Press release
Emerging Batteries Market Trend 2025-2034: Increasing Focus On Product Innovations To Provide Reliable Services To Their Customers
Batteries Market Insights
The size of the batteries market has seen substantial growth over the recent past, and is projected to expand from $127.46 billion in 2024 to $139.72 billion in 2025, a compound annual growth rate (CAGR) of 9.6%. Factors contributing to the growth during the historic period include portable electronics, electric vehicles (EVs), integration of renewable energy, consumer electronics, and energy storage systems.
The market size for batteries is predicted to experience robust expansion in the approaching years, reaching a value of $196.97 billion in 2029, with a compound annual growth rate (CAGR) of 9.0%. This growth during the forecast period can be credited to factors such as energy transition, miniaturization and IoT, along with research and development, and upgrades to the electric grid. Notable trends projected for this period include electrification and lightweighting, advances in materials, additive manufacturing, digitalization, connectivity, and strategic collaborations and partnerships.
What Are the Key Drivers Behind the Growth of the Batteries Market?
The surge in electric vehicle demand is forecasted to spur the advancement of the battery market. Electric vehicles (EVs), primarily powered by electricity, employ batteries to store and supply the needed electrical energy to drive the motors, allowing them to operate without fossil fuels and provide a greener substitute to conventional petrol-driven vehicles. For example, a study by the International Council on Clean Transportation, a US-based professional non-profit entity, revealed in January 2024 that the percentage of novel vehicle sales constituted by plug-in electric vehicles leapt from about 3% in Q1 2021 to roughly 7% in 2022 and exceeded 10% by Q3 2023. Hence, the escalating EV demand is fuelling the expansion of the battery market.
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Who Are the Major Industry Players Fueling Batteries Market Expansion?
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.
Which Key Developments Are Influencing the Batteries Market?
Key players in the battery market are concentrating on developing innovative products like EV (Electric Vehicle) batteries to offer dependable solutions to their clientele. An EV battery is a rechargeable energy storage component that powers the electric motor(s) in EVs. For example, Volkswagen, a German company producing batteries for electric vehicles, introduced a new EV battery named Astroinno with a 1000 km range in May 2023. This fresh battery is likely to have superior energy density compared to common lithium-iron-phosphate (LFP) batteries, and to be cheaper than those mainly based on nickel and cobalt. This innovative battery enables EVs with a 140 kWh battery pack to have a driving distance of over 1,000 km.
How Is the Segmentation of the Batteries Market Defined?
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, After market
4) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications
Subsegments:
1) By Secondary Batteries: Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Cadmium Batteries, Nickel-Metal Hydride Batteries, Sodium-Ion Batteries
2) By Primary Batteries: Alkaline Batteries, Zinc-Carbon Batteries, Lithium Batteries, Silver Oxide Batteries, Zinc-Air Batteries
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What Is the Leading Region in the Batteries Market?
Asia-Pacific was the largest region in the batteries market in 2023. Western Europe was the second largest region in the batteries market. The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Is Covered In The Batteries Global Market Report?
- Market Size Analysis: Analyze the Batteries Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Batteries Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Batteries Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Batteries Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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