Market Research Future Insights
The global battery market is expected to reach a value of USD 326.57 billion by 2030, growing at a CAGR of 11.10% from 2023 to 2030. The market is being driven by the increasing demand for electric vehicles, consumer electronics, and renewable energy storage.
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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