Battery Market Outlook 2024, Share, Size, Key Players And Forecast By 2032

(MENAFN- IMARC Group) The latest report by IMARC Group, titled “Battery market : Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global battery market size reached US$ 127.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 276.3 Billion by 2032, exhibiting a growth rate (CAGR) of 8.7% during 2024-2032.

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Factors Affecting the Growth of the Battery Industry:

• Increasing Product Utilization in Automobiles :
  The main catalyst behind the global market's significant growth is the flourishing automotive industry. Additionally, the rising environmental awareness has led to an increased adoption of rechargeable electric vehicles, including hybrid electric vehicles (HEVs) and electric vehicles (EVs), further fueling market expansion. Concurrently, there is a growing demand for electric-powered forklifts and automation systems in industrial logistics, storage warehouses, workshops, and large-scale factories, contributing to the escalating battery requirements. Furthermore, ongoing technological advancements, exemplified by the emergence of portable and flow batteries with improved durability and efficacy, are fostering a positive market outlook. This combination of factors underscores a robust trajectory for the market, driven by both industry dynamics and technological innovations.
• Enhanced Focus on Sustainable Development :
  The market is also benefiting from continual and ongoing enhancements in energy density, charging speeds, lifespan, safety, and environmental sustainability. These improvements are elevating the performance and usability of batteries, rendering them more appealing for a diverse range of applications. The increasing necessity to deliver clean and reliable energy to remote and underserved areas is fostering overall demand. Additionally, the market is propelled by the widespread adoption of batteries across various industrial sectors, including telecommunications, data centers, healthcare, logistics, and manufacturing. Batteries play a critical role in powering backup systems, uninterruptible power supplies (UPS), emergency lighting, and various equipment in these sectors. Furthermore, the rising use of batteries in submarines, where shorter charging times are essential, is contributing to global battery market growth.
• Increasing Integration of Renewable Energy Sources :
  As the world shifts towards a more sustainable energy landscape, there is a rising demand for efficient energy storage solutions to manage the intermittent nature of renewable sources. Batteries play a crucial role in storing excess energy generated during peak production periods, ensuring a consistent power supply during periods of low renewable energy generation. This aligns with global efforts to reduce reliance on fossil fuels and mitigate the impact of climate change. The escalating deployment of renewable energy systems, coupled with advancements in battery technology to enhance their compatibility with clean energy sources, positions batteries as integral components in achieving a more sustainable and resilient energy infrastructure worldwide.

Competitive Landscape With Key Players:

• A123 Systems LLC (Wanxiang Group Corporation)
• BYD Motors Inc
• Contemporary Amperex Technology Corporation Limited
• Envision AESC Group Limited (Envision Group)
• GS Yuasa Corporation
• Johnsons Controls Inc
• Panasonic Corporation
• Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
• Saft (TotalEnergies SE)
• Samsung SDI Corporation Limited
• Tesla Inc
• Toshiba Corporation

Global Battery Market Trends:

The battery market is experiencing robust growth driven by a convergence of influential factors. One key driver is the continuous evolution of electric vehicles (EVs). As automotive manufacturers increasingly shift towards electrification, the demand for high-performance batteries is surging. The growing environmental consciousness and governmental initiatives promoting sustainable transportation solutions contribute significantly to this trend. Moreover, ongoing advancements in battery technology, specifically improvements in energy density, charging speeds, lifespan, safety, and environmental sustainability, enhance the appeal of batteries across diverse applications. These enhancements not only boost the performance of electric vehicles but also make batteries more attractive for various sectors, including consumer electronics, industrial equipment, and renewable energy systems.

Furthermore, the escalating need to provide clean and reliable energy access to remote and underserved areas is propelling overall demand. Batteries serve as critical components in off-grid solutions and decentralized energy systems. The increasing integration of renewable energy sources, such as solar and wind power, is another pivotal factor driving market growth. Batteries play a crucial role in storing excess energy generated by renewables during peak production, ensuring a consistent power supply when renewable sources are less active. As the world embraces a more sustainable energy landscape, batteries emerge as essential components for energy storage and management, positioning the battery market at the forefront of advancements in clean energy technologies.

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Key Market Segmentation:

Breakup by Type:

• Primary Battery
• Secondary Market

Based on the type, the market has been divided into primary battery and secondary battery. A primary battery has a long shelf life and can be stored for extended periods without significant self-discharge. On the other hand, a secondary battery is widely used in a wide range of applications, from portable electronic devices, including smartphones and laptops to electric vehicles and renewable energy storage systems.

Breakup by Product:

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

Lithium-Ion battery accounted for the majority of market share due to the escalating product demand in the e-mobility sector.

Breakup by Application:

• Automotive Batteries
• Industrial Batteries
• Portable Batteries

Automotive batteries accounted for the majority of market share due to the rapid advancements in battery technology.

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific's dominance in the market is due to the rise in healthcare expenditure and the increasing investments in eco-innovations.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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