Batteries
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How Large Will the Batteries Market Size By 2025?
In recent times, the size of the batteries market has significantly expanded. It is projected to increase from $124.93 billion in 2024 to $134.74 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The remarkable growth seen in the historical timeline can be linked to factors such as portable electronics, electric vehicles (EVs), the incorporation of renewable energy, consumer electronics, and energy storage systems.
How Big Is the Batteries Market Size Expected to Grow by 2029?
The market size for batteries is predicted to enjoy robust expansion in the upcoming years, with its valuation hitting $187.7 billion in 2029, experiencing an 8.6% compound annual growth rate. Factors contributing to the growth during the forecast period include energy transition, miniaturization and Internet of Things (IoT), research & development, and upgrades to the electric grid. Key trends during the prediction period are expected to be electrification and lightweighting, advanced materials employment, additive manufacturing, digitalization and connectivity, along with collaboration and partnerships.
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Which Key Market Drivers Powering Batteries Market Expansion and Growth?
The growth of the battery market is anticipated to be fueled by the escalating demand for electric vehicles (EVs). As the primary means of propulsion, EVs utilize electricity, requiring batteries to store and supply the necessary electric energy. This arrangement allows the vehicles to operate without the need for fossil fuels, providing a greener alternative to conventional vehicles powered by gasoline. In January 2024, the International Council on Clean Transportation, a professional non-profit organization based in the US, reported that the percent of new vehicle sales attributed to plug-in electric types had increased from roughly 3% in the first quarter of 2021 to about 7% in 2022, further climbing beyond 10% by the third quarter of 2023. Thus, the burgeoning demand for electric vehicles is a significant factor propelling the expansion of the battery market.
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What Are the Key Trends Driving Batteries Market Growth?
Leading firms in the battery market are prioritizing the development of innovative products like EV (Electric Vehicle) batteries to enhance the reliability of their services. An electric vehicle (EV) battery is a rechargeable power storage unit that is utilized to energize the electric motors in electric autos. For example, in May 2023, Volkswagen – a German firm that produces batteries for electric vehicles, introduced a new EV battery named Astroinno that boasts a 1000 km range. This novel battery might offer superior energy density compared to standard lithium-iron-phosphate (LFP) batteries and could be more cost-effective than those mainly dependent on nickel and cobalt. This ground-breaking battery offers a driving range exceeding 1,000 km for EVs powered by a 140 kWh battery pack.
What Are the Emerging Segments in the 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, Aftermarket
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Batteries Industry?
Asia-Pacific was the largest region in the batteries market in 2024. 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.
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