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Battery Market

Battery Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Energy & Natural Resources | Author Name: Harshad

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Reaching an approximate valuation of US$18 Bn in 2021, global battery market is up for steady growth through the course of next few years. The report would uncover how the market growth will unfold in the light of the rapidly innovating battery technology, and an expanding application base.

Rising Applications of Batteries in the Automotive Sector to Influence Growth

The growth of the battery market is largely influenced by the automotive sector. Use of batteries in two wheelers and four wheelers for starting, lighting, and ignition (SLI) applications has increased considerable backed by growth in the manufacturing of vehicles worldwide. In addition, efforts from government authorities to boost automotive battery production are expected to further supplement battery market growth. For instance, in 2020, the Government of India encouraged companies to boost production and exports by announcing incentives worth US$40 Bn. Incentives worth US$2.4 Bn would be directed towards advancements in cell chemistry in wake of fuelling manufacturing around 50 GW of lithium-ion batteries in India.

Moreover, growth in the electric vehicle (EV) space is also influencing demand of batteries. Increasing use of batteries in EVs, and hybrid EVs is expected to favour the growth of battery market. This has accelerated the production and demand for lithium-ion batteries owing to their functional properties. Sales of electric vehicles have also witnessed a spike. For instance, according to the International Energy Agency, sales of electric vehicles doubled in 2021 over 2020 to cross a count of 6 million on the global front. This factor coupled with increasing adoption of electric vehicles is expected to give an impetus to the battery market growth.

Lead Acid Batteries Account for a Significant Revenue Share in the Battery Market, Lithium-ion Batteries to Ramp up

The adoption of lead acid batteries has been reflecting an upward trend since the past couple of years and is expected to maintain a stable growth graph in the coming period. This can be attributed towards increasing use of lead acid batteries in various applications including electric bikes, uninterrupted power supply, transport vehicles, grid-scale power system, and telecommunications. In addition, increasing use of uninterrupted power supply (UPS) in devices used in healthcare, chemical and oil and gas applications to obtain and ensure a consistent supply of electricity has driven the adoption of lead acid batteries, in turn complementing the growth of battery market. Moreover, lead acid batteries are highly reliable, and cost-effective which has triggered their use in industrial applications.

On the contrary, lithium-ion batteries are gaining high momentum on the global front. Major use of lithium-ion batteries is in the automobile sector, particularly in electric vehicles, which is driving their demand on account of growing sales of EVs. Furthermore, lithium-ion batteries are also used in grid storage applications as they are low in maintenance, lightweight and offer high energy density properties. Owing to these functional characteristics of lithium-ion batteries, they are likely to replace lead acid batteries in several applications such as solar power systems, manufacturing, and railway sectors, consecutively contributing towards value and volume growth of the battery market.

Asia Pacific Poised to Remain a Lucrative Revenue Pocket in Global Battery Market

Developing nations in Asia Pacific are expected to hold a significant share in the battery market in the coming years. Incisive growth of the battery market in this region can be attributed towards increasing use of batteries in automobile industry, and consumer electronics sector. In addition, with the penetration of electric vehicles, the demand for batteries is expected to further propel. Government authorities of developing nations are focusing on achieving their carbon neutrality targets by promoting use of electronic vehicles. For instance, the Government of India has planned to achieve the target by influencing use of electric vehicles and increasing their adoption by around 30% by end of 2030 by offering subsidies and support. Moreover, as per the Ministry of Heavy Industries, around 1,19,648 new electric vehicle registrations were observed, and the use of electric vehicles is expected to further increase in the coming years. In addition, macroeconomic factors such as rising population and customer pool and stable GDP rise in the region is expected to contribute towards the growth of the battery market in the years to follow.

Battery Market: Competitive Landscape

Major players in the battery market are focused on different growth strategies such as collaborations, new launches, and capacity enhancements to strengthen their respective position in the market. For instance, in 2020, Amperex Technology Ltd., a Japanese manufacturer, acquired a 180 acre land in the Haryana district in India to establish a manufacturing unit for development of lithium-ion polymer (LiP) batteries. In 2021, Barrel Energy signed an MoU with Roshan Energy Technologies for the development and manufacturing of lithium-ion batteries in North American countries, and India. Barrel Energy mentioned that it would be a major stakeholder in Roshan Energy Technologies for its expansion in India along with international markets. Via this MoU, Roshan Energy Technologies would be offering technical support and resources while Barrel Energy will support by offering funds, and marketing expertise.

A few of the major players in global battery market include Exide Industries Ltd., Okaya Power Pvt. Ltd., Luminous Power Technologies Pvt. Ltd., Tata AutoComp GY Batteries Pvt. Ltd., HBL Power Systems Ltd., NEC Corporation, BYD Company Ltd., GS Yuasa International Ltd., and Johnson Controls.

The Global Battery Market is Segmented as Below:

By Product type

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

By Application

  • Automotive Batteries
  • Industrial Batteries
  • Portable Batteries

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Battery Market

  • Battery Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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  • The segmentation/company profiles/countries depicted above may vary in the actual report.

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