Global Battery Market Size to Grow at a CAGR of 15% in the Forecast Period of 2023-2028

by Alex Parker

The ‘Global Battery Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global battery market, assessing the market on the basis of its segments like product, application, and major region.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Battery Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 15%

The heightening demand for automotive batteries, owing to the global increase in sale of electric vehicles, is driving the battery market growth. Lithium-ion batteries are used in almost all electric vehicles, owing to their high per unit mass compared to counter parts, enhanced energy efficiency, and excellent high-temperature performance. Over the forecast period, the anticipated increase in the growth of the automotive sector, rising disposable income, and rapid urbanisation across the emerging economies are likely to propel the sale of electric vehicles, which in turn is anticipated to boost the demand for automotive batteries in the forecast period.

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The growing affordability and adoption of portable consumer electronics, such as smartphones, laptops, tablets, and smart watches, among others, is further fuelling the market for batteries. Expansion of distribution channels, especially e-commerce platforms, is easing the accessibility of these electronic devices, in turn providing impetus to the global market for batteries. Meanwhile, emergence of advanced electronic equipment, such as drones and high-definition cameras, is boosting the application of portable batteries, thereby adding to the growth of the battery market. Moreover, increasing awareness about the storage benefits offered by portable batteries is likely to aid the global market for batteries in the coming years.

Battery Industry Definition and Major Segments

A battery is an electrochemical device used to power small electrical equipment or gadgets such as remote, clock, torch, or toys, etc. This device is made of multiple electrochemical cells connected to an external source of input or output. When a battery is connected to external equipment, a positive-negative connection is established which pushes electrons to the positive end of the battery, generating power for the equipment.

Based on product, the market is categorised into:

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

By application, the market is divided into:

• Automotive Batteries
• Industrial Batteries
• Portable Batteries

On the basis of region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Battery Market Trends

The key trends in the global battery market include the growing research and development activities by leading market players aimed towards producing high-quality batteries with comparatively lower prices, extended life, and reduced chances of overheating. Consumers are likely to avail this convenience, leading to a higher chance of adoption of batteries in the forecast period. Meanwhile, downstream products using batteries are gaining traction for manufacturing high-end medical equipment, leading to a greater growth of the market for batteries.

Industrial batteries are witnessing a heightened demand across manufacturing units and warehouses to power heavy machinery such as forklifts, electric drills, and several industrial devices. In this regard, rapid industrialisation across emerging economies is bolstering the demand for industrial batteries, leading to a greater growth of global market for batteries.

In terms of region, Asia Pacific is expected to offer lucrative growth opportunities to the battery market. Rapid digitalisation and growing sale of consumer electronics across emerging economies, like India and China, are driving the market growth across this region. Favourable initiatives of governments in the region encouraging industrial growth are escalating the growth of the market for batteries in the Asia Pacific.

Key Market Players

The major players in the global battery market report are

• LG Energy Solution
• GS Yuasa International Ltd.
• BYD Company Ltd.
• Exide Industries Ltd.
• Johnson Controls
• Panasonic Corporation
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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