Battery Market Eyeing Remarkable Growth due to Demand for Electric Vehicles
Research Reports
Aug 13, 2023
Market Overview
The value was USD 117.44 billion in 2021 in the global battery market size and is expected to rise at a CAGR of 11.10% from 2023 to 2030.
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.
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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.
Key Players:
- Panasonic Corporation
- LG Chem
- Johnson Controls Inc
- Exide Technologies
- The Furukawa Battery Co. Ltd.
- Chaowei Power Holding Ltd.
- Penn Manufacturing Company Inc
- Fengfang Co. Ltd
- Saft Groupe
- Delphi Automotive
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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.
Industry news
- BASF picks Canada to expand supplies for the booming EV battery market share.
- 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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