Press release
Batteries Market Size, Share Report 2024-2033
Batteries Market
The batteries market size is expected to see strong growth in the next few years. It will grow to $161.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to energy transition, miniaturization and iot, research and development, electric grid upgrades. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
Market Overview -
A battery is defined as an electrochemical device that consists of one or more electrochemical cells which can be charged with an electric current and discharged whenever required. They are made up of multiple electrochemical cells that are connected to external inputs and outputs.
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Rising Electric Vehicle Demand Sparks Growth In The Batteries Market
The increasing demand for electric vehicles is expected to propel the growth of the batteries market going forward. Electric vehicles (EVs) are vehicles that are powered by electricity as their primary source of propulsion. Batteries provide the energy needed for propulsion, regenerative braking, and powering various auxiliary systems in electric vehicles. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles increased to 6.6 million in 2021 when compared previous year. Therefore, the increasing demand for electric vehicles is driving the growth of the batteries market going forward .
Competitive Landscape -
Major companies operating in the batteries market include Samsung SDI Co. Ltd., LG Chem Ltd., BYD Electronic Company Limited, TDK Corporation, Panasonic Corporation, Chaowei Power Holdings Ltd., GS Yuasa Corporation, SK Inc., Berkshire Hathaway Inc., China Aviation Lithium Battery Co. Ltd., Hefei Guoxuan High-Tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Inc., E-One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Chemical Co. Ltd., Johnson Controls International plc, Kokam Co. Ltd., Tianjin Lishen Battery Co. Ltd., Murata Manufacturing Co. Ltd., Dongguan Boliwei Battery Co. Ltd., Northvolt AB, Saft Groupe SA, OptimumNano Energy Co. Ltd., Tesla Inc., A123 Systems LLC, Toshiba Corporation, VARTA AG, Wanxiang Group Corporation, Winston Global Energy Limited, Zhejiang Narada Power Source Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited.
Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
Major companies operating in the batteries market are focusing on innovative products such as EV (Electric Vehicle) battery to provide reliable services to their customers. An electric vehicle (EV) battery refers to a rechargeable energy storage device used to power the electric motor(s) in electric vehicles. For instance, in May 2023, Volkswagen, a Germany-based company that manufactures batteries for electric vehicles launched a new EV battery with a 1000 km range called Astroinno. The new battery may have a better energy density than typical lithium-iron-phosphate (LFP) batteries and be less expensive than those that primarily rely on nickel and cobalt. This new battery gives EVs powered by a 140 kWh battery pack a driving range of more than 1,000 km .
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Key Segments -
The batteries market covered in this report is segmented -
1) By Type: Secondary Batteries, Primary Batteries
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications
Subsegments Covered: Lead Acid, Lithium-Ion (Li-Ion), Nickel-Cadmium (Ni-Cd), Nickel Metal Hydride, Other Secondary Batteries, Alkaline Primary Batteries, Lithium Primary Batteries, Other Primary Batteries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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