Battery Market Outlook, 2029

As the global community strives for sustainable energy options, a considerable shift is taking place towards the electrification of vehicles, infrastructure, and personal devices. This evolution is fuelled by progress in battery technology, a growing appetite for renewable energy, and the critical imperative to diminish carbon emissions. The shift to electric vehicles is putting a strong demand on large-scale infrastructure improvements. Long-distance driving of electric vehicles is already possible because to the fast national expansion of charging networks. To meet the rising demand for electricity, smart grid and energy storage system integration is also essential.

Furthermore, to increase a city's energy efficiency, sustainable building approaches use renewable energy sources, such as solar electricity. Environmental friendliness and efficiency are two further areas where personal electronics are evolving. Wearable, tablets, and smartphones are changing as a result of improvements in energy efficiency, wireless charging, and battery life. These developments are enabling longer-lasting products that need to be replaced less frequently in addition to lowering energy use. Decreasing fossil fuel reserves, along with promising government initiatives and high CO2 emissions, are expected to propel market growth in the next few years. Key non-rechargeable batteries are extensively used in children’s toys, light beacons, remote controls, watches, and electronic keys. These are expected to witness a loss of stake to rechargeable batteries on account of efficiency and enhanced lifespan.

According to the research report, “Global Batteries Market Outlook, 2029”, the market is expected to cross USD 246.07 Billion market size by 2029, increasing from USD 131. 72 Billion In 2023. The global market is forecasted to grow with 11.08% CAGR by 2024-29. Largely due to the rising demand for portable electronic devices, the increasing prevalence of electric vehicles, and a heightened focus on renewable energy storage solutions. Batteries, often overlooked yet essential to our daily lives, have transformed from basic cells that powered simple devices like flashlights and remote controls into advanced energy storage systems that can support intricate electrical grids and drive the vehicles of tomorrow.

Historically dominated by conventional lead-acid and nickel-cadmium technologies, the market has experienced a notable shift towards lithium-ion batteries, which provide superior energy density, extended lifespan, and enhanced safety features. This transition is particularly pronounced in the automotive sector, where electric vehicles are emerging as a compelling alternative to traditional fossil-fuel-powered models. As governments globally implement policies and incentives to encourage the adoption of clean transportation, the demand for cutting-edge battery technologies has surged, propelling the growth of the global batteries market. Manufacturers are constantly improving lithium-ion with new enhanced chemical combinations to increase the battery aging life. Increasing demand for wearable devices can boost the battery market performance. They are now considering replacing lithium-ion batteries with ions and electrolytes such as zinc, aluminium, magnesium, and sodium. These batteries will be cheaper and potentially safer, which will help companies to propel in the battery market. Energizer recently launched a smartphone with a whopping 16,000mAh battery, influencing other manufacturers in the market. In 2017, A company named Pisen developed a laser pointer power bank. This laser power bank battery is so efficient that with one charge it can work for an entire year. The battery capacity is very powerful that it has been chosen by millions of customers all over the world. Firefly, a power bank is combined with the power to charge other devices, water-resistant along with LED and great-sounding wireless music, is an innovative development in the battery market. This innovation is gaining a lot of traction from the population more engaged in outdoor activities such as camping.

The global batteries market is an extensive and varied industry, featuring a broad spectrum of battery types and technologies that address different applications and sectors. A crucial division within this market is the differentiation between primary and secondary batteries. Primary batteries, also known as non-rechargeable or disposable batteries, are designed for one-time use and cannot be recharged after they are exhausted. These batteries are frequently employed in low-power devices such as remote controls, clocks, and flashlights, where their ease of use and reliability make them a favored choice.

In contrast, secondary batteries, or rechargeable batteries, can be recharged and reused multiple times, making them a more sustainable and cost-efficient alternative for applications with greater power requirements, such as portable electronics, electric vehicles, and energy storage systems. This secondary market segment has seen considerable growth in recent years, driven by innovations in lithium-ion and other rechargeable battery technologies that provide enhanced energy density, cycle life, and safety features. As the global movement towards renewable energy and electric mobility continues, the demand for high-performance secondary batteries is projected to rise, further stimulating growth and innovation within this dynamic and swiftly evolving segment of the global batteries market.

The global batteries market is categorized by technology into five segments: lead-acid, lithium-ion, nickel-metal hydride, nickel-cadmium, and other types of batteries. Notably, the growth trajectories of lead-acid, lithium-ion, nickel-metal hydride, and nickel-cadmium batteries have garnered significant attention. Lead-acid batteries, historically regarded as the backbone of the industry, continue to thrive due to their affordability, dependability, and suitability for applications such as automotive starters and backup power systems.

In contrast, the lithium-ion battery sector has witnessed remarkable expansion, fuelled by the rising demand for lightweight and high-energy density power sources, especially in consumer electronics, electric vehicles, and energy storage solutions. Nickel-metal hydride batteries, recognized for their high energy density and eco-friendliness, are extensively utilized in hybrid electric vehicles and portable electronic devices. Additionally, nickel-cadmium batteries, celebrated for their durability and capacity to endure harsh conditions, remain pertinent in specialized applications, including industrial machinery and emergency backup systems. As technological advancements continue and consumer preferences evolve, the global batteries market is set to experience further innovations and sustained growth across these varied battery chemistries, each addressing the distinct power requirements of an increasingly electrified society.

The global battery market is witnessing significant growth, fuelled by the rising demand across three key sectors: automotive, industrial, and personal appliances. As the world moves toward sustainability, batteries are playing a pivotal role in powering the future. The electric vehicle (EV) revolution stands as a significant catalyst for the expansion of the battery market. With governmental initiatives aimed at lowering carbon emissions and major automotive manufacturers shifting towards electric vehicle fleets, there has been a notable increase in the demand for sophisticated batteries, particularly lithium-ion and solid-state technologies.

Prominent companies such as Tesla, General Motors, and BYD are making substantial investments in battery innovation to achieve longer driving ranges, quicker charging times, and more cost-effective solutions, thereby propelling a considerable rise in global battery production. Additionally, the industrial sector plays a crucial role in this growth, as industries such as manufacturing, construction, and energy increasingly depend on advanced energy storage systems. Battery storage is vital for harmonizing renewable energy sources, including wind and solar, with the demands of the electrical grid. Furthermore, personal electronic devices, ranging from smartphones to laptops and wearable, represent an expanding market segment. The consumer desire for devices that last longer and charge more rapidly has driven advancements in battery technology, leading to the creation of high-performance batteries with prolonged lifespans. This trend is anticipated to persist as personal electronics become increasingly integral to everyday life.

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: 2018
• Base year: 2023
• Estimated year: 2024
• Forecasted year: 2029

Regions and Countries covered

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy, Russia)
• Asia-Pacific (India, Japan, Australia, China)
• South America (Brazil, Argentina, Columbia)
• Middle East & Africa (UAE, Qatar, Saudi Arabia, South Africa)

Aspects Covered In the Report

• Market Size By Value for the historic time period (2018-2023)
• Market Size By Value for the forecast time period (2024-2029)
• Market Share by Country

By Type

• Primary
• Secondary

By Technology

• Lead acid
• Lithium ion
• Nickel metal hybrid
• Nickel cadmium
• Others

By Application

• Automotive Batteries
• Industrial Batteries
• Portable Batteries

The approach of the report

We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise.

This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

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.

Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.