Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 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), By Region, Competition 2018-2028F

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Summary

Report Description

Global battery market is predicted to grow during the forecast period. The growth of the market can be attributed to the rising urbanization requiring more energy demands, growing demands for power supply which results in rising number of data centers, and increasing demands for batteries in utilities among others across the globe.

A battery is a device that transforms the chemical energy which contains the active ingredients directly into electrical energy via an electrochemical oxidation-reduction reaction. This kind of reaction involves the transfer of electrons from one material to an alternative with the help of an electrical circuit. These batteries are charged with the help of electric current. Batteries are divided into various types such as lead-acid batteries, lithium-ion batteries, nickel-metal hydride (NiMH) batteries, nickel-cadmium batteries, nickel–zinc  batteries, and flow batteries. Also, multiple electrochemical cells that are connected to external inputs and outputs are used to make the batteries for their clients. Batteries have the capability to tackle one of the most important social, economic, and scientific challenges of the 21st century - the ability to store electrical energy for decentralized stationary or mobile applications. There exist multi-fold opportunities and future battery technologies across several sectors at a global scale.

There is a growing requirement for energy backup due to the rising demand for uninterrupted power supply in all major countries such as India, Saudi Arabia, Vietnam, Singapore, the United States among others. In the case of power outages, flow batteries serve as a backup power source. The rechargeable and scalability feature of the batteries are the two major advantages. The need for a reliable supply has increased, necessitating a growing need for energy backup in all major countries. Batteries are provided as a backup power source during power interruptions or periods of heavy demand.

. The development of renewable energy sources like solar and wind has increased demand for these batteries, which has a detrimental effect on the battery business. Several developed and emerging countries have established green energy objectives; therefore, this trend is anticipated to continue on a global level. Batteries are generally used for energy storage by utility corporations. This serves as a market driver for the global battery market, coupled with the additional benefits of longer operation time and longer life. Global installations of batteries have increased due to the rising usage of solar and wind energy.

Increasing Use Of Batteries in Residential Applications

Solar PV systems' popularity in residential applications has significantly increased over the past several years as a result of their capacity to reduce greenhouse gas emissions and electricity prices. Solar PV systems are not ideal for grid integration because of the unexpected changes in the energy that are produced by the sun's intermittent irradiance. Additionally, a battery energy storage system is utilized instead of a solar PV system in various applications such as homes and small businesses, which can need the maximum amount of energy, reduce their energy expenses, and avoid blackouts. The batteries' inherent qualities, such as a high life cycle count, versatility, and enormous storage capacity, make them especially well-suited for residential and commercial applications. Therefore, various developed and developing countries raise their investment in the residential and commercial sectors. For instance, in Canada, in March 2023, investment in residential building construction increased to 1.9% to USD 14.9 billion after posting four consecutive monthly declines at the end of 2022. Additionally, single-family investment in homes increased up to 2.4% to USD 8 billion and multi-unit construction inclined by 1.3% to USD 6.8 billion.

Increasing Number of Renewable Energy Projects Across the Globe

Natural resources are used in renewable technologies to generate electricity. New technologies are needed for green energy. The development of renewable energy sources has driven the need for energy storage systems to store the generated electricity. Therefore, the demand for energy storage systems such as redox flow batteries is high. Ongoing renewable energy generation projects across the globe are expected to positively impact the global battery market. In September 2022, the U.S. Department of Energy (DOE) allocated USD 17.9 million for four research and development initiatives to expand American production of flow batteries and long-duration storage systems. This financing assists in providing the resources required to build out the system with new and clean energy sources, supply low-cost power to underserved populations, and contribute to the Biden Administration's objective of net-zero carbon emissions by 2050.  Furthermore, as of January 31, 2023, the Essar Group, headquartered in Mumbai, established the Essar Energy Transition (EET), and invested a total of USD 3.6 billion in the development of a variety of low-carbon energy transition projects over the course of the coming years. Thus, increasing renewable projects has led to a rise in the demand for batteries during the forecast period.

Various Government Policies and Regulations

Canada – Canada is in a better situation across the EV battery supply chain segments that include mining & mineral processing, cathode and anode manufacturing, chemical precursors, battery manufacturing, and battery recycling. The Canadian government announced to develop a battery supply chain in the country through a “mines to mobility” approach. Additionally, in 2021, the Canadian government announced in the federal budget and made investments in developing and pushing Canada’s EV battery market in a positive direction. Additionally, in March 2021, the federal and Québec governments decided to invest around USD 75 million to the Lion Electric company to enhance an EV battery pack assembly plant project and expected to complete the project at the end of 2023. Furthermore, the plant is expected to produce EV battery packs and modules made from lithium-ion cells.

Indonesia’s Government to Boost EV Battery Production - In November 2020, the Indonesia government planned to approve a circular model for the upcoming electric vehicles industry across the country. Additionally, Indonesia government planned to partner with global EV manufacturing companies to manufacture EV batteries.

Recent Developments

  • In August 2022, Contemporary Amperex Technology Co., Limited (CATL) announced to invest 7.4 billion USD to build a 100 GWh battery plant in Debrecen, east Hungary, to supply battery cells and modules to European automakers.
  • In December 2021, Amara Raja Batteries, an automotive battery company, announced an investment of around USD 12 million in Inobat Auto, a European technology developer and manufacturer of batteries for electric vehicles. This investment is the part of company’s focus in the green technology space as part of its bold Energy and Mobility Strategy.  Additionally, the investment opened new research & development facilities for the company, which allowed it to adapt InoBat’s highly innovative battery technologies.
  • In March 2021, POSTECH (South Korean university) research team developed a much faster charging and longer-lasting battery material. The battery proved to enable further longevity for Li-ion batteries leading to the production of Li-ion battery electrodes that charge up to 90% in six minutes and discharge 54% in 18 seconds.
  • In June 2020, Tesla planned next-generation electric vehicle batteries eliminating the rare, expensive, and controversial element cobalt from batteries. The new technology allows cars to go 400 miles or more between charges.



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Market Segmentation

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.

Company Profiles

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 are the major players that are driving the growth of the global battery market.


Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

Battery Type

End User

Region

Regional Scope

Asia-Pacific, North America, Europe, Middle East & Africa, and South America.

Country Scope

China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, Brazil, Argentina, Colombia

Key Companies Profiled

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

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)


Report Scope:

In this report, the global battery market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Battery Market, By Type:
    • Primary Batteries
    • Secondary Batteries
  • Battery Market, By Battery Type:
    • Lithium-ion Battery
    • Lead-Acid Battery
    • Nickel Battery
    • Others
  • Battery Market, By End User:
    • Automotive
    • Energy Storage
    • Aerospace
    • Military & Defense
    • Others
  • Battery Market, By Region:
    • Asia-Pacific
      • China
      • Japan
      • India
      • Australia
      • South Korea
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Italy
    • Middle East & Africa
      • Israel
      • Turkey
      • Saudi Arabia
      • UAE
    • South America
      • Brazil
      • Argentina
      • Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global battery market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Hybrid Power Solutions Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customer

5.    Global Battery Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Type (Primary Batteries and Secondary Batteries)

5.2.2.    By Battery Type (Lithium-ion Battery, Lead-Acid Battery, Nickel Battery, and Others)

5.2.3.    By End User (Automotive, Energy Storage, Aerospace, Military & Defense, and Others)

5.2.4.    By Region (Asia-Pacific, North America, Europe, Middle East & Africa, and South America)

5.2.5.    By Company

5.3.  Market Map

6.    Asia-Pacific Battery Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Battery Type

6.2.3.    By End User

6.2.4.    By Country

6.3.  Asia-Pacific: Country Analysis

6.3.1.    China Battery Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Type

6.3.1.2.2.           By Battery Type

6.3.1.2.3.           By End User

6.3.2.    Japan Battery Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Type

6.3.2.2.2.           By Battery Type

6.3.2.2.3.           By End User

6.3.3.    South Korea Battery Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Type

6.3.3.2.2.           By Battery Type

6.3.3.2.3.           By End User

6.3.4.    India Battery Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.           By Value 

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.           By Type

6.3.4.2.2.           By Battery Type

6.3.4.2.3.           By End User

6.3.5.    Australia Battery Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.           By Value 

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.           By Type

6.3.5.2.2.           By Battery Type

6.3.5.2.3.           By End User

7.    North America Battery Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Battery Type

7.2.3.    By End User

7.2.4.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Battery Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Battery Type

7.3.1.2.3.           By End User

7.3.2.    Canada Battery Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Battery Type

7.3.2.2.3.           By End User

7.3.3.    Mexico Battery Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Battery Type

7.3.3.2.3.           By End User

8.    Europe Battery Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Battery Type

8.2.3.    By End User

8.2.4.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Battery Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Battery Type

8.3.1.2.3.           By End User

8.3.2.    United Kingdom Battery Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Battery Type

8.3.2.2.3.           By End User

8.3.3.    France Battery Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Battery Type

8.3.3.2.3.           By End User

8.3.4.    Italy Battery Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type

8.3.4.2.2.           By Battery Type

8.3.4.2.3.           By End User

8.3.5.    Spain Battery Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type

8.3.5.2.2.           By Battery Type

8.3.5.2.3.           By End User

9.    Middle East & Africa Battery Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Battery Type

9.2.3.    By End User

9.2.4.    By Country

9.3.  Middle East & Africa: Country Analysis

9.3.1.    Israel Battery Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Battery Type

9.3.1.2.3.           By End User

9.3.2.    Turkey Battery Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Battery Type

9.3.2.2.3.           By End User

9.3.3.    UAE Battery Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Battery Type

9.3.3.2.3.           By End User

9.3.4.    Saudi Arabia Battery Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type

9.3.4.2.2.           By Battery Type

9.3.4.2.3.           By End User

10. South America Battery Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Battery Type

10.2.3. By End User

10.2.4. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Battery Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Battery Type

10.3.1.2.3.         By End User

10.3.2. Argentina Battery Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Battery Type

10.3.2.2.3.         By End User

10.3.3. Colombia Battery Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Battery Type

10.3.3.2.3.         By End User

11. Market Dynamics

11.1.             Drivers

11.2.             Challenges

12. Market Trends & Developments

13. Company Profiles

13.1.                BYD Co. Ltd,

13.1.1.    Business Overview

13.1.2.    Key Revenue

13.1.3.    Recent Developments

13.1.4.    Key Personnel

13.1.5.    Key Product/Service Offered

13.2.                Contemporary Amperex Technology Co. Limited

13.2.1.    Business Overview

13.2.2.    Key Revenue

13.2.3.    Recent Developments

13.2.4.    Key Personnel

13.2.5.    Key Product/Service Offered

13.3.                Duracell Inc.

13.3.1.    Business Overview

13.3.2.    Key Revenue

13.3.3.    Recent Developments

13.3.4.    Key Personnel

13.3.5.    Key Product/Service Offered

13.4.                EnerSys

13.4.1.    Business Overview

13.4.2.    Key Revenue 

13.4.3.    Recent Developments

13.4.4.    Key Personnel

13.4.5.    Key Product/Service Offered

13.5.                GS Yuasa Corporation

13.5.1.    Business Overview

13.5.2.    Key Revenue

13.5.3.    Recent Developments

13.5.4.    Key Personnel

13.5.5.    Key Product/Service Offered

13.6.                Panasonic Corporation

13.6.1.    Business Overview

13.6.2.    Key Revenue 

13.6.3.    Recent Developments

13.6.4.    Key Personnel

13.6.5.    Key Product/Service Offered

13.7.                VARTA AG

13.7.1.    Business Overview

13.7.2.    Key Revenue 

13.7.3.    Recent Developments

13.7.4.    Key Personnel

13.7.5.    Key Product/Service Offered

13.8.                Samsung SDI Co. Ltd

13.8.1.    Business Overview

13.8.2.    Key Revenue

13.8.3.    Recent Developments

13.8.4.    Key Personnel

13.8.5.    Key Product/Service Offered

13.9.                Tesla Inc.

13.9.1.    Business Overview

13.9.2.    Key Revenue

13.9.3.    Recent Developments

13.9.4.    Key Personnel

13.9.5.    Key Product/Service Offered

13.10.             TianJin Lishen Battery Joint-Stock Co. Ltd

13.10.1. Business Overview

13.10.2. Key Revenue

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Service Offered

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Key players in the market are BYD Co. Ltd, Contemporary Amperex Technology Co. Limited, Duracell Inc., EnerSys, GS Yuasa Corporation, Panasonic Corporation, VARTA AG, Samsung SDI Co. Ltd, Tesla Inc., and TianJin Lishen Battery Joint-Stock Co. Ltd.

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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.

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The rising demand for continuous power supply and the increasing installation of telecommunication towers are the major drivers of the global battery market.

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High maintenance cost and volatility in raw materials are the major challenges of the global battery market.

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Aug, 2023

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.

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