Global Battery Market to Reach US$ 276.3 Billion by 2032, Propelled by the Growing Automotive Sector

December 18, 2023 | Energy & Mining

The latest report by IMARC Group, titled “Battery Market Report by Type (Primary, Secondary), Products (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, Others), Applications (Automotive, Industrial, Portable Batteries), and Region 2024-2032,” finds that the global battery market size reached US$ 127.3 Billion in 2023. A battery is a portable electrochemical device that stores and provides electrical energy through a chemical reaction. It consists of one or more electrochemical cells, which are composed of two different materials called electrodes, typically produced of metal or conductive materials, and an electrolyte solution. The chemical reactions occurring within the battery generate electrons, creating an electric current that can be used to power various devices and systems. The basic components of a battery include electrodes, electrolytes, and separators. Additionally, batteries are available in various types, including alkaline, lead-acid, nickel-cadmium (NiCd), nickel-metal hydride (NiMH), and lithium-ion (Li-ion). Also, each type has its unique characteristics, including voltage, energy density, and cycle life, making them suitable for different applications.

Global Battery Market Trends:

The battery market is primarily driven by the growing automotive sector. In addition, the increasing use of electric vehicles (EVs) due to rising environmental concerns is influencing the market growth. EVs rely heavily on advanced battery technologies to store and deliver power efficiently. Moreover, ongoing research and development (R&D) efforts have led to continuous improvements in battery technology, representing another major growth-inducing factor. Along with this, several innovations in materials, design, and manufacturing processes resulted in batteries that are more efficient, longer lasting, and cost-effective, further driving the market growth. Besides this, several governments are implementing policies and incentives to promote the adoption of clean energy technologies, including electric vehicles and energy storage solutions, which is creating a favorable environment for the battery market. Along with this, the integration of renewable energy sources, such as wind and solar energy storage solutions in the form of lithium-ion batteries, is essential for storing excess energy generated by renewables during peak production periods, further propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 276.3 Billion by 2032, exhibiting a CAGR of 8.7% during the forecast period (2024-2032).

Market Summary:

  • Based on the type, the market has been bifurcated into primary and secondary batteries.
  • On the basis of the product, the market has been classified into lithium-ion, lead acid, nickel metal hydride, nickel cadmium, and others. Currently, lithium-ion exhibits a clear dominance in the market.
  • Based on the application, the market has been categorized into automotive, industrial, and portable batteries. Among these, automotive accounts for the largest market share.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, Asia Pacific represents the leading market segment.
  • The competitive landscape of the market has been examined, with some of the key players being 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.

Report Scope:

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
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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)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Battery Market to Reach US$ 276.3 Billion by 2032, Propelled by the Growing Automotive Sector
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