Battery Market to Exhibit 12.1% CAGR and Generate $298.1 Billion by 2031 | Research Dive

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03 Jul, 2023, 15:30 GMT

The battery market is predicted to witness prominent growth by 2031, due to the increasing demand for electric vehicles in the automotive sector. Regionally, the Asia-Pacific region held the highest market share in 2021.

NEW YORK, July 3, 2023 /PRNewswire/ --

Global Battery Market Forecast Analysis: 

As per the report published by Research Dive, the global battery market is projected to generate a revenue of $298.1 billion and grow at a noteworthy CAGR of 12.1% during the estimated timeframe from 2022 to 2031.

Segments of the Battery Market

The report has divided the battery market into the following segments:   

  • Battery Type: lithium-ion batteries, lead-acid batteries, and others
    • Lithium-Ion Batteries – Generated the biggest revenue in 2021
      The increasing demand for electric vehicles and renewable energy storage systems and the rising use of lithium-ion batteries in consumer electronics are expected to foster the growth of the market sub-segment over the analysis timeframe.
  • Application: automotive & transportation consumer electronics, energy & power, telecom, and others
    • Automotive & Transportation – Held the dominant market share in 2021
      The increasing use of batteries in various types of vehicles such as plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and many more, and the growing government initiatives to promote the adoption of cleaner vehicles are expected to fuel the growth of the market sub-segment further.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Asia-Pacific – Registered the highest revenue in 2021
      The rising demand for renewable energy, rapidly growing urbanization, and the increasing government initiatives to encourage the use of electric vehicles are expected to drive the regional growth of the market in the coming period.

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Dynamics of the Global Battery Market

The increasing demand for electric vehicles in the automotive sector to reduce carbon emissions and enhance the use of clean energy technologies is expected to fortify the growth of the battery market throughout the analysis period. Moreover, the increasing demand for portable devices and wearables such as smartphones, tablets, smartwatches, fitness trackers, and many more which operate through batteries is expected to create wide growth opportunities for the market during the forecast period. However, the limited availability of raw materials for battery manufacturing may hamper the growth of the market during the estimated timeframe.

Covid-19 Impact on the Global Battery Market

The rise of the Covid-19 pandemic has brought numerous uncertainties across various businesses. It has also badly impacted the battery market. The disruption in supply chains, the global economic slowdown, and the closure of manufacturing facilities have decreased the demand for batteries during the pandemic. Moreover, the shutdown of many battery manufacturers and suppliers has slowed down the production of batteries owing to government-imposed restrictions. This has resulted in delays and shortages of essential materials such as cobalt, nickel, and lithium. All these factors have declined the market's growth throughout the crisis.  

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Key Players of the Global Battery Market

The major players of the market include

  • CALB
  • Shenzhen Grepow Battery Co. Ltd.
  • SAMSUNG SDI CO. LTD.
  • ENVISION AESC GROUP LTD.
  • BYD Company Ltd.
  • Contemporary Amperex Technology Co. Limited.
  • EXIDE INDUSTRIES LIMITED
  • Advanced Power Solutions n.v.
  • Amara Raja Group
  • LG Energy Solution

These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.    

For instance, in February 2023, Qnovo, a leading e-mobility battery management software provider announced its collaboration with NXP® Semiconductors, a global semiconductor company. With this collaboration, the companies aimed to offer a new solution for e-mobility enablement solutions for electric vehicles, namely, SpectralX©. It is a smart battery management system software that utilizes predictive analytics to enhance battery performance, safety, and the range of several types of EVs. 

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What the Report Covers                    

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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