The Battery Market Anticipated to Progress at $310.42 Billion by 2028

A recent study by Triton Market Research titled Global Battery Market includes the Global Analysis and Forecasts by Battery Type (Secondary, Primary), Technology (Nickel-metal Hydride (NiMH) Battery, Sodium-sulfur (NAS) Battery, Lithium-ion Battery, Zinc-manganese Dioxide Battery, Lead-acid Battery, Nickel-cadmium (NiCd) Battery, Nickel-zinc (NiZn) Battery, Small Sealed Lead-acid Battery, Flow Battery, Other Technologies), End-use (Power Tools Batteries, SLI Batteries, Automotive Batteries, Portable Batteries, Industrial Batteries, Other End-uses), and Geography (North America, Asia-Pacific, Latin America, Middle East and Africa, Europe).

A range of batteries are used for various applications such as telecommunication, electric vehicles, computers etc. They have various end-uses such as power tools batteries, industrial batteries, SLI batteries, automotive batteries, portable batteries, and other end-uses.

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A market report by Triton indicates that the global battery market is expected to accelerate at a CAGR of 15.68%, reaching a revenue worth $310.42 billion by 2028.

In recent years, the increasing popularity of consumer electronics worldwide is one of the major factors expected to promote the market's growth. According to a report, total consumer electronics market revenue increased from $961.73 billion in 2018 to $1085.8 billion in 2021. This is expected to rise and reach a total of $1135.72 billion by 2026, increasing the demand and adoption of different batteries for consumer electronic devices.

However, volatility in the prices of raw materials is expected to restrict market growth. According to the International Monetary Fund, the price of lithium carbonate increased by over 30% in 2017 and cobalt's price increased by 150% between September 2016 and July 2018. This impacted battery production in different countries across the globe, which in turn is likely to hinder the growth of the global battery market during the forecast period.

The battery market is divided into battery type, technology, and end-use. The battery type segment is bifurcated into primary and secondary. Based on technology segment, it is branched into a small sealed lead-acid battery, nickel-zinc (NiZn) battery, flow battery, sodium-sulfur (NAS) battery, lithium-ion battery, zinc-manganese dioxide battery, nickel-cadmium (NiCd) battery, lead-acid battery, nickel-metal hydride (NiMH) Battery, and, other technologies. The end-use segment comprises automotive, portable, SLI, power tools, industrial batteries, and other end-uses.

The Asia-Pacific leads the battery market globally. The market's growth is attained due to the rapidly increasing demand for battery vehicles in developed and developing nations. In countries such as China, the battery market is supported by the growing renewable sector, rapid adoption of electric vehicles, growth in the automotive industry, increased sales of consumer electronics, etc. Further, about 21.41 million passenger cars and 4.67 million commercial vehicles were produced in China in 2021. With a high production volume, the country ranked first as the largest passenger car producer.

The key players impacting the market growth are C&D Technologies Inc, Toshiba Corporation, Trojan Battery Company, Shenzhen BAK Battery Co Ltd, Murata Manufacturing Co Ltd, Saft Groupe SA, Duracell, Eveready Industries, Panasonic Corporation, Exide Technologies, BYD Company Ltd, LG Chem Ltd, EnerSys, Samsung SDI Co Ltd, East Penn Manufacturing Co, NEC Corporation, Johnsons Controls Inc, GS YUASA International Ltd, A123 Systems LLC, and Crown Battery Manufacturing Company.

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Question & Answer: Battery Market

Question 1: What factors drive the battery market?

Answer: In recent years, the increasing popularity of consumer electronics worldwide is one of the major factors expected to promote the market's growth. According to a report, total consumer electronics market revenue increased from $961.73 billion in 2018 to $1085.8 billion in 2021. This is expected to rise and reach a total of $1135.72 billion by 2026, increasing the demand and adoption of different batteries for consumer electronic devices.

Question 2: Which factors hamper the growth of the battery market?

Answer: Volatility in the prices of raw materials is expected to restrict market growth. According to the International Monetary Fund, the price of lithium carbonate increased by over 30% in 2017 and cobalt's price increased by 150% between September 2016 and July 2018. This impacted battery production in different countries across the globe, which in turn is likely to hinder the growth of the global battery market during the forecast period.

Question 3: Which region dominates the battery market?

Answer: The Asia-Pacific leads the battery market globally. The market's growth is attained due to the rapidly increasing demand for battery vehicles in developed and developing nations. In countries such as China, the battery market is supported by the growing renewable sector, rapid adoption of electric vehicles, growth in the automotive industry, increased sales of consumer electronics, etc. Further, about 21.41 million passenger cars and 4.67 million commercial vehicles were produced in China in 2021. With a high production volume, the country ranked first as the largest passenger car producer.

Question 4: Who are the key players in the battery market?

Answer: The key players impacting the market growth are C&D Technologies Inc, Toshiba Corporation, Trojan Battery Company, Shenzhen BAK Battery Co Ltd, Murata Manufacturing Co Ltd, Saft Groupe SA, Duracell, Eveready Industries, Panasonic Corporation, Exide Technologies, BYD Company Ltd, LG Chem Ltd, EnerSys, Samsung SDI Co Ltd, East Penn Manufacturing Co, NEC Corporation, Johnsons Controls Inc, GS YUASA International Ltd, A123 Systems LLC, and Crown Battery Manufacturing Company.

Related Report:

Global Electric Vehicle Battery Market : https://www.tritonmarketresearch.com/reports/electric-vehicle-battery-market

The global electric vehicle battery market is expected to witness a CAGR of 17.66% during the forecasting years 2021 to 2028.

The study market is being propelled by the expansion of the electric car industry, government incentives and promotion, battery technology advancements, and public charging infrastructure expansion.

New market opportunities are also created by the development of shared e-mobility and technological advancements in vehicle-to-grid technology. Due to rising car ownership prices and strict government regulations on vehicle emissions, electric vehicle companies are witnessing significant global growth.

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