Battery Market Growth Statistics, Regional Overview, Latest Trends and Sales Statistics by 2027

Research Reports

Apr 07, 2022

The value was USD 108.4 billion in 2019 in the global Battery market and is expected to rise at a CAGR of 14.1% from 2020 to 2027. The market growth is assigned to high demand from the automotive application. This application includes rechargeable batteries and electric vehicles. On a global perimeter, the increase in the popularity of consumer electronics is estimated to result in the usage of lithium-ion batteries as a product type over the estimated period. The rising demand for portable electronics that includes LCD displays, smartphones, tablets, and any other wearable devices such as fitness bands are boosting the market growth. The market is estimated to have considerable growth on account of technological advancement in terms of enhanced efficiency, product innovation and cost-effectiveness. The global pandemic covid-19 has given the world dynamics a shape economically, socially, politically, and geographically. People were instructed to follow guidelines to act accordingly while buying and using the basics of daily lives. The automotive industry faced the consequence of the ongoing pandemic due to lockdown, and there was no transport movement without any proper regulation. The battery industry suffered a very negative impact as the industry is majorly concentrated in China, from where the virus was originated. The sales of lithium-ion batteries faced immense downfall during this period by 8.5%. The supply and demand faced a drastic shift due to reduced import-export of the raw materials.

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Market segmentation

The battery market is segmented into the following components:-

Product Outlook
Lead Acid
Lithium-Ion
Nickel Metal Hydride
Nickel Cadmium
Others
Application Outlook

Automotive Batteries
Industrial Batteries
Portable Batteries

Regional Outlook

North America

The U.S.
Canada
Mexico

Europe

Germany
The U.K.
France

Asia Pacific

China
India
Japan

Central and South America

Brazil
Argentina

Middle East and Africa

Saudi Arabia
UAE

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Regional analysis

The Asia Pacific is the largest country to share 33.0% revenue in 2019. The Asia Pacific is a major customer of batteries on behalf of growing automobile production rapid development in the industrial sector by generating high demand all over the region. The key producing countries for the consumer electronic segment are India and China, which have low production, setup costs and availability of skilled workforce.
North America tends to witness significant growth during the estimated period. The factors that are operating the regional market include a decrease in the cost of Li-ion battery increased sale of a consumer of consumer electronics.
The key players of battery markets are GS Yuasa International Ltd, Hitachi Chemical Co, Duracell, Johnson Controls, NEC Corporation, Panasonic Corporation, Samsung SDI Co., Ltd., Toshiba Corporation, LG Chem Ltd, Saft, Sony Corporation etc.

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Industry news

BASF picks Canada to expand supplies for the booming EV battery market.
Increase in demand, rise in urbanization and industrialization, technical advancement and a wide range of lithium-air batteries market.
Lithium-ion battery market is to hit USD 193.13 billion by 2028; growing electrification trend to augment growth.

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