Battery Market Overview, 2022-2027

The report title 'Global Battery Market Overview, 2022-2027' published gives a complete insight on the battery classified on basis of type (primary & secondary), technology (lead-acid, lithium-ion, nickel-cadmium & nickel-metal hydride), and application (automotive, industrial & portable). A battery consists of one or multiple cells which facilitate the conversion of chemical energy into electricity. Batteries are used to supply primary power or act as the back-up power supply in transport, industrial, or commercial applications. With the demand in the global transportation market increasing, the market for batteries is also projected to grow. The rising number of electrical circuits and devices in the transportation industry is one of the major factors driving this growth. New markets that further boost battery growth is the electric bicycle and storage systems for renewable energy, from which homeowners, businesses, and developing nations are benefiting. Large grid storage batteries collect surplus energy during high activity and bridge the gap when the input is low or when user demand is heavy. The overall battery market was valued at around USD 110 Billion in 2021, which is anticipated to rise to over USD 188 Billion by the upcoming timeframe. Furthermore, the market is expected to grow at a CAGR of more than 9% between 2022 and 2027.

The Middle East & Africa and Asia Pacific region together are expected to account for a market share of over 50% by the end of the forecast period. The number of people without access to electricity in the African region is to increase by over 600 Million in 2030, despite efforts to boost electrification. The Sub-Saharan and rural south Asian regions, in particular, are expected to be one of the central hotspots for off-grid solar initiatives. As a result, the use of energy storage with solar photovoltaic technology has been gaining popularity in these countries, which is likely to create an enormous opportunity for the battery market.

Significant increases in battery energy density will probably require a disruptive technology involving a lithium anode. The lithium-ion battery segment is expected to witness prominent market growth during the forecast period. The demand-supply mismatch of raw materials is the hindrance to the market growth. On the other hand, major factors driving the market include declining prices, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics. High demand for portable electronics, including LCDs, smart-phones, tablets, and wearable devices, is boosting the growth of lead-acid battery segment. The market is expected to observe substantial growth on account of technological advancements in terms of enhanced efficiency, cost-effectiveness, and product innovation. The market-leading segment of lead-acid batteries is expected to report the lowest CAGR of through the forecasted period.

Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicles on a large scale. In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Falling battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating a demand for battery technologies. The market comprises a network of players, including major global players as well as localized regional players. Most of these companies are headquartered in China, making it the highest contributing country, with more than 12% market share in global market in 2021. Key players in the global battery market Johnson Controls, Exide Technologies, GS Yuasa, Robert Bosch GmbH, Saft Groupe SA, Delphi Automotive LLP, LG Chem, and Panasonic Corporation among others.

Covid-19 Impacts:

The battery market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the market is expected to decline as the pandemic is restricting the supply of batteries and other components due to severe disruptions in businesses and the global economy. The current situation has impacted the supply chain of the battery industry. Key components for batteries are mainly manufactured in Asia and the Pacific. The COVID-19 situation has exposed the over-dependency on the region for key raw materials, especially China. Battery manufacturers in the US, Germany, and Australia are highly impacted by the shutdown of operations in China and other Asia-Pacific countries. It has also resulted in limited production, leading to a serious decline in business inputs. The recovery depends on government assistance as well as the level of corporate debt and how the companies and markets cope with the trimmed demand. After the recovery phase, the market is projected to grow at a moderate rate until 2030.

Major Companies present in the market

A123 Systems LLC, BYD Company Limited, C&D Technologies Inc., Clarios, Contemporary Amperex Technology Corporation Limited, GS Yuasa International Limited, Hitachi Chemical Corporation Limited, LG Chem Limited, Panasonic Corporation, Saft Group SA, Samsung Corporation Limited, Sony Corporation, Toshiba Corporation

Considered In the Report

• Geography: Global
• Historical year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Regions covered:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Aspects Covered In the Report

• Market Size By Value for the historic time period (2016-2021)
• Market Size By Value for the forecast time period (2022-2027)
• Market Share by Type (Primary & Secondary)
• Market Share by Technology (Lead acid Battery, Lithium ion Battery, Nickel metal hydride Battery, Nickel cadmium Battery & Other Batteries)
• Market Share by Application (Automotive Batteries, Industrial Batteries & Portable Batteries)
• Market Share by Country

Intended Audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the battery manufacturers, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.


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