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Battery Market
Battery Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2024-2030
“The global battery market size was US$ 7.9 billion in 2023 and is likely to grow at a decent CAGR of 3.1% in the long run to reach US$ 9.9 billion in 2030.”
The world is rapidly transitioning from fossil fuels to clean, emission-free electrification, and batteries are playing a crucial role in making this shift possible. Acting as essential energy storage solutions, batteries convert chemical energy into electrical energy through a chemical reaction. Among the two types—non-rechargeable (primary) and rechargeable (secondary)—rechargeable batteries are widely used for energy storage. They connect to a primary energy source, get charged, and provide energy as needed.
The leading battery technologies include lead-acid, lithium-ion, and nickel-cadmium, each with diverse applications across various industries. However, this report focuses specifically on batteries used in the marine, railway, defense, aviation, and telecom industries.
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Battery Market Report Scope |
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Market Size in 2023 |
USD 7.9 Billion |
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Market Size in 2030 |
USD 9.9 Billion |
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CAGR (2024-2030) |
3.1% |
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Base Year of Study |
2023 |
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Trend Period |
2018-2022 |
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Forecast Period |
2024-2030 |
The global battery market is experiencing rapid growth, driven by the increasing demand for electric vehicles (EVs), renewable energy storage, and consumer electronics. Key drivers include advancements in lithium-ion and solid-state battery technologies, which offer enhanced energy density, faster charging, and longer life cycles. As sustainability becomes a priority, the market is seeing a shift towards recycling and eco-friendly battery solutions. Additionally, government incentives and policies promoting clean energy solutions continue to fuel market expansion.
Key challenges inhibiting battery industry growth:
Safety concerns:
Raw Material Price Volatility: The battery industry faces challenges due to fluctuations in the prices of critical raw materials.
The battery industry has been experiencing the most disruptive journey in the past few years due to the supply chain crisis. The current battery production in the USA is struggling to keep up with the rising demand. In addition to the lack of manufacturing of Li-ion batteries in North America, there is also a shortage of cathode and anode materials, for which, the USA is solely dependent on producers located overseas.
The sudden outburst of the pandemic in 2020 further dampened the market. As a result of that, there was an enormous decline in the demand for batteries across industries. Overall, the battery market witnessed a significant decline of -6% in 2020. However, the industry began rebounding in the year 2021 with the recovering demand from the defense and telecom industries and the restart of aircraft deliveries.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Battery Type Analysis |
Lead-acid [Flooded, VRLA-Gel, and VRLA-AGM], Lithium-ion, and Nickel-cadmium |
Lead-acid will likely remain dominant in the market, whereas lithium-ion is anticipated to maintain its growth momentum. |
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Industry Type Analysis |
Marine, Railway, Defense, Aviation, and Telecom |
Telecom remains the biggest demand generator for batteries. Aviation, in the post-pandemic market developments, is likely to rebound at the fastest pace. |
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Region Analysis |
North America, Europe, Asia-Pacific, and the Rest of the World |
Asia-Pacific remains the biggest market for batteries in the years to come. |
"Lead-acid battery segment accounted for the largest market share."
The battery market is segmented into lead-acid, lithium-ion, and nickel-cadmium batteries. Lead-acid battery is expected to remain the dominant technology of the market, while lithium-ion battery is projected to sustain their strong growth trajectory. Although lithium-ion batteries experienced a significant double-digit decline during the pandemic, they are expected to remain the fastest-growing battery type in the market during the forecast period. The numerous advantages of lithium-ion technology, including high energy density, low self-discharge, and minimal maintenance requirements, drive this growth. Furthermore, increasing bandwidth demands and expanding the wireless market will provide additional momentum for market growth in the coming years.
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"The telecom industry segment accounted for the largest market share."
The market is segmented into marine, railway, defense, aviation, and telecom. The telecom industry continues to be the largest driver of battery demand, while the aviation industry is expected to rebound at the fastest rate in the post-pandemic market recovery. The telecom industry is anticipated to remain the primary driver of battery demand during the forecast period, with batteries being predominantly used for backup power applications. The increasing reliance on cloud computing and data streaming has made high-performance, reliable backup power more critical than ever. Meanwhile, the aviation segment is projected to be the fastest-growing market, driven by a rebound in aircraft deliveries and advancements in electric aircraft development.
“Asia-Pacific is expected to remain the largest market for batteries in the coming years, driven by increasing industrialization, growing energy storage needs, and the rapid adoption of electric vehicles and renewable energy solutions.”
The market is bifurcated into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is projected to remain the largest and fastest-growing market for batteries during the forecast period. The region’s strong and rapidly expanding telecom industry, coupled with significant advancements in digitalization, has accelerated the adoption of next-generation technologies like 5G and IoT. Additionally, China's dominance in lithium-ion battery manufacturing further supports industry growth in the region. Meanwhile, North America is expected to offer substantial growth opportunities over the next few years, fueled by a robust aviation industry and the presence of major players such as EnerSys, East Penn Manufacturing Co., and C&D Technologies Inc.
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The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. Most of the major players are providing both lead-acid and lithium-ion batteries in their portfolio.
The following are the key players in the battery market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
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Recent Market JVs and Acquisitions:
A huge number of strategic alliances including M&As, JVs, etc., have been performed over the past few years:
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
The global battery market is segmented into the following categories:
By Battery Type
By Industry Type
By Region
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s battery market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
Batteries are stand-alone power sources that convert chemical energy into electrical energy through a chemical reaction. Between non-rechargeable (primary) and rechargeable (secondary) batteries, the latter are essentially used as energy storage devices where they are electrically connected to the main energy source, charged by it, and supply energy when required. The main battery technologies are lead-acid, lithium-ion, and nickel-cadmium.
Understanding the various battery types, such as lithium-ion, nickel-metal hydride (NiMH), and lead-acid, is crucial for selecting the appropriate battery for specific applications.
The battery market is estimated to grow at a CAGR of 3.1% from 2024 to 2030, driven by recovering demand from the defense, telecom, and aviation industries and the rapidly declining cost of lithium-ion batteries.
EnerSys, Saft, East Penn Manufacturing Co., Exide Technologies, LLC, Zhejiang Narada Power Source Co., Ltd., Leoch International Technology Ltd., Amara Raja Batteries Ltd., Toshiba Corporation, C&D Technologies, Inc., GS Yuasa Corporation (alphabetically arranged) are the leading players in the battery market.
Asia-Pacific is estimated to be the dominant and fastest-growing battery market in the future, owing to a robust and booming telecom industry, rapid growth in digitalization, and the presence of most lithium-ion battery manufacturers in China. China, India, and Japan are the key economies driving the region’s demand for batteries.
Lithium-ion batteries are estimated to be the fastest-growing market segment. This growth is attributable to the various advantages offered by lithium-ion technology over its counterparts, paired with increased bandwidth requirements and the growing wireless market.
Investigating emerging technologies and innovations in battery chemistry and manufacturing processes provides insights into the future landscape of energy storage solutions.
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