Market Overview:

The global battery market reached a value of US$ 105.56 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 182.96 Billion by 2027, exhibiting a CAGR of 9.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Batteries refer to a device consisting of one or more cells that convert chemical energy into electrical energy by a chemical reaction. They are manufactured of steel, lithium, graphite, manganese, zinc, potassium, paper and plastic. Some commonly available variants are lead-acid, nickel-cadmium (NiCD), lithium-ion and nickel-metal hydride (NiMH). They comprise an anode, electrolyte, separator and cathode. Batteries are widely used in energy storage systems, remotes, machinery equipment, health instruments, satellites, robots, power backup, clocks and torches. They are commonly available in various shapes and sizes and are durable, cost-effective, safe and stable. They are easily stored, lightweight, reliable, and cost-effective, portable and have a high specific energy. As a result, they are widely used in automotive, electronics, marine, consumer electronics and industrial applications.

Battery Market Trends:

Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Batteries are rechargeable and are widely used in plug-in hybrid electric vehicles, hybrid electric vehicles (HEVs) and electric vehicles (EVs). In line with this, the rising demand for electric vehicles (EVs) due to the increasing environmental consciousness among the masses is favoring the market growth. Moreover, various product innovations, such as the introduction of portable and flow batteries that provide enhanced durability and efficacy, are providing an impetus to the market growth. In line with this, the widespread product adoption in consumer electronics, such as music systems, digital cameras, remotes and portable computing devices, is positively impacting the market growth. Apart from this, the introduction of environmentally friendly batteries, rising expenditure capacities of consumers and the implementation of various government initiatives to promote clean fuel-based automobile technologies are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global battery market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, product and application.

Breakup by Type:

• Primary Battery
• Secondary Market
   

Breakup by Product:

• Lithium-Ion
• Lead Acid
• Nickel Metal Hydride
• Nickel Cadmium
• Others
   

Breakup by Application:

• Automotive Batteries
• Industrial Batteries
• Portable Batteries
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being A123 Systems LLC (Wanxiang Group Corporation), BYD Motors Inc., Contemporary Amperex Technology Co. Ltd., Envision AESC Group Ltd. (Envision Group), GS Yuasa Corporation, Johnsons Controls Inc., Panasonic Corporation, Robert Bosch GmbH (Robert Bosch Stiftung GmbH), Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Tesla Inc. and Toshiba Corporation.

Report Coverage: