efficiency and cost impact of this skill are advantages. NiMH batteries have a lengthy charging period and produce less power the more times they have been recharged. Rechargeable lithium-ion batteries are a more recent innovation and are increasingly employed in laptops and cell phones. The number of recharging options makes them more expensive than NiMH at the time of purchase, but they will end up being less expensive in the long run. The ease of charging and more reliable power delivery throughout its lifetime are further factors in lithium batteries' appeal.

These days, batteries are one of the most crucial parts of electronic equipment and are found in nearly all portable electronic devices. The battery is a popular electrical component that may be found in everything from drones to phones, tablets, and electric vehicle. And this market is still growing thanks to the advancement of electric vehicle battery, the expansion of portable electronics, and the rise of wearable electronics. The developments in power battery technology to make them last longer and deliver more power are at their peak in the current market. The major driving factor in the global battery market currently is the increasing developments in lithium-ion batteries for EVs and solid-state batteries as an alternative to Li-Ion batteries.

Battery Market Overview:

As the number of electronic components and electric vehicles increases, the demand for batteries to power them is also on the rise. More and more manufacturers and countries are investing heavily in the development of powerful and efficient battery systems in order to meet their sustainability goals in the market. For instance, according to a 2023 article by MIT Technology Review, in 2022, electric car sales surpassed 10% of all vehicle sales worldwide, and by the end of this decade, they are expected to reach 30%. This rise will only be accelerated by policies around the world. For example, current climate legislation in the US is investing billions in EV incentives and battery manufacturing. Gas-powered car bans were enacted by the European Union and a number of US states, and they will take effect in 2035.

Major economies around the world are dedicated to climate change initiatives, and it is believed the best way to do this is to develop sustainable batteries to replace the use of fossil fuels. For instance, according to a 2019 report by Global Battery Alliance, Batteries are becoming more crucial in three areas: 1) reducing carbon emissions from transportation through electrification; 2) enabling the switch from fossil fuel to renewable energy generation as a dispatchable source of electricity; and 3) assisting in bringing electricity to remote communities. As a result, batteries can significantly lower GHG emissions in the transportation and energy sectors, which now account for around 40% of all global GHG emissions, and help to achieve the UN SDGs.

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Battery Market: Strategic Insights

Battery Market

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  CAGR (2023 - 2031)

  5.80%
• Market Size 2023
  US$ 115.97 Billion
• Market Size 2031
  US$ 182.06 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Duracell, CATL
• Grepow
• Gotion High-tech Co. Ltd
• CALB Technology
• Energizer
• Panasonic
• Tesla, Inc
• LG Energy Solutions
• Samsung SDI Co., Ltd.
• Exide Industries

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Primary Batteries and Secondary Batteries

Technology

• Lead-Acid Battery
• Lithium-Ion Battery
• Nickel-metal Hydride

Application

• Electric Mobility
• Consumer Electronics
• Energy Storage and Others

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Battery Market Driver:

Electrification of Transportation to Drive Growth of Battery Market

The current market is swamped by the developments in the technology to deliver highly efficient and sustainable power solutions for driving electric vehicles. The share of electric vehicle with the rising usage of electric vehicle battery on the roads is increasing with a high growth rate. This scenario will increase the demand for secondary batteries in the market. For instance, according to a report by the International Energy Agency 2021, with approximately 10% of all new cars sold globally in 2021 being electric, EV sales set new milestones. This is a four-fold increase from their market share in 2019. Typically, batteries make up about 30% to 40% of an electric vehicle's (EV) price. It is anticipated that the pressure on the supply of batteries and their components is bound to increase in the coming year with the increase in the demand for EVs. For instance, according to the IEA 2021 report, the demand for EV batteries will rise from roughly 340 GWh now to over 3500 GWh by 2030. The supply of cell components must likewise increase by the same amount.

Moreover, demand for automotive lithium-ion (Li-ion) batteries increased by more than twice as much in 2021 to 340 gigawatt-hours (GWh). The rise in electric passenger vehicles (registrations rose by 120%) is what is responsible for this surge. This factor is driving the demand in the global battery market.

Battery Market Segmental Analysis:

Based on type, the Battery market is segmented into primary batteries and secondary batteries. The secondary batteries hold the major market share in the market and are also growing with the highest growth rate. This growth is primarily driven by the increasing consumer electronics segment, mainly in wearables, portable devices, mobile phones, and tablets, among others. The increasing investments in EV batteries are further fueling the market growth. Rechargeable secondary batteries are sometimes not widely available to customers when used in electronic items (such as internal cells in laptops and other built-in batteries).

Manufacturers are heavily involved in developing secondary batteries with higher energy densities. This trend is further fueling the battery market growth. For instance, one of the top scientific publications in the world, Nature Energy, published a paper on high-performance, long-lasting, all-solid-state batteries that was presented in March in London by researchers from the Samsung Advanced Institute of Technology (SAIT) and the Samsung R&D Institute Japan (SRJ). The energy density of all-solid-state batteries is higher than that of commonly used lithium-ion batteries, which use liquid electrolytes.

Battery Market Regional Analysis:

The North American Battery market was valued at US$ XX billion in 2022 and is projected to reach US$ XX billion by 2030; it is expected to grow at a CAGR of XX% during the forecast period. Major markets in North America, such as the US, are investing heavily in the global supply chains in order to improve the use of sustainable energy. For instance, according to the 2022 article by The White House, the Bipartisan Infrastructure Law provided $2.8 billion in incentives to 20 manufacturing and processing businesses for projects spread across 12 states, the President revealed. The American Battery Materials Initiative, a new initiative to engage the whole government in securing a dependable and sustainable supply of vital minerals required for power, electricity, and electric vehicles (EVs), was also unveiled by President Biden.

Moreover, according to the University of Michigan, the US has seen a huge increase in investments in the production of EV batteries; in 2022, US battery facilities worth over $73 billion were announced. The US Department of Energy predicts that US EV battery production will increase 20 times between 2021 and 2030.

Battery Market Key Player Analysis:

The market analysis consists of players such as Duracell, CATL; Grepow; Gotion High-tech Co. Ltd; CALB Technology; Energizer; Panasonic; Tesla, Inc; LG Energy Solutions; Samsung SDI Co., Ltd., Exide Industries are among the key market players profiled in the report.

Battery Market Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the market. A few recent key market developments are listed below: 

• In June 2023, in order to urge parents and caregivers to replace the lithium coin batteries in their homes with a safer option during National Safety Month in June, Duracell launched the #BitterIsBetter Campaign. Duracell is enticing parents to take the #BitterIsBetter Pledge to swap out their lithium coin batteries for Duracell Lithium Coin Batteries with Bitter Coating, the safest lithium coin battery, in a partnership with singer and celebrity dad Lance Bass.
• In November 2021, through the California-based distributor Power Center+, Duracell is introducing a home energy storage option. Additionally, the Eguana range of energy storage devices is distributed by the Power Center. The 5-kW and 10-kW inverter outputs of the Duracell Power Center product range will use lithium-iron phosphate batteries that can be expanded from 14 kWh to 84 kWh.
• In August 2023, Shenxing, the first 4C quick-charging LFP battery ever released by CATL, has a range of more than 700 kilometers and can be fully charged once to provide 400 kilometers of driving range. Shenxing ushers in a new era of ultrafast EV charging and is anticipated to reduce fast charging anxiety for EV consumers significantly.
• In April 2023, At Auto Shanghai, CATL unveiled condensed batteries, a cutting-edge technology. It can achieve high energy density and a high level of safety at the same time in a creative way with an energy density of up to 500 Wh/kg, opening up a brand-new electrification scenario for passenger aircraft. In a short amount of time, CATL can produce condensed batteries in large quantities.
• In July 2023, A battery manufacturing facility will be established in India by Panasonic as part of the government's production-linked incentive (PLI) program for ACC battery storage.

Battery Market Report Scope