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Batteries Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Batteries
What Is the Current Batteries Market Size and Its Estimated Growth Rate?
The batteries market has shown strong growth, expanding from $127.46 billion in 2024 to $139.72 billion in 2025 at a CAGR of 9.6%, fueled by portable tech, electric vehicles, integration of renewables, consumer gadgets, and energy storage demand.
The batteries market is expected to experience robust growth in the coming years. It will reach $196.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.0%. This growth is driven by energy transition initiatives, miniaturization trends, IoT advancements, and electric grid upgrades. Major trends include electrification, lightweighting, advanced materials, additive manufacturing, digitalization, and industry collaborations.
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How Are Emerging Segments Shaping the Batteries Market Landscape?
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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Which Growth Factors Are Influencing Batteries Market Expansion?
The growing popularity of electric vehicles is forecasted to bolster the battery market. These vehicles rely on electric power stored in batteries to run their motors, offering a cleaner alternative to traditional combustion engines. As per a January 2024 report from the International Council on Clean Transportation, plug-in electric vehicle sales rose from about 3% in Q1 2021 to over 10% by Q3 2023. This surge in EV adoption is expected to fuel growth in the battery market.
Who Are the Dominant Players Across Different Batteries Market Segments?
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.
What Are the Latest Developing Trends in the Batteries Market?
Companies in the batteries market are developing innovative products like Electric Vehicle (EV) batteries to offer dependable services to customers. For example, in May 2023, Volkswagen launched its Astroinno EV battery, which offers a range of 1000 km. This battery promises higher energy density than conventional lithium-iron-phosphate (LFP) batteries and is more cost-effective compared to nickel and cobalt-based options, providing a driving range of over 1,000 km for EVs.
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Which Geographic Regions Are Expected to Dominate the Batteries Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Batteries Market?
2. What is the CAGR expected in the Batteries Market?
3. What Are the Key Innovations Transforming the Batteries Industry?
4. Which Region Is Leading the Batteries Market?
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