The next-generation battery market was valued at $1.7 billion in 2023, and is projected to reach $3.4 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.
Next-generation batteries are advanced energy storage technology that exhibit higher energy densities, faster charging times, and longer service life as compared to conventional lithium-ion batteries. These innovative batteries, which include solid-state, lithium-sulfur, and silicon-anode technologies, offer superior performance, efficiency, and sustainability. Moreover, they aim to address critical challenges such as safety, cost, and environmental impact, making them pivotal in the evolution of electric vehicles, portable electronics, and renewable energy systems.
The growth of the global next-generation battery market is majorly driven by surge in adoption of electric vehicles. This is attributed to the fact that next-generation batteries offer higher energy densities, longer ranges, and faster charging times, addressing key concerns of electric vehicles consumers and manufacturers. According to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. Furthermore, surge in penetration of demand for longer lasting and faster charging batteries in consumer electronics, such as smartphones, laptops, and wearable devices, is driving the development and commercialization of advanced battery technologies. Thus, many smart devices are now being integrated with solid-state batteries, which offer faster charging times, higher energy density, and superior safety by replacing the liquid electrolyte with a solid one, which boosts the growth of the next-generation battery market. In addition, rise in need for more efficient energy storage systems in grid applications, backup power, and portable power solutions as well as increase in use of advanced batteries in industrial and commercial applications, including robotics, aerospace, and telecommunications, are boosting the growth of the global market. However, the market growth is significantly hampered by improper disposal practices of next-generation batteries that can lead to several environmental and health issues due to toxicity of chemical additives. In addition, safety issues associated with these batteries such as thermal instability or short-circuiting limit their adoption, thus restraining the market growth. Research and development for next-generation batteries require significant investment, which can be a barrier for many companies and delay commercialization. On the contrary, continuous innovations in battery technology, including solid-state, lithium-sulfur, and silicon-anode batteries, to enhance their performance, safety, and service life, are expected to offer remunerative opportunities for the growth of the global market during the forecast period.
The global next-generation batteries market is segmented into battery type, application, and region. By battery type, the market is classified into lithium-ion, sodium-ion, graphene battery, flow battery (vanadium and hybrid), metal air battery, zinc-ion battery, and others. On the basis of application, it is divided into electric vehicles, consumer electronics, renewable, uninterruptible power supply (UPS), data centers and telecommunication, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of application, electric vehicle emerged as a dominating segment, in terms of share, in 2023 and is projected to continue the same trend during the forecast period.
Region wise, Asia-Pacific was the major revenue generator in 2023.
Next-generation batteries are advanced energy storage technology that exhibit higher energy densities, faster charging times, and longer service life as compared to conventional lithium-ion batteries. These innovative batteries, which include solid-state, lithium-sulfur, and silicon-anode technologies, offer superior performance, efficiency, and sustainability. Moreover, they aim to address critical challenges such as safety, cost, and environmental impact, making them pivotal in the evolution of electric vehicles, portable electronics, and renewable energy systems.
The growth of the global next-generation battery market is majorly driven by surge in adoption of electric vehicles. This is attributed to the fact that next-generation batteries offer higher energy densities, longer ranges, and faster charging times, addressing key concerns of electric vehicles consumers and manufacturers. According to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. Furthermore, surge in penetration of demand for longer lasting and faster charging batteries in consumer electronics, such as smartphones, laptops, and wearable devices, is driving the development and commercialization of advanced battery technologies. Thus, many smart devices are now being integrated with solid-state batteries, which offer faster charging times, higher energy density, and superior safety by replacing the liquid electrolyte with a solid one, which boosts the growth of the next-generation battery market. In addition, rise in need for more efficient energy storage systems in grid applications, backup power, and portable power solutions as well as increase in use of advanced batteries in industrial and commercial applications, including robotics, aerospace, and telecommunications, are boosting the growth of the global market. However, the market growth is significantly hampered by improper disposal practices of next-generation batteries that can lead to several environmental and health issues due to toxicity of chemical additives. In addition, safety issues associated with these batteries such as thermal instability or short-circuiting limit their adoption, thus restraining the market growth. Research and development for next-generation batteries require significant investment, which can be a barrier for many companies and delay commercialization. On the contrary, continuous innovations in battery technology, including solid-state, lithium-sulfur, and silicon-anode batteries, to enhance their performance, safety, and service life, are expected to offer remunerative opportunities for the growth of the global market during the forecast period.
The global next-generation batteries market is segmented into battery type, application, and region. By battery type, the market is classified into lithium-ion, sodium-ion, graphene battery, flow battery (vanadium and hybrid), metal air battery, zinc-ion battery, and others. On the basis of application, it is divided into electric vehicles, consumer electronics, renewable, uninterruptible power supply (UPS), data centers and telecommunication, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By battery type, the others segment held the highest market share in 2023 and is expected to maintain its leadership status by 2033.On the basis of application, electric vehicle emerged as a dominating segment, in terms of share, in 2023 and is projected to continue the same trend during the forecast period.
Region wise, Asia-Pacific was the major revenue generator in 2023.
Competition Analysis
Competitive analysis and profiles of the major players in the global next-generation battery market include BYD Company Ltd., Samsung SDI Co., Ltd., Aesc Group Ltd., Toshiba Corporation, Hitachi High-Tech India Private Limited, Solid Power Inc., SES AI Corporation., ESS Tech, Inc., 24M, and PolyPlus. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and strengthen their foothold in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Battery Type
- Lithium-ion
- Sodium-ion
- Graphene Battery
- Flow Battery
- Vanadium
- Hybrid
- Metal Air Battery
- Zinc-ion Battery
- Others
By Application
- Electric Vehicles
- Consumer Electronics
- Renewable
- Uninterruptible Power Supply (UPS)
- Data Centers and Telecommunication
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- BYD Company Ltd.
- SAMSUNG SDI CO., LTD
- AESC GROUP LTD
- Toshiba Corporation
- Hitachi High-Tech India Private Limited
- Solid Power Inc
- SES AI Corporation.
- ESS Tech, Inc.
- 24M
- PolyPlus
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: NEXT-GENERATION BATTERY MARKET, BY BATTERY TYPE
CHAPTER 5: NEXT-GENERATION BATTERY MARKET, BY APPLICATION
CHAPTER 6: NEXT-GENERATION BATTERY MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Next-Generation Battery Market include:- BYD Company Ltd.
- SAMSUNG SDI CO., LTD
- AESC GROUP LTD
- Toshiba Corporation
- Hitachi High-Tech India Private Limited
- Solid Power Inc
- SES AI Corporation.
- ESS Tech, Inc.
- 24M
- PolyPlus
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 320 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 1.7 billion |
| Forecasted Market Value ( USD | $ 3.4 billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
