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Battery Market size was valued at USD 120.17 billion in 2023 and is expected to reach USD 800.07 billion by 2036, registering around 15.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of battery is evaluated at USD 135.26 billion. The growth of the market can be attributed to the ever-increasing demand for batteries from automotive applications, and growing popularity of portable consumer electronics, such as smartphones, LCD displays and tablets. In 2019, more than 3.2 billion people purchased a smartphone globally. The number grew up to 3.5 billion in the following year, i.e., 2020. Along with these, rising emphasis on fuel efficiency coupled with implementation of stringent emission norms by government bodies of developed nations, are also expected to provide lucrative opportunities for market growth in the forthcoming years. In addition to these, decreasing revenue on fossil fuels and surge in carbon dioxide emissions around the world, are projected to offer abundant opportunities for market growth in the near future.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
15.7% |
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Base Year Market Size (2023) |
USD 120.17 billion |
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Forecast Year Market Size (2036) |
USD 800.07 billion |
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Regional Scope |
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The market is segmented by product into lead acid, lithium-ion, nickel metal hydride, nickel-cadmium, and others, out of which, the lead acid segment is anticipated to hold the largest share in the global battery market on account of the growing applications of these batteries in industries namely, automotive, telecommunication, electric bikes and uninterrupted power supply. Apart from these, high reliability and low cost of lead acid batteries are also predicted to drive growth to the market segment in the imminent time. Furthermore, on the basis of application, the automotive segment is assessed to acquire the largest share during the forecast period, which can be credited to the rise in demand for batteries from electric vehicles, and high requirement for batteries for starting, lighting and ignition (SLI) application in the automotive sector.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Application |
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On the basis of geographical analysis, the global battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is likely to dominate majority revenue share by 2036, on the back of increase in automobile production, and high production of consumer electronics in emerging economies such as China and India. For instance, in 2020, more than 30 percent of the cars around the world were produced in China. The automobile production was about 1.5 million units in April 2020, which rose up to 2.3 million units by the end of the year. Additionally, rapid industrial development is also anticipated to boost the growth of this region’s market by the end of 2030. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the growing adoption of electric vehicles, significant reduction in the cost of lithium-ion batteries and robust growth of renewable energy sector in the region.
·January 2021- Tesla bagged a new deal with Japanese brand Panasonic to continue its supply of batteries from the company up until at least 2022. It is reported that Panasonic will begin producing prototypes of the 4680 for Tesla.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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