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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Battery Market Scope
Report Coverage
Details
Base year
2023
Historic period
2017 – 2021
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 18.69%
Market growth 2024-2028
USD 296.6 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
16.0
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 44%
Key countries
China, US, Germany, UK, and Japan
Key companies profiled
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.
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
Application 1.1 Portable batteries1.2 Automotive batteries1.3 Industrial batteriesType 2.1 Lithium ion2.2 Lead acid2.3 Nickel metal hydride2.4 Nickel cadmium2.5 OthersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 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
ApplicationPortable BatteriesAutomotive BatteriesIndustrial BatteriesTypeLithium IonLead AcidNickel Metal HydrideNickel CadmiumOthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio