Battery Market to Reach $326.57 Billion by 2030, Driven by EVs and Energy Storage

Market Research Future Insights

The global battery market is expected to grow from USD 117.44 billion in 2021 to USD 326.57 billion by 2030, at a CAGR of 11.10%.

The growth of the battery market is being driven by a number of factors, including:

·         The increasing popularity of electric vehicles (EVs). EVs require large batteries, and the demand for EVs is expected to grow significantly in the coming years.

·         The growing demand for renewable energy storage. Batteries are used to store excess renewable energy, such as solar and wind power, so that it can be used when needed.

·         The increasing use of batteries in consumer electronics devices, such as smartphones, laptops, and wearable devices.

An electric battery is an electric power source comprising one or further electrochemical cells, along with external connections to power electrical devices. It stores chemical energy and also converts it into electrical energy. The chemical reactions within batteries involve electron flow from one electrode to another via an external circuit. Subsequently, the flow of electrons offers an electric current that can be used to perform tasks.

Key Players

Some of the prominent players in the battery market include

·         Panasonic Corporation

·         LG Chem

·         Johnson Controls Inc

·         Exide Technologies

·         The Furukawa Battery Co. Ltd.

·         Chaowei Power Holding Ltd.

·         Penn Manufacturing Company Inc

·         Fengfang Co. Ltd

·         Saft Groupe

·         Delphi Automotive

Regional Analysis

Asia Pacific held the largest profit share of 33% in 2019. Asia Pacific is a major customer of batteries on account of growing automobile production, coupled with rapid development in the artificial sector, therefore generating high demand across the region. India and China are the key producing countries in the consumer electronics segment owing to the low production and setup costs and availability of a skilled workforce.

North America is expected to witness significant growth during the projected period. Major factors driving the regional market include a drop in the cost of Li- ion battery, increased trade of consumer electronics, rapid relinquishment of electric vehicles, and a growing renewable sector. likewise, North America remains an inventor in the research and invention of the global battery market and one of the largest consumers of batteries.

In the recent market situation, policy support plays a vital part in propelling the relinquishment of EVs. Policy support also permits market growth by making vehicles seductive to guests by decreasing risks for stakeholders and encouraging directors to develop EVs on a large scale.

Market Segmentation

Market Segmentation – Type, Technology, and Application –

Market by Type

·         Primary Battery

·         Secondary Battery

Market by Technology

·         Lead- Acid Battery

·         Lithium- Ion Battery

The lithium- ion battery segment, under the technology category, is set to capture the highest market share by 2030.

A lithium- ion battery is a type of rechargeable battery composed of cells where lithium ions move from the negative to the positive electrode via an electrolyte during discharge, and back during charging.

The battery’s applications include a wide range of products similar to toys, electronics, small and large appliances, wireless headphones, handheld power tools, electrical energy storage systems, electric vehicles, and others. This factor, in turn, is expected to contribute to the segment’s growth during the forecast period.

Nickel- Zinc (Ni-Zn) Battery

Flow Battery

Nickel- Cadmium Battery

Nickel Metal Hydride Battery

Zinc- Manganese Dioxide Battery

Small Sealed Lead- Acid Battery

Sodium- Sulphur (NAS) Battery

Other Technologies

Market by Application

Automotive Batteries

Automotive batteries are anticipated to be the leading as well as dominating application during the forecast period.

A wide range of batteries is being extensively used in the automotive sector, which includes hybrid electric vehicles, electric vehicles, and others. An automotive EV Battery technology is used to power the electrical systems of vehicles when the engine is turned off. Also, it's used to start the engine, offering current for the electric starter motor and the ignition system.

Growth in the automotive sector across the globe and product developments and launches by the market players are some of the major factors contributing to the member’s growth during the forecast period.

·         Artificial Batteries

·         Portable Batteries

·         Power Tools Batteries

·         SLI Batteries

·         Other Applications

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