Battery Market to Grow by USD 296.6 Billion from 2024-2028, as Automotive Shift to EVs Boosts Demand with AI Impact on Market Trends – Technavio

NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global battery market size is estimated to grow by USD 296.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  18.69%  during the forecast period. Shift in the automotive industry to EVS is driving market growth, with a trend towards technological developments. However, use of counterfeit batteries  poses a challenge.Key market players include A123 Systems LLC, CLARIOS LLC, Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Furukawa Electric Co. Ltd., GS Yuasa International Ltd., HBL Power Systems Ltd., Hitachi Ltd., Korea Battery Co. Ltd., Leoch International Technology Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TDK Corp., and Toshiba Corp..

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Market Driver

The global battery market is experiencing significant growth due to advancements in battery technologies, such as Panasonic’s heat resistance layer (HRL) tech. This technology enhances battery safety and is used in various applications, including UPS devices, consumer electronics, electric vehicles, and industrial batteries. Key players include battery manufacturers producing Lithium-ion and Lead-acid batteries for sectors like automobiles, construction, and medical facilities. These innovations contribute to the expansion of the battery market, particularly in the e-mobility industry and energy storage systems. 

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Market Challenges

• The battery market faces significant challenges from counterfeit goods, estimated at USD5 trillion in 2021. These products pose safety risks and may contain toxic substances. One in ten consumer electronic batteries, including those for automobiles, portable electronics, and industrial applications, are counterfeit. Unregulated production can harm the environment with illegal disposal of chemicals. Key segments include lithium-ion, lead-acid, and rechargeable batteries for various industries and applications.

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Segment Overview 

This battery market report extensively covers market segmentation by

1. Application 

• 1.1 Portable batteries
• 1.2 Automotive batteries
• 1.3 Industrial batteries

Type 

• 2.1 Lithium ion
• 2.2 Lead acid
• 2.3 Nickel metal hydride
• 2.4 Nickel cadmium
• 2.5 Others

Geography 

• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Portable batteries-  The global battery market is poised for significant growth, driven by the automotive segment’s increasing adoption of advanced batteries for electric vehicles (EVs) and e-bikes. EV batteries offer advantages over traditional lead-acid batteries, including higher energy density, better performance, longer cycle life, production automation, and improved security and lightweight design. This has led to higher acceptance from leading manufacturers like Tesla. The market also caters to portable devices, transportation, grid storage, and various industries such as passenger car production, construction, hospitals, schools, offices, and industrial plants. Notable battery technologies include flow batteries, sodium-sulfur batteries, nickel-ion batteries, and lithium-ion batteries. The lithium-ion segment dominates the market due to its use in consumer electronics, electric vehicles, plug-in electric vehicles, and energy storage applications. Other sectors include power tools, UPS devices, and the chemical sector. The market’s growth is fueled by product innovation, efficiency, and the global electrification trend, aiming to reduce reliance on fossil fuels and contribute to the e-mobility industry.

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Research Analysis

The Battery Market encompasses a wide range of products and applications, including UPS devices, Lead-acid and Lithium-ion batteries, and various types of batteries manufactured by leading companies. These batteries find extensive use in sectors such as Electric Vehicles, Non-residential construction, Transportation, Grid storage, and more. Lead-acid Batteries, like SLI Batteries and Portable Batteries, continue to dominate certain markets due to their reliability and affordability. However, Lithium-ion Batteries, used in Plug-in electric vehicles and Consumer Electronics, are gaining popularity for their high energy density and long cycle life. Battery technologies such as Flow Batteries, Sodium-sulfur Batteries, and Nickel-ion Batteries, are also making strides in the market, particularly in industrial applications and grid storage. Hospitals, Schools, Offices, and Industrial plants all rely on these batteries for their power needs. In summary, the Battery Market is a dynamic and diverse industry, serving various sectors and applications, from Transportation to Grid storage, and from SLI Batteries to Lithium-ion Batteries for Electric Vehicles.

Market Research Overview

The Battery market is a significant sector, encompassing Lead-Acid, Lithium-ion, and other types of batteries. These technologies offer various benefits, such as high energy density, long cycle life, and fast charging capabilities. The sector consists of manufacturers, suppliers, and consumers. Consumers include industries like telecommunications, renewable energy, and transportation. The market is driven by factors such as increasing demand for renewable energy storage and the growing electric vehicle industry. The market is also influenced by regulatory policies and technological advancements. Companies like Chemicall, SCHOOLS, and Energys are key players in the sector. The market is expected to grow significantly in the coming years due to the increasing need for reliable and efficient energy storage solutions.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Application
• Portable Batteries
• Automotive Batteries
• Industrial Batteries
• Type
• Lithium Ion
• Lead Acid
• Nickel Metal Hydride
• Nickel Cadmium
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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