Battery Market Updates by 2031
The Battery Market size is projected to reach US$ 182.06 billion by 2031 from US$ 115.97 billion in 2023. The market is expected to register a CAGR of 5.8% during 2023–2031. The growing demand for sustainable solutions is likely to remain a key trend in the market.
Battery Market Analysis
- The battery market is driven by the growing overall global demand for electric vehicles, renewable energy storage and portable electronic devices. An increase in the use of electric vehicles will be a major driver as automakers need to improve fuel efficiencies to comply with emission standards, and consumers are also showing interest in more environmentally friendly ways of traveling.
- Another major reason for the growth of the battery market will be the increased adoption of renewable energy sources that require energy storage solutions. Lithium-ion battery technologies are being enhanced through continuous world-record increases in energy density with enhanced battery safety as a focus to open new possibilities for electric vehicles and grid-level energy storage. Moreover, high-performance, long-lasting batteries will also be required for smart devices and similar IoT (Internet of Things) applications.
Battery Market Overview
- Currently, the market comprises various types of batteries depending on the application they are used for. The most often used kind of single-use battery is an alkaline battery. These non-rechargeable batteries, which are the least expensive type of battery, keep a constant discharge rate throughout their lifetime, resulting in dependable operation.
- Alkaline batteries are convenient, but because they are disposable, they are not a green alternative. The first rechargeable batteries to be created were NiMH batteries. The efficiency and cost impact of this skill are advantages.
- NiMH batteries have a lengthy charging period and produce less power the more times they have been recharged. Rechargeable lithium-ion batteries are a more recent innovation and are increasingly employed in laptops and cell phones.
- The number of recharging options makes them more expensive than NiMH at the time of purchase, but they will end up being less expensive in the long run. The ease of charging and more reliable power delivery throughout its lifetime are further factors in lithium batteries' appeal.
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Battery Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Battery Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Battery Market Drivers and Opportunities
Electrification of Transportation
- The current market is swamped by the developments in the technology to deliver highly efficient and sustainable power solutions for driving electric vehicles. The share of electric vehicles with the rising usage of electric vehicle batteries on the roads is increasing at a high growth rate. This scenario will increase the demand for secondary batteries in the market.
- For instance, according to a report by the International Energy Agency 2021, with approximately 10% of all new cars sold globally in 2021 being electric, EV sales set new milestones. This is a four-fold increase from their market share in 2021. Typically, batteries make up about 30% to 40% of an electric vehicle's (EV) price. It is anticipated that the pressure on the supply of batteries and their components is bound to increase in the coming year with the increase in the demand for EVs.
- For instance, according to the IEA 2021 report, the demand for EV batteries will rise from roughly 340 GWh now to over 3500 GWh by 2031. The supply of cell components must likewise increase by the same amount.
- Moreover, demand for automotive lithium-ion (Li-ion) batteries increased by more than twice as much in 2021 to 340 gigawatt-hours (GWh). The rise in electric passenger vehicles (registrations rose by 120%) is what is responsible for this surge. This factor is driving the demand in the global battery market.
Growing Demand for Advanced Battery Technology
- With the transition to a greener and more sustainable energy future, the need for advanced and efficient energy storage solutions that are long-lasting, reliable and affordable is becoming magnified. This applies from grid-level energy storage to portable electronic devices.
- Higher energy density, safety and longevity are achievable with advanced battery technology like solid-state batteries and next-gen Li-ion batteries, breaking through the current confines from a material, charging and structural standpoint. In this low-carbon energy future, the battery industry is well-positioned to take the lead in accelerating the energy storage evolution, representing a unique investment, research and development opportunity to satisfy the global demand.
Battery Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Battery Market analysis are type, technology, and application.
- Based on type, the Battery Market is divided into primary batteries and secondary batteries.
- On the basis of technology, the market is divided into lead-acid battery, lithium-ion battery, nickel-metal hydride (NiMH) batteries, nickel-cadmium (NiCD) batteries, nickelzinc (NiZn) batteries, flow batteries, and others.
- Based on the application, the market is divided into electric mobility, consumer electronics, energy storage and others.
Battery Market Share Analysis by Geography
- The Battery Market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering the Battery Market dynamics, such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Battery Market in these regions.
Battery Market Report Scope
Battery Market News and Recent Developments
The Battery Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Battery Market are listed below:
- At Auto China 2024, CATL unveiled Shenxing PLUS—the world's first LFP battery that achieves a range above 1,000 kilometers with 4C superfast charging. This allows new energy vehicles to not only meet commuting needs in urban areas but also accommodate long-distance inter-provincial travel. (Source: CATL, Company Website, April 2024)
- CATL unveiled CATL TIANXING, its first EV battery brand for commercial applications, along with two products for light commercial vehicles, namely CATL TIANXING-L superfast charging edition and CATL TIANXING-L long range edition, which can achieve 4C superfast charging and a maximum range of 500 kilometers respectively. (Source: CATL, Company Website, July 2024).
Battery Market Report Coverage and Deliverables
The “Battery Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Battery Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Battery Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Battery Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Battery Market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The global Battery Market is expected to grow at a CAGR of 5.8% during the forecast period 2023 - 2031.
Electrification of transportation is one of the major factors driving the Battery Market.
The growing demand for sustainable solutions is anticipated to play a significant role in the global Battery Market in the coming years.
The leading players operating in the Battery Market are Duracell, CATL; Gotion High-tech Co. Ltd; CALB Technology; Energizer; Panasonic; Tesla, Inc; LG Energy Solutions; Samsung SDI Co., Ltd., and Exide Industries.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
- Duracell, CATL
- Grepow
- Gotion High-tech Co. Ltd
- CALB Technology
- Energizer
- Panasonic
- Tesla, Inc
- LG Energy Solutions
- Samsung SDI Co., Ltd.
- Exide Industries
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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