GVR Report cover Advanced Battery Market Size, Share & Trends Report

Advanced Battery Market Size, Share & Trends Analysis Report By Product, By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2020 - 2027

  • Report ID: GVR-4-68039-004-2
  • Number of Pages: 100
  • Format: Electronic (PDF)

Report Overview

The global advanced battery market size was valued at USD 65.8 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.0% from 2020 to 2027. Favorable government policies for clean energy usage and the growing energy storage market are expected to drive the market over the forecast period. Growing deployment of Electric Vehicles (EVs), rising adoption of electronic gadgets, and expanding renewable energy infrastructure are among the primary growth factors positively influencing the industry landscape. Advanced batteries have lower emissions, longer lifespan, and can be efficiently incorporated into an electricity grid to store energy for later use. The market in the U.S. is expected to witness a prominent growth on account of rising awareness about using energy-efficient products. The U.S. government provides heavy funding for the development of lightweight, and durable batteries for applications across residential, commercial, and industrial sectors. This trend is anticipated to drive the regional market over the forecast period.

The U.S. advanced battery market size

Technological advancements, such as bipolar construction of advanced batteries, offer fast charging and lower product price when compared to conventional batteries. Moreover, industry participants are focusing on developing a commercially viable manufacturing process to reduce product costs and enhance the penetration rate of advanced batteries.

The impact of COVID-19 on the industry along with trade disputes among the top economies is expected to hamper the market growth. The supply chain including raw material suppliers, electrode material producers, and battery pack manufacturers suffered a major setback due to the growing effect of coronavirus pandemic and estimated to take a significant amount of time to achieve pre-covid sale levels.

Product Insights

The lithium-ion polymer battery segment accounted for the largest market share of over 17% in 2019 owing to the extensive usage of these products in the electronic devices sector. These batteries have several unique properties, such as high-power density, efficient performance, and compact size, due to which they have a higher demand than the traditional batteries.

Sodium sulfur battery is projected to register the fastest CAGR over the forecast period. Moreover, it serves as large-scale stationary storage during renewable energy power generation. It is able to operate at higher temperatures, utilizes solid electrolyte, and offers low-cost competitive storage technology, long cycling life, and high energy density.

Advanced lead-acid battery occupies a significant market share and is estimated to grow at a prominent CAGR over the forecast period. The growth can be attributed to the usage of lead-acid batteries in consumer electronic devices and in EVs. In addition, they are used as a storage type in uninterrupted power supply devices across several industrial and commercial facilities.

Application Insights

The consumer electronics segment accounted for the maximum market share of over 25% in 2019 owing to the increased demand for electronic devices across the globe. The growing complexity of electronic devices requires smaller, thinner, and more efficient battery packages. This trend is estimated to boost product demand in the consumer electronics segment.

The automotive battery segment is expected to register the highest CAGR over the forecast period owing to the growing penetration of advanced batteries in EVs. Increasing government funding and incentives to enhance the deployment of passenger and commercial level EVs are expected to boost the segment growth over the forecast period.

Global advanced battery market share

Battery energy storage systems segment is gaining traction owing to the growing deployment of renewable energy power generation equipment, such as solar PV panels and wind turbines. In addition, policies, such as net metering subsidies, are encouraging the installation of battery energy storage systems in the residential sector as a secondary source of power supply.

Regional Insights

Europe dominated the market in 2019 accounting for over 28% of the global share. It will retain the leading position throughout the forecast period owing to the implementation of favorable government policies regarding the deployment of EVs and battery energy storage systems across the region. Countries, such as Germany, Russia, the U.K., Spain, Italy, and France, are focusing on reducing carbon emissions through the usage of clean energy sources, thereby bolstering the demand for advanced batteries.

Asia Pacific accounted for the second-largest market share owing to the high demand for enhanced battery capacity in developing economies, such as China and India. These economies are strategizing the deployment of EVs and thus, require advanced batteries to power the EVs. In addition, rising demand for portable devices including watches, mobile phones, and cameras is expected to drive the regional market.

North America is estimated to grow at a prominent rate over the forecast period with the U.S. being the largest revenue contributor. Technological advancements, such as flexible, printed, thin-film batteries required in wearable devices, are expected to drive the product demand across the region. Moreover, research activities focused on using batteries for plug-in EVs are expected to stimulate regional market growth.

Key Companies & Market Share Insights

Industry participants are emphasizing research and development activities to manufacture advanced battery cells and modules that offer better performance, longer life, and lower battery cost when compared to conventional batteries. Market players follow several strategic initiatives, such as diversifying their product offerings, to enhance their foothold in various end-use markets. Some of the prominent players in the advanced battery market include:

  • GS Yuasa Corporation

  • Pathion Inc.

  • PolyPlus Battery Company Inc.

  • Oxis Energy Ltd

  • Samsung SDI Co. Ltd.

Advanced Battery Market Report Scope

Report Attribute


Market size value in 2020

USD 71.0 billion

Revenue forecast in 2027

USD 121.3 billion

Growth rate

CAGR of 8.0% from 2020 to 2027

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

The U.S.; Canada; Mexico; Germany; Russia; The U.K.; Spain; Italy; France; China; Japan; South Korea; India; Australia; Brazil; Colombia; Paraguay; Saudi Arabia; UAE; South Africa; Egypt

Key companies profiled

GS Yuasa Corp.; Pathion, Inc.; PolyPlus Battery Company Inc.; Oxis Energy Ltd.; Samsung SDI Co. Ltd.; Sion Power Corp.; LG Chem Ltd.; Saft Groupe SA; Siemens; Enerdel, Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global advanced battery market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Billion, 2016 - 2027)

    • Lithium-Ion Polymer Battery

    • Sodium Sulfur Battery

    • Sodium Metal Halide Battery

    • Advanced Lead Acid Battery

    • Smart Nano Battery

    • Others

  • Application Outlook (Revenue, USD Billion, 2016 - 2027)

    • Consumer Electronics

    • Automotive Battery

    • Energy Storage Systems

    • Industrial Battery

  • Regional Outlook (Revenue, USD Billion, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Russia

      • The U.K.

      • Spain

      • Italy

      • France

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • India

      • Australia

    • Central & South America

      • Brazil

      • Colombia

      • Paraguay

    • Middle East & Africa

      • Saudi Arabia

      • UAE

      • South Africa

      • Egypt

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