Battery Market is Expected to be Dominated by the Automotive Segment Until 2028F

Rising demand for energy storage systems and growing demand for continuous power supply are likely to propel the growth of the global battery market during 2024-2028F.

According to TechSci Research report, “Battery Market – Global Industry Size, Share, Trends, Competition, Region, Opportunity, and Forecast, 2018-2028F,” the global battery market is expected to grow in the coming years and register a significant CAGR during the 2924-2028F owing to the growing demand for continuous power supply, rapid urbanization & industrialization, governments raising investment in the clean energy sector, increasing demand for batteries in utilities are the major drivers of the global battery market.

There is a growing requirement for energy backup due to the rising demand for uninterrupted power supply in all major nations. In the event of power outages or high demands, batteries serve as a backup power source. A distinguishing feature that sets flow batteries apart from competing alternatives is their ability to be scaled up and recharged simply by adding the necessary quantity of electrolyte. The functioning of flow batteries is more adaptable because of the ability to restore spent electrolytes in storage tanks. Flow batteries also have the benefit of long operational life and low maintenance requirements. With green energy objectives set by several developed and emerging nations, this trend is expected to continue globally. Flow batteries are mostly used for energy storage in the utility industry.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Battery Market."

The global battery market is divided into type, battery type, end user, and regional. Based on type the market is divided into primary batteries and secondary batteries. Based on battery type, the market is segmented into lithium-ion battery, lead-acid battery, nickel battery, and others. Based on end user, the market is segmented into automotive, energy storage, aerospace, military & defense, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Based on battery type, the lithium-ion battery had the largest market share in 2022 and is expected to register a significant CAGR during the forecast period. The usage of lithium-ion batteries is rising in various end-user industries, including power generation, telecom, and renewables. The lithium-ion battery is one of the rechargeable types of battery which is used in electric vehicles, portable electronics, and military & aerospace. Also, lithium-ion batteries has various characteristics, including high energy density, low self-discharge characteristics, and no memory effect.

Based on end user, the automotive segment had the largest market share in 2022. Automotive and consumer electronics have a major application in the battery market owing to the large use of lead-acid batteries in vehicles. Also, the automotive sector is going to be one of the major end user segments for lithium-ion- batteries due to the increasing adoption of electric vehicles across numerous key and developing countries across the world. Various countries reduce their dependence on fossil fuels & coal and focus on clean energy, rising usage of EVs vehicles is one of the leading changes in the automotive sector. Therefore, the automotive segment is expected to grow, which, in turn, will drive the growth of the global battery market during the forecast period.

Key market players in the global battery market include:

·         BYD Co. Ltd

·         Contemporary Amperex Technology Co. Limited

·         Duracell Inc.

·         EnerSys

·         GS Yuasa Corporation

·         Panasonic Corporation

·         VARTA AG

·         Samsung SDI Co. Ltd

·         Tesla Inc.

·         TianJin Lishen Battery Joint-Stock Co. Ltd.

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“The global battery market is expected to boost in the coming years and maintain a high CAGR during 2024-2028F owing to the growing global demand for electricity, the unstable grid infrastructure, rising awareness about renewables energy, rapid urbanization & industrialization, and rising demand for batteries in the automotive industry . Currently, various countries, including India, United States, Germany, and China, started investing in the renewable energy sector to enhance the usage of batteries in the coming years. For instance, in 2022, China invested around USD 546 billion in solar and wind energy projects, electric vehicles and batteries manufacturing. That was four times the amount of U.S. investments, which totaled USD 141 billion. The European Union was second to China with USD 180 billion in clean energy investments. Additionally, various market players have invested billions of dollars in research & development wings to prepare the enhanced version of flow battery equipment which is useful for the environment and people. For instance, Agora Energy Technologies Ltd successfully developed a non-metal CO2 rechargeable flow battery (CRB) designed to use captured carbon from flue gas emissions to store renewable electricity generated on-site. The battery, developed to use CO2 sourced from major industrial emitters (including cement, steel, petrochemical, aluminum manufacturers, coal and natural gas-fired power plants), is safer and more affordable than competitors, while also reducing GHGs.Therefore, the market for battery across the globe is expected to grow during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F – Segmented By Type (Primary Batteries, Secondary Batteries), By Battery Type (Lithium-ion Battery, Lead-Acid Battery, Nickel Battery, and Others), By End User (Automotive, Energy Storage, Aerospace, Military & Defense, and Others), and By Region & Competition,” has evaluated the future growth potential of battery and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global battery market.

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