Battery Market is Forecasted to Reach US$9.9 Billion in 2030, Says Stratview Research

The global battery market is projected to witness a growth rate of 3.1% annually from 2024 to 2030, with an anticipated size of US$9.9 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global battery market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3019/battery-market.html#form

Market Statistics

Market Size in 2023: US$7.9 billion
Market Size in 2030: US$9.9 billion
Growth (CAGR): 3.1% during 2024-2030
Leading Battery Type: Lead-acid
Leading Industry Type: Telecom
Leading Region: Asia-Pacific
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Battery Market:

The global battery market is segmented based on Battery type, Industry type, and Region.

Based on Battery Type -

• The battery market is segmented into lead-acid, lithium-ion, and nickel-cadmium batteries.
• Lead-acid battery is expected to remain the dominant technology in the market, holding more than 60% share, while lithium-ion battery is projected to sustain its strong growth trajectory. Although lithium-ion batteries experienced a significant double-digit decline during the pandemic, they are expected to remain the fastest-growing battery type in the market during the forecast period. The numerous advantages of lithium-ion technology, including high energy density, low self-discharge, and minimal maintenance requirements, drive this growth. Furthermore, increasing bandwidth demands and expanding the wireless market will provide additional momentum for market growth in the coming years.

Based on Industry Type-

• The market is segmented into marine, railway, defense, aviation, and telecom. The telecom industry continues to be the largest driver of battery demand, while the aviation industry is expected to rebound at the fastest rate in the post-pandemic market recovery.
• The telecom industry is anticipated to remain the primary driver of battery demand during the forecast period, with batteries being predominantly used for backup power applications.
• The increasing reliance on cloud computing and data streaming has made high-performance, reliable backup power more critical than ever. Meanwhile, the aviation segment is projected to be the fastest-growing market, driven by a rebound in aircraft deliveries and advancements in electric aircraft development.

Which Region Shows the Most Promising Growth Forecast and Opportunity?

• The market is bifurcated into North America, Europe, Asia-Pacific, and the Rest of the World.
• Asia-Pacific is projected to remain the largest and fastest-growing battery market during the forecast period, holding over 40% market share. The region's strong and rapidly expanding telecom industry, coupled with significant advancements in digitalization, has accelerated the adoption of next-generation technologies like 5G and IoT.
• Additionally, China's dominance in lithium-ion battery manufacturing further supports industry growth in the region. Meanwhile, North America is expected to offer substantial growth opportunities over the next few years, fueled by a robust aviation industry and the presence of major players such as EnerSys, East Penn Manufacturing Co., and C&D Technologies Inc.

Battery Market Drivers:

Some of the key drivers listed in the report are given below.
- The increasing demand for electric vehicles (EVs), renewable energy storage, and consumer electronics.
- Advancements in lithium-ion and solid-state battery technologies, which offer enhanced energy density, faster charging, and longer life cycles. As sustainability becomes a priority, the market is seeing a shift towards recycling and eco-friendly battery solutions.
- Government incentives and policies promoting clean energy solutions continue to fuel market expansion.

Top Companies in the Battery Market:

The global market for battery is highly concentrated, with the top four companies capturing a lion's share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:
- Amara Raja Batteries Ltd.
- C&D Technologies, Inc.
- East Penn Manufacturing Co.
- EnerSys
- Exide Technologies, LLC
- GS Yuasa Corporation
- Leoch International Technology Ltd.
- Saft
- Toshiba Corporation
- Zhejiang Narada Power Source Co., Ltd.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the battery market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.