Batteries Market Report 2025

This Batteries market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The batteries market size has grown strongly in recent years. It will grow from $127.46 billion in 2024 to $139.72 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to portable electronics, electric vehicles (evs), renewable energy integration, consumer electronics, energy storage systems.

The batteries market size is expected to see strong growth in the next few years. It will grow to $196.97 billion in 2029 at a compound annual growth rate (CAGR) of 9%. The growth in the forecast period can be attributed to energy transition, miniaturization and iot, research and development, electric grid upgrades. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.

The growing demand for electric vehicles (EVs) is expected to significantly drive the expansion of the battery market in the coming years. EVs, which rely on electricity as their primary source of propulsion, use batteries to store and supply the electrical energy needed to power their motors. This allows them to operate without relying on fossil fuels, offering a more sustainable alternative to traditional gasoline-powered vehicles. For example, in January 2024, a report by the International Council on Clean Transportation, a US-based professional non-profit organization, revealed that the share of new vehicle sales comprising plug-in electric vehicles increased from approximately 3% in Q1 2021 to around 7% in 2022, and exceeded 10% by Q3 2023. As a result, the rising demand for electric vehicles is driving the growth of the battery market moving forward.

The growing demand for energy storage solutions to support renewable energy is expected to significantly drive the expansion of the battery market in the coming years. Renewable energy refers to power derived from natural sources, such as solar and wind, that are replenished on a human timescale. Energy storage is critical to maintaining a stable and reliable power supply, as it helps balance the intermittent nature of renewable energy generation. Batteries are essential in this process, as they store excess electricity generated during times of high renewable output, which can then be used during periods of low generation or high demand, ensuring a consistent energy supply. For example, in April 2023, the report Energy Storage Made Record Gains in the U.S., published by the Green Living, a US-based non-profit organization, highlighted that the U.S. achieved a record installation of 4.8 gigawatts (GW) of utility-scale non-hydropower energy storage in 2022, increasing the total capacity to 11.4 GW, up from 3.7 GW in 2021. This significant growth underscores the increasing role of energy storage in supporting renewable energy, driving the growth of the battery market.

Major companies in the batteries market are committed to developing innovative products, particularly focusing on electric vehicle (EV) batteries, to ensure the delivery of reliable services to their customers. EV batteries are rechargeable energy storage devices specifically designed to power the electric motors of electric vehicles (EVs). An example of this innovation can be seen in Volkswagen, a German-based company well-known for manufacturing batteries for electric vehicles, which introduced the Astroinno, a new EV battery in May 2023. The Astroinno battery boasts an impressive 1000 km range, exceeding the typical lithium-iron-phosphate (LFP) batteries in terms of energy density while remaining cost-effective compared to nickel and cobalt-based batteries. With this new battery, EVs equipped with a 140 kWh battery pack can achieve a remarkable driving range of more than 1,000 km.

Major companies operating in the batteries market include Samsung SDI Co. Ltd., LG Chem Ltd., BYD Electronic Company Limited, TDK Corporation, Panasonic Corporation, Chaowei Power Holdings Ltd., GS Yuasa Corporation, SK Inc., Berkshire Hathaway Inc., China Aviation Lithium Battery Co. Ltd., Hefei Guoxuan High-Tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Inc., E-One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Chemical Co. Ltd., Johnson Controls International PLC, Kokam Co. Ltd., Tianjin Lishen Battery Co. Ltd., Murata Manufacturing Co. Ltd., Dongguan Boliwei Battery Co. Ltd., Northvolt AB, Saft Groupe SA, OptimumNano Energy Co. Ltd., Tesla Inc., A123 Systems LLC, Toshiba Corporation, VARTA AG, Wanxiang Group Corporation, Winston Global Energy Limited, Zhejiang Narada Power Source Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited.

Asia-Pacific was the largest region in the batteries market in 2024. Western Europe was the second largest region in the batteries market. The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the batteries market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

A battery is an electrochemical device comprising one or more electrochemical cells that can be charged using an electric current and discharged as needed. These devices consist of multiple electrochemical cells connected to external inputs and outputs.

The primary types of batteries are secondary batteries and primary batteries. Secondary batteries are a batch system in which the active materials are the electrodes. These electrodes are consumed by the reaction during discharge and regenerate during the charging process. This reaction continues until the active material is depleted. The equipment can be operated through both online and offline modes. Various sales channels, including original equipment manufacturers (OEM) and aftermarket, are used for automotive batteries, industrial batteries, portable batteries, power tool batteries, starting, lighting, and ignition batteries (SLI batteries), and other applications.

The batteries market research report is one of a series of new reports that provides batteries market statistics, including batteries industry global market size, regional shares, competitors with a batteries market share, detailed batteries market segments, market trends, and opportunities, and any further data you may need to thrive in the batteries industry. This batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The batteries market consists of sales of lead acid batteries, lithium-ion (Li-Ion) batteries, nickel-cadmium (Ni-cd), nickel metal hydride batteries, alkaline primary batteries, lithium primary batteries, and other batteries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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