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The fast growth of the electric car (EV) market is one of several factors that is making the market grow. A lot of people are working harder to fight climate change and cut down on carbon pollution. This is making electric car batteries very popular. Batteries for cars cost a lot of money to research and develop so they work better, last longer, and hold more power. This is why a lot of people want new power plans.
The green energy business is also very important to the battery company. As more homes and businesses use solar and wind power, they need better ways to store energy. Batteries play a big role in this process. There are methods that store energy that let you use extra energy when production is high and let it go when demand is high or green energy production is low. This link between batteries and green energy shows how sensitive the market is to moves around the world to switch to better power sources that last longer.
Important raw materials like lithium, cobalt, and nickel have prices and amounts that affect how much things cost to make and the market as a whole. The supply line can become unstable because these materials are only found in certain places and are gathered in certain ways. To fix these supply chain issues and keep the battery market steady, we need to look for new resource areas, explore other materials, and improve recycling.
It depends on the rules, rewards, and funds that are in place to encourage or discourage the use of electric cars and energy storage systems. The governments of many countries are putting a lot of effort into rules and practices that are good for the earth and help battery technologies grow and be used. This part of the market is very important for its growth. Regulations for safety and the environment also impact the planning and creation methods, which ultimately makes battery technologies less competitive.
The things people buy and do have a big impact on how markets work. People want batteries that last longer, charge faster, and are better for the environment. Batteries that meet these goals do well on the market. As people learn more about climate change, they choose batteries that are better for the earth and come from good sources. Especially consumer goods set the standards for battery design, with the goal of meeting the needs of devices that need more power while having the least amount of damage to the environment.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 140.67 Billion |
| Market Size Value In 2023 | USD 122.3 Billion |
| Growth Rate | 11.10% (2022-2030) |
Battery Market Highlights:
Battery Market Overview
Battery Market Size was valued at USD 122.3 Billion in 2023. The Battery industry is projected to grow from USD 139.36 Billion in 2024 to USD 475.37 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.20% during the forecast period (2024 - 2032). Batteries are essential devices that are primarily used in the automotive industry. They are used for providing electric energy to automobiles for lighting, ignition, etc.
Furthermore, a wide variety of vehicles have crucial features such as hybridization and high electrification degree. Therefore, due to the growing Market Opportunities, the demand for better electric vehicles will increase. As a result, the revenue is also evaluated to increase drastically. Apart from that, the Asia-Pacific region is expected to dominate the market in the future years.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
June 2024: Panasonic announced a significant investment in expanding its battery production capacity in Japan. The move aims to meet the growing demand for electric vehicle batteries.
Battery Market Trends
- The increasing demand for transportation to boost the market growth
The increasing demand for transportation will boost the growth of the market. The use of batteries in electric vehicles will increase significantly as the demand for sustainable transportation increases. Furthermore, the increased demand for storage solutions, such as grid storage, is driving up the demand for batteries. This in turn is driving the growth of the market.
The rising demand for electronic and hybrid vehicles will create an opportunity for the market
There is rising demand for electric vehicles and hybrid vehicles that will extend the life of the market. In the next few decades, sales of these vehicles will rise. This will create an opportunity for the market. This market is also centered on lithium-ion batteries and these batteries are used in many consumer electronics. Many of these consumer electronics are powered by electricity. This includes mobile phones and laptop computers. As sales for this product rise, there will be a need for more batteries.
Battery Market Segment Insights
Battery Type Insights
The market segmentation, based on type, includes Lead-acid Battery, Flow Battery, Nickel-metal Hybrid Battery, Small Sealed Lead-acid Battery, Sodium-sulfur Battery, Zinc-manganese dioxide Battery, Lithium-ion Battery, Nickel-ion Battery, and Others. The Lead-acid Battery segment held the majority share 2021 of the Battery revenue. Due to its high energy density and lightweight solutions, increased demand for electric vehicles (EVs), and grid storage. Therefore, with the growing requirement for storage and power backup throughout the projected period, demand for batteries is anticipated to increase across the manufacturing, railway, and solar power sectors.
Battery Application Insights
Based on Application, the market segmentation includes SLI Batteries, Automotive Batteries, Portable Batteries, Industrial Batteries, Power Tool Batteries, and Consumer Electronics. The Automotive Batteries segment dominated the market in 2021. This is due to Advances in technology that have enabled automotive batteries to become lighter, more efficient, and longer lasting than ever before. As a result, demand for these products is set to continue rising as more people turn to electric vehicles as their preferred mode of transportation.
Figure 2 Battery Market, by Application, 2024 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Battery Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The highest revenue share was attributed to Asia Pacific. Due to rising vehicle production, fast industrial expansion, and increasing demand throughout the area, Asia Pacific is a significant consumer of batteries. Due to their low setup and production costs and accessibility to a competent labour pool, China and India are the main producers in the consumer electronics sector.
Figure 3 Battery Market Share By Region 2021 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America is anticipated to have tremendous growth. The regional market is primarily driven by reasons such as falling Li-ion battery prices, rising consumer electronics sales, quick adoption of electric cars, and a developing renewable sector. Additionally, North America continues to be a leader in battery research and development as well as one of the world's biggest users of batteries.
Europe is projected to experience notable growth. Europe has long been one of the world's top automakers, and it will hold this position well into the future. Key automakers including Audi, BMW, Volvo, Jaguar, Ferrari, Mercedes Benz, Porsche, and Lamborghini are present in the area, which will boost the expansion of the automotive sector and, as a result, increase demand for industrial batteries throughout the forecasted period.
Batteries Market Key Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Battery industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Battery industry to benefit customers and expand the market sector. The market has recently given medicine some of the most important advantages. Major market players, including Panasonic Corporation, LG Chem, Johnson Controls Inc, Exide Technologies, The Furukawa Battery Co Ltd, and others, are attempting to increase market demand by funding R&D initiatives.
Panasonic develops, manufactures, and distributes electrical and electronic devices. It offers a range of products, including electronic equipment, broadcasting equipment, projectors, automotive electronics, aircraft in-flight entertainment systems, semiconductors, lithium batteries, electrical components, optical devices, bicycles, electronic materials, and photovoltaic modules.
Also, LG Chem, which was formed in 1947, is a chemical corporation with a diverse business portfolio focused on petrochemicals, innovative materials, and life sciences. It offers fundamental materials, chemicals, renewable polymers, and energy solutions such as automobile and energy storage system (ESS) batteries. Furthermore, the corporation provides sophisticated materials, specialty pharmaceuticals, and vaccinations.
Top Listed Companies in the Batteries industry includes
- 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
Battery Industry Development
In December 2022, Panasonic announced a partnership with Lucid Group to supply EV batteries.
In November 2022 Panasonic announced began construction of a new lithium-ion battery manufacturing facility in De Soto, KS. The project will drive significant economic activity and opportunities for the local Kansas economy making the state a key player in the domestic electric vehicle (EV) industry.
Battery Market Segmentation
Battery Market Type Outlook
- Lead-acid Battery
- Flow Battery
- Nickel-metal Hybrid Battery
- Small Sealed Lead-acid Battery
- Sodium-sulfur Battery
- Zinc-manganese dioxide Battery
- Lithium-ion Battery
- Nickel-ion battery
- Others
Battery Market Application Outlook
- SLI Batteries
- Automotive Batteries
- Portable Batteries
- Industrial Batteries
- Power Tool Batteries
- Consumer Electronics
Battery Market Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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