Battery Market Report by Type (Primary Battery, Secondary Market), Product (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, and Others), Application (Automotive Batteries, Industrial Batteries, Portable Batteries), and Region 2024-2032

Battery Market Report by Type (Primary Battery, Secondary Market), Product (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, and Others), Application (Automotive Batteries, Industrial Batteries, Portable Batteries), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A5369
Buy Now

Market Overview:

The global battery market size reached US$ 127.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 276.3 Billion by 2032, exhibiting a growth rate (CAGR) of 8.7% during 2024-2032. The high use of UPS devices in healthcare, chemical, and oil and gas sectors for continuous power supply, continual technological innovations, such as development of portable and flow batteries with enhanced durability and efficacy, and the rising sales of rechargeable electric vehicles are expected to propel the growth of the battery market. The Asia Pacific is anticipated to witness substantial growth in the forecast period due to favorable government policies and the augmenting demand for clean and reliable energy access.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 127.3 Billion
Market Forecast in 2032
US$ 276.3 Billion
Market Growth Rate 2024-2032 8.7%


What is a battery?

A battery refers to an electrochemical device that stores and releases electrical energy. It consists of different elements, including a cathode, an anode, and an electrolyte. It works as an energy storage technology that is utilized in events of blackouts, power shortages, or heavy electricity demand. It offers portable and self-contained power sources, allowing the usage of electronic devices without being tethered to a wall outlet. It enables mobility and convenience, making them essential for portable electronics, including smartphones, laptops, and tablets. It is integrated into numerous medical devices, such as critical care equipment, cardiovascular care devices, pacemakers, ventricular assist systems, drug delivery devices, surgical power tools, home monitoring systems, powered prosthetics, and orthotics. It is also vital for storing energy generated from renewable sources, such as solar and wind power, as it helps balance energy supply and demand, storing excess energy during low-demand periods and releasing it during peak times, thus maximizing the utilization of renewable energy resources.

Global Battery Market

Increasing Product Utilization in Automobiles Driving the Global Market

Significant growth in the automotive industry is primarily driving the global market. Moreover, with the growing environmental consciousness, there has been an increasing adoption of rechargeable electric vehicles, such as hybrid electric vehicles (HEVs) and electric vehicles (EVs), which are catalyzing the growth of the market. In line with this, the augmenting need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories is also propelling the demand for batteries. Apart from this, continual technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are creating a positive market outlook.

Enhanced Focus on Sustainable Development Creating Positive Market Outlook

Along with this, continual ongoing improvements in energy density, charging speeds, lifespan, safety, and environmental sustainability are also contributing to the market as these advancements enhance the performance and usability of batteries, making them more attractive for diverse applications. The escalating need to provide clean and reliable energy access to remote and underserved areas is supporting the overall demand. The market is further driven by the widespread utilization of batteries in various industrial sectors, such as telecommunications, data centers, healthcare, logistics, and manufacturing, as the battery power critical backup systems, uninterruptible power supplies (UPS), emergency lighting, and various equipment. Moreover, the rising utilization of batteries in submarines since they require shorter charging times is supporting the battery market growth on the global level.

Additionally, the extensive adoption of rechargeable batteries in the aerospace sector to provide power to the engines of commercial and private aircraft is acting as another growth-inducing factor. Furthermore, the development of microgrid systems, which are localized grids that can operate independently of the main power grid, is driving the demand for batteries. Besides this, the rising adoption of smartwatches and fitness bands to count steps, analyze heart rate, and track calorie intake, is propelling the growth of the market. The rapid digitalization of industries and the widespread adoption of IoT devices are also driving the need for reliable and portable power sources. Other factors, such as increased energy efficiency, growing environmental consciousness, and extensive research and development activities by leading players, are further influencing the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global battery market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, product and application.

Battery Market Analysis

Type Insights

  • Primary Battery
  • Secondary Market
     

The report has provided a detailed breakup and analysis of the battery market based on the type. This includes primary battery and secondary battery. A primary battery is a type of battery that cannot be recharged or reused once its energy is depleted. It is designed for single-use and is meant to be discarded once it loses its ability to provide power. It has a long shelf life and can be stored for extended periods without significant self-discharge.

A secondary battery is a type of battery that can be recharged and reused multiple times. It is commonly used in a wide range of applications, from portable electronic devices, including smartphones and laptops to electric vehicles and renewable energy storage systems.

Product Insights:

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

Lithium-Ion battery accounted for the majority of market share due to the increasing product demand in the e-mobility sector. The proliferation of smartphones, laptops, tablets, ongoing advancements in battery chemistry, materials science, safety features, and manufacturing techniques are also expected to augment the market growth in this segment during the forecast period.

The lead acid battery market is also gaining widespread prominence. The growing demand for rechargeable batteries, such as starting, lighting, and ignition (SLI) batteries, in the automotive sector is expected to augment the market growth during the forecast period.

Nickel metal hydride and nickel cadmium are also gradually gaining popularity. Growing environmental consciousness, and the rising demand of these batteries in the healthcare sector are expected to fuel the growth of the nickel metal hydride and nickel cadmium market throughout the forecast period.

Application Insights:

  • Automotive Batteries
  • Industrial Batteries
  • Portable Batteries
     

Automotive batteries accounted for the majority of market share. The integration of renewable energy sources, including solar and wind power, the global shift towards cleaner and more sustainable energy sources, and continuous advancements in battery technology are expected to augment the market growth during the forecast period.

Industrial batteries are gaining popularity due to the growing requirements for efficient power backup and energy storage systems in various industries, such as power generation, chemical manufacturing, marine, recreation equipment, and agricultural machinery and equipment.

Portable batteries are also gaining popularity across the globe. The expansion of charging infrastructure, including public charging stations and fast-charging networks, are expected to fuel the growth of the market in this segment throughout the forecast period. 

Regional Insights:

Battery Market Regional Analysis

  • 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
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.

According to the battery market report by IMARC, Asia Pacific was the largest market for battery. Some of the factors driving the Asia Pacific battery market included considerable rise in healthcare expenditure, the growing demand for non-residential infrastructure, and the increasing investments in eco-innovations, including electric bikes, cranes, and forklift.

In line with this, continual technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, and extensive research and development activities by key market players are further positive influencing the market in this region.

Moreover, the increasing popularity of consumer electronics, such as LCDs, smartphones, and tablets, and the growing adoption of rechargeable electric vehicles, including hybrid electric vehicles (HEVs) and electric vehicles (EVs), are further contributing the growth of the battery market in Asia Pacific.

Competitive Landscape:

The global battery industry is a highly competitive market due to the presence of major industries across the region as these companies are fairly concentrated and highly competitive. Some of the prominent players operating in the global battery market are:

  • A123 Systems LLC
  • BYD Motors Inc.
  • Contemporary Amperex Technology Co. Ltd.
  • Envision AESC Group Ltd.
  • GS Yuasa International Ltd. 
  • Johnson Controls
  • Panasonic Holdings Corporation
  • Robert Bosch GmbH
  • Saft (Total Energies SE)
  • Samsung SDI Co. Ltd.
  • Tesla Inc.
  • Toshiba Corporation

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Product, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered A123 Systems LLC, BYD Motors Inc., Contemporary Amperex Technology Co. Ltd., Envision AESC Group Ltd., GS Yuasa International Ltd., Johnson Controls, Panasonic Holdings Corporation, Robert Bosch GmbH, Saft (Total Energies SE), Samsung SDI Co. Ltd., Tesla Inc., and Toshiba Corporation
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the battery market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global battery market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the battery industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The battery market size was observed to be approximately US$ 127.3 Billion in 2023. The increasing popularity of consumer electronics, such as laptops, mobile phones, computers, cameras, etc., is primarily driving the global battery market. Moreover, the growing adoption of batteries in numerous medical devices, including electrocardiograms, electrocardiographs, pacemakers, ventricular assist systems, infusion pumps, glucose meters, etc., is also propelling the market growth. In line with this, the escalating usage of smartwatches and fitness bands to track calorie intake, count steps, and analyze heart rate is further contributing to the global battery market. Additionally, the increasing number of government initiatives for promoting the use of electric vehicles is acting as a significant growth-inducing factor.

Yes, the battery market is growing at a steady rate. Various key factors contributing to the growth of the global battery market include the increasing adoption of UPS devices in healthcare, chemical, and oil and gas sectors for continuous power supply, the growing number of battery manufacturers, rising demand for portable devices, etc. Additionally, the shifting consumer preferences toward electronic vehicles (EVs) powered by Li-ion batteries for reducing fuel dependency and minimizing the negative impacts of air pollution are also augmenting the market growth.

We expect the global battery market to exhibit a CAGR of 8.7% during 2024-2032.

The introduction of environmentally friendly batteries to promote clean fuel-based automobile technologies is primarily driving the global battery market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for batteries.

Based on the product, the global battery market has been segmented into lithium-ion, lead acid, nickel metal hydride, nickel cadmium, and others. Among these, lithium-ion represents the largest market share.

Based on the application, the global battery market can be bifurcated into automotive batteries, industrial batteries, and portable batteries. Currently, automotive batteries account for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.

Several companies are leading the charge in the development of next-generation battery technology. These include CATL, LG Energy Solutions, BYD, Panasonic, SK On, Samsung SDI, CALB, Guoxuan, Sunwoda, SVOLT, among others.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Battery Market Report by Type (Primary Battery, Secondary Market), Product (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, and Others), Application (Automotive Batteries, Industrial Batteries, Portable Batteries), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARATI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More
DEinternational Egypt

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

Read More