Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Battery Market size was over USD 139.04 billion in 2024 and is poised to exceed USD 925.71 billion by 2037, witnessing over 15.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of battery is evaluated at USD 157.59 billion.
The growth of the market can be attributed to the ever-increasing demand for batteries from automotive applications, and growing popularity of portable consumer electronics, such as smartphones, LCD displays and tablets. In 2019, more than 3.2 billion people purchased a smartphone globally. The number grew up to 3.5 billion in the following year, i.e., 2020. Along with these, rising emphasis on fuel efficiency coupled with implementation of stringent emission norms by government bodies of developed nations, are also expected to provide lucrative opportunities for market growth in the forthcoming years. In addition to these, decreasing revenue on fossil fuels and surge in carbon dioxide emissions around the world, are projected to offer abundant opportunities for market growth in the near future.
Battery Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Demand for Batteries from Automotive Applications
- Growing Popularity of Portable Consumer Electronics
Challenges
- Mismatch in Demand and Supply of Raw Materials for Battery Manufacturing
Battery Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
15.7% |
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Base Year Market Size (2024) |
USD 139.04 billion |
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Forecast Year Market Size (2037) |
USD 925.71 billion |
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Regional Scope |
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Battery Segmentation
The market is segmented by product into lead acid, lithium-ion, nickel metal hydride, nickel-cadmium, and others, out of which, the lead acid segment is anticipated to hold the largest share in the global battery market on account of the growing applications of these batteries in industries namely, automotive, telecommunication, electric bikes and uninterrupted power supply. Apart from these, high reliability and low cost of lead acid batteries are also predicted to drive growth to the market segment in the imminent time. Furthermore, on the basis of application, the automotive segment is assessed to acquire the largest share during the forecast period, which can be credited to the rise in demand for batteries from electric vehicles, and high requirement for batteries for starting, lighting and ignition (SLI) application in the automotive sector.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Application |
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Customize this ReportBattery Industry - Regional Synopsis
Asia Pacific industry is estimated to hold largest revenue share by 2037, on the back of increase in automobile production, and high production of consumer electronics in emerging economies such as China and India. For instance, in 2020, more than 30 percent of the cars around the world were produced in China. The automobile production was about 1.5 million units in April 2020, which rose up to 2.3 million units by the end of the year. Additionally, rapid industrial development is also anticipated to boost the growth of this region’s market by the end of 2030. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the growing adoption of electric vehicles, significant reduction in the cost of lithium-ion batteries and robust growth of renewable energy sector in the region.
Companies Dominating the Battery Landscape
- Panasonic Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- GS Yuasa International Ltd.
- BYD Company Ltd.
- A123 Systems LLC
- Samsung SDI Co., Ltd.
- Toshiba Corporation
- LG Chem Ltd.
- NEC Corporation
- Sony Corporation
- Contemporary Amperex Technology Co.
In the News
·January 2021- Tesla bagged a new deal with Japanese brand Panasonic to continue its supply of batteries from the company up until at least 2022. It is reported that Panasonic will begin producing prototypes of the 4680 for Tesla.
Author Credits: Abhishek Verma
- Report ID: 3474
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
