Battery Market Size

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.