Global battery market is estimated to be valued at US$ 128.52 billion in 2024 and is expected to reach US$ 401.29 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031.

Introduction:

Global battery market has experienced significant growth in the past few years due to increasing demand for portable consumer electronics such as smartphones, laptops, and tablets. Batteries store chemical energy and make it available in an electrical form. These are an important source of power for a variety of devices and equipment which does not have access to electricity through other means. Key battery types include lead-acid batteries, lithium-ion batteries, and nickel-metal hydride batteries. Lead-acid batteries remain popular for automobile starter motors due to their relatively low cost while lithium-ion variants are used in consumer devices due to their higher energy density. The developments in battery technologies enabling higher energy capacity is expected to further expand the applications for batteries.

Market Dynamics:

Global battery market growth is driven by rising sales of electric vehicles that uses lithium-ion batteries, increasing penetration of renewable energy requiring battery storage solutions, and growing demand for portable consumer electronics. However, high costs of lithium-ion batteries used in electric vehicles and fluctuations in prices of raw materials such as lithium, cobalt, and nickel remain can hamper the market growth. Ongoing research and development in battery chemistries expand use cases such as in grid storage and for industrial applications presenting new opportunities. Governments around the world are also promoting electric mobility through financial incentives on purchase of EVs, creating a conducive market environment.

Key features of the study:

• This report provides in-depth analysis of the global battery market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global battery market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include CATL (Contemporary Amperex Technology Co Ltd), BYD Company Limited, Panasonic Corporation, LG Chem, Samsung SDI, SK Innovation, EVE Energy Co, Ltd, Tesla, AESC (Automotive Energy Supply Corporation), GS Yuasa Corporation, Coslight, Hitachi, Ltd , Johnson Controls International plc, Honeywell International Inc, Bosch Group, Varta AG, Pinnacle Electronics Inc, Microvast Holdings, Inc, Liontown Resources Limited, and  Freudenberg Group .
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global battery market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global battery market.

Market Segmentation

• By Type
  • Primary Battery
  • Secondary Battery
• By Technology
  • Lead-acid Battery
  • Lithium-ion Battery
  • Nickel-metal Hydride (NiMH) Battery
  • Nickel-cadmium (NiCD) Battery
  • Nickel–zinc (NiZn) Battery
  • Flow Battery
  • Sodium–sulfur (NAS) Battery
  • Zinc-manganese Dioxide Battery
  • Small Sealed Lead-acid Battery
  • Other Technologies
• By Application
  • Automotive Batteries
  • Industrial Batteries
  • Portable Batteries
  • Power Tools Batteries
  • SLI Batteries
  • Other Applications
• By Regional
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa 

Key Players Insights

• CATL (Contemporary Amperex Technology Co Ltd) 
• BYD Company Limited 
• Panasonic Corporation 
• LG Chem 
• Samsung SDI 
• SK Innovation 
• EVE Energy Co, Ltd 
• Tesla 
• AESC (Automotive Energy Supply Corporation)
• GS Yuasa Corporation 
• Coslight 
• Hitachi, Ltd 
• Johnson Controls International plc 
• Honeywell International Inc
• Bosch Group 
• Varta AG 
• Pinnacle Electronics Inc
• Microvast Holdings, Inc
• Liontown Resources Limited 
• Freudenberg Group