The global battery market size was valued at USD 104.31 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.8% from 2023 to 2030. The high use of UPS devices in healthcare, chemical, and oil & gas sectors for continuous power supply is expected to propel the growth of the battery market. Lead acid batteries are used for critical applications because of their high reliability and low cost. However, lithium-ion battery is expected to capture a significant portion of the lead acid battery market during the forecast period on account of their low energy density and lightweight. The U.S. market is anticipated to witness substantial growth in the forecast period owing to favorable government policies and increasing electric vehicle and consumer electronics sales in the country.
The growing number of battery manufacturers in the U.S. is expected to promote market growth during the forecast period. The growing demand for electric vehicles in the U.S. and Mexico, on account of rising government efforts to reduce the carbon footprint by deploying eco-friendly products, is expected to augment the market growth during the forecast period.
The U.S. construction industry is expected to witness considerable growth owing to the demand for non-residential construction projects such as hospitals, schools, and colleges over the coming years. Implementation of the “Affordable Healthcare Act” in the U.S. is projected to stimulate the construction of a greater number of healthcare units and hospitals in the region. Favorable demographic trends, such as the growing population, are expected to lead to the construction of more offices, industrial plants, schools, and colleges, in turn, driving the demand for UPS in the construction sector.
Lithium-ion batteries are expected to penetrate lead acid battery applications including electric vehicles, plug-in electric vehicles, storage, and automobiles, thus, gaining a majority market share by 2024. High demand for portable electronics including smartphones, LCDs, tablets, and wearable devices, such as fitness bands, propel the battery market growth. The market is expected to witness significant growth on account of technological advancements in terms of product innovation, enhanced efficiency, and cost-effectiveness.
Global electrification and energy storage are booming due to the recent shift from fossil fuels to renewable energy sources. The demand for batteries alone is expected to increase significantly due to the e-mobility industry. Lithium-ion battery solutions are expected to probably predominate shortly, propelled by the EV industry.
The Lithium-ion segment led the market and accounted for 40.77% of the global revenue share in 2022 owing to the e-mobility sector. The EV industry is anticipated to drive the dominance of lithium-ion battery solutions in the coming years.
Lead-acid batteries accounted for the second-largest share of the global battery market in terms of revenue in 2022. Growing demand for rechargeable batteries, such as starting, lighting, and ignition (SLI) batteries, in the automotive sector is expected to augment the market growth during the forecast period.
Lithium-titanate-oxide (LTO) emerged as the fastest-growing product in the global battery market owing to the advantage of charging more quickly than all the other lithium-ion batteries. Innovations in the future and the ability to fast charge are expected to fuel the growth of the lithium-titanate-oxide market throughout the forecast period.
The automobile sector led the global battery market with a market share of 32.37% in 2022. Rising awareness about the benefits offered by battery-operated vehicles in regions such as Asia Pacific, Europe, and North America, is expected to contribute to the growth of lithium-ion batteries in the automotive end-use segment during the forecast period.
Electronics accounted for the second largest segment owing to the wide application in portable consumer electronic devices such as mobile phones, laptops, computers, tablets, torches or flashlights, LED lights, vacuum cleaners, digital cameras, wristwatches, calculators, and hearing aids.
Others end-use segment includes industrial, medical, construction, and firefighting. Most of these industries utilize batteries for supplying backup power to critical machinery and equipment. The increase in the number of hospitals and medical facilities worldwide that provide new and advanced healthcare services and treatment methods to the public is expected to fuel the growth of the medical, construction, and firefighting application segments in the lithium-ion battery market during the forecast period.
In 2022, Industrial batteries accounted for the largest market share of 35.85% in the application segment owing to growing requirements for efficient power backup and energy storage systems in various industries such as power generation, chemical manufacturing, marine, recreation equipment, and agricultural machinery & equipment. The usage of small-sized lithium-ion batteries in portable devices and other consumer electronics is expected to enhance market growth during the forecast period.
Automotive batteries were the second-largest application segment in 2022, which accounted for 34.62% of the global market share, in terms of revenue in 2022. The growth in passenger car production in developing countries including China, India, Brazil, and Russia is anticipated to enhance the market growth throughout the forecast period.
Asia Pacific dominated the global market in 2022 and accounted for the largest revenue share of more than 55.67%. Commercial, residential, and grid storage are expected to witness significant growth on account of various factors including industrialization, urbanization, and increased disposable income in developing countries coupled with favorable regulations to attract investments in the region.
North America emerged as the second-largest regional market for battery during the forecast period. The North American construction industry is anticipated to grow significantly owing to the demand for non-residential infrastructure over the coming years. Increasing investment in eco-innovations including electric bikes, cranes, and forklift is likely to aid battery market expansion.
The growing demand for e-bikes along with solar power systems in the U.K., Germany, and the Netherlands is expected to stimulate market growth. The ever-increasing lead acid battery market in Germany, Spain, Italy, France, and the U.K. is expected to have a positive impact on the Europe battery market during the forecast period.
The global battery industry is a highly competitive market owing to the presence of major industries across the region as these companies are fairly concentrated and highly competitive. Some of the prominent players operating in the global battery market are:
A123 Systems LLC
BYD Company Ltd.
GS Yuasa International Ltd.
Samsung SDI Co., Ltd.
Market size value in 2023
USD 118.20 billion
Revenue forecast in 2030
USD 329.84 billion
CAGR of 15.8% from 2023 to 2030
Base year for estimation
2018 - 2021
2023 - 2030
Revenue in USD billion and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, trends
Product, end-use, application, region
North America; Europe; Asia Pacific; CSA; MEA
U.S.; Canada; Mexico; U.K.; Germany; France; Italy; China; Japan; India; Australia; Brazil; Paraguay; Colombia; UAE; South Africa
Key companies profiled
GS Yuasa International Ltd.; Hitachi, Ltd.; Johnson Controls; Panasonic Corporation; Samsung SDI Co., Ltd.; NEC Corporation; Toshiba Corporation; LG Chem; BYD Company Ltd.; A123 Systems LLC; Narada Power Source Co., Ltd; Contemporary Amperex Technology Co., Limited
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This report forecasts revenue growth at global, regional, and country levels in addition to providing an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global battery market based on the product, end-use, application, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2030)
Nickel Metal Hydride
Lithium Titanate Oxide (LTO)
End-use Outlook (Revenue, USD Billion, 2018 – 2030)
Military & Defense
Application Outlook (Revenue, USD Billion, 2018 - 2030)
Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Central and South America
Middle East and Africa
b. The global battery market size was estimated at USD 104.31 billion in 2022 and is expected to reach USD 118.20 billion in 2022.
b. The global battery market is expected to grow at a compounded annual growth rate of 15.8% from 2023 to 2030 to reach USD 329.84 billion by 2030.
b. Key factors driving the battery market growth include the increasing popularity of consumer electronics on a global scale which is projected to result in the usage of the lithium-ion batteries as a product type over the forecast period.
b. Asia Pacific dominated the battery market with the highest share of 55.67% in 2022. Growing demand for electric vehicles (EVs) and grid storage as it offers high-energy density solutions and lightweight are expected to propel the market growth.
b. Some key players operating in the battery market include GS Yuasa International Ltd., BYD Company Ltd., A123 Systems LLC, Johnson Controls, NEC Corporation, Panasonic Corporation, Samsung SDI Co., Ltd., Toshiba Corporation, LG Chem , Saft among others.
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