How Has the Batteries Market Size Evolved in Recent Years?
The batteries market has seen considerable growth due to a variety of factors.
• In the previous years, the batteries market has witnessed a robust growth. Expanding from a market size of $127.46 billion in 2024, it is predicted to reach $139.72 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.6%.
Factors such as portable electronics, electric vehicles (evs), the incorporation of renewable energy, consumer electronics, and energy storage systems have contributed to this significant growth in the historic period.
What are the Market Size and Expected Growth Rates for the Batteries Market?
The batteries market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the batteries market is anticipated to witness significant expansion. The market is projected to reach a value of $196.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.0%.
Factors contributing to this growth during the forecast period include energy transition, miniaturization and IoT, research and innovation, and upgrades to the electric grid. Some key trends predicted for this period include electrification and lightweighting, usage of advanced materials, additive manufacturing, digitalization and connectivity, in addition to collaborations and partnerships.
What Are The Key Drivers Fueling Growth In The Batteries Market?
The expansion of the battery market is anticipated to be driven by the rising popularity of electric vehicles. Electric vehicles (EVs) primarily use electricity for propulsion, employing batteries to store and supply the necessary electricity to power the vehicles' motors. This allows them to operate without the reliance on fossil fuels, thus presenting a more environmentally-friendly alternative to customary gasoline-fueled vehicles. For instance, a study released by the International Council on Clean Transportation, an American non-profit professional organization, in January 2024 revealed that new vehicle sales of plug-in electric cars increased dramatically, going from roughly 3% in Q1 2021 to about 7% in 2022, and then surpassing 10% by Q3 2023. Hence, the escalating demand for electric vehicles is fueling the growth of the battery market moving forward.
What Are The Key Segments Within The Global Batteries Market?
The batteries market covered in this report is segmented –
1) By Type: Secondary Batteries, Primary Batteries
2) By Mode: Online, Offline
3) By Sales Channel: OEM, After market
4) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications
Subsegments:
1) By Secondary Batteries: Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Cadmium Batteries, Nickel-Metal Hydride Batteries, Sodium-Ion Batteries
2) By Primary Batteries: Alkaline Batteries, Zinc-Carbon Batteries, Lithium Batteries, Silver Oxide Batteries, Zinc-Air Batteries
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How Are New Trends Impacting The Size Of The Batteries Market?
Key players in the battery industry are focusing on the development of innovative solutions such as Electric Vehicle (EV) batteries to offer dependable services to their clientele. An EV battery serves as a rechargeable power storage unit that fuels the electric motor(s) in electric vehicles. For example, in May 2023, Volkswagen, a firm based in Germany that produces batteries for electric cars, introduced a novel EV battery known as Astroinno, capable of covering a distance of 1000 km. This innovative battery could potentially offer superior energy density than the more common lithium-iron-phosphate (LFP) batteries, while also being less pricey than alternatives that largely depend on nickel and cobalt. This next-generation battery can enable EVs outfitted with a 140 kWh battery pack to achieve a driving distance exceeding 1,000 km.
Who Are the Key Players In The Batteries Market?
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.
What Are The Regional Insights Into The Batteries Market?
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.
