Batteries Market: By Type, By Technology, By Application, By End User, and Geography
Batteries Market: By Type, By Technology, By Application, By End User, and Geography
Batteries Market size was valued at US$ 167,819.1 million in 2023 growing at a CAGR of 16.2% from 2024 to 2030. The high use of UPS devices in healthcare, chemical, and oil & gas industries for continuous power supply is likely to propel the growth. Lead acid batteries are used for critical applications due to their high reliability and low cost. In addition, the growing demand for renewable energy sources due to the rising global government initiatives and increasing environmental awareness among people has led to the high demand for energy storage systems (ESS), which drives the market growth.
Increased promotion of ESS has resulted in the increasing demand for different types of batteries, such as lithium-ion (Li-ion), Nickel Ion, lead-acid, redox flow, sodium-sulfur, and zinc-bromine flow batteries. Furthermore, the rising popularity of consumer electronics such as smartphones, tablets, smartwatches, and Bluetooth earbuds which completely depend on rechargeable batteries like lithium-ion further drives the market growth. The growing demand for electric vehicles in the U.S. and Mexico, on account of rising government efforts to reduce the carbon footprint by deploying eco-friendly products, is estimated to boost the market growth in the forecast period. However, safety issues allied to the use of batteries, as they are composed of toxic materials such as mercury, cadmium, lithium, and lead, hamper the market growth.
Study Period
2024-2030Base Year
2023CAGR
16.2%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
The rapid growth of the Electric Vehicles (EV) market acts an important driver for expanding the global batteries market. EVs run on electric engines, which means they use batteries to store and supply energy for propulsion. In addition, environmental concerns, advancement in battery technology, and encouraging public policies are the main drivers for the shift towards EVs which in turn helps in the batteries market growth. An important driver of market growth in the field of electric vehicles is increasing awareness and concern about the environmental impacts of traditional Internal Combustion Engines. Furthermore, governments and regulators that have introduced a range of incentives, subsidies or rules to promote their adoption renowned the potential for electric vehicles. These measures are important in raising consumer confidence and enthusiasm for electric vehicles, which helps in stimulating the batteries market growth.
The Asia Pacific region is the world's largest market and accounted for a major share of global battery sales. Factors such as urbanization, industrialization, and increasing household income in emerging countries which are supported by desired regulations to attract investments from the region, residential, commercial or grid storage is projected to grow strongly. The North America has emerged as the second largest regional market for batteries in the forecast period. The Northern America's Building Industry is expected to see significant growth due to the demand for non-residential infrastructures in the region. The expansion of the battery market will also be supported by growing investments in eco-innovations such as cranes, electric bicycles and forklifts.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 167,819.1 million |
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Market CAGR |
16.2% |
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By Type |
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By Technology |
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By Application |
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By End User |
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The global batteries market size was valued at US$ 167,819.1 million in 2023 and is expected to grow at a CAGR of 16.2% from 2024-2030.
The Asia pacific region is anticipated to hold the highest market share in the batteries market.
The leading players in the batteries Market are Exide Industries., Amara Raja Batteries Limited., HBL Power Systems., Eveready Industries India Ltd., High Energy Batteries (India) Ltd., Indo National Ltd., Panasonic Energy India Co Ltd., and Standard Batteries Ltd.
Increasing focus on product innovation to provide reliable services to customers is the major trend in the batteries market.
| 1.Executive Summary |
| 2.Global Batteries Market Introduction |
| 2.1.Global Batteries Market - Taxonomy |
| 2.2.Global Batteries Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Technology |
| 2.2.3.Application |
| 2.2.4.End-user |
| 2.2.5.Region |
| 3.Global Batteries Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Batteries Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Batteries Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Primary |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Secondary |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Batteries Market By Technology, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Lead Acid Battery |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Nickel Metal Hybrid Battery |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Zinc Manganese Dioxide Battery |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Sodium Sulphur Battery |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Nickel Ion Battery |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Lithium Ion Battery |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 6.7. Others |
| 6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.7.3. Market Opportunity Analysis |
| 7.Global Batteries Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Portable Batteries |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Industrial Batteries |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Automotive Batteries |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Power Tool Batteries |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. SLI Batteries |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Others |
| 7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.6.3. Market Opportunity Analysis |
| 8.Global Batteries Market By End-user, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Military & Defence |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Energy Storage |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Electronics |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Automobile Aerospace |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Others |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.Global Batteries Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia Pacific (APAC) |
| 9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Middle East and Africa (MEA) |
| 9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Latin America |
| 9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Batteries Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Primary |
| 10.1.2.Secondary |
| 10.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Lead Acid Battery |
| 10.2.2.Nickel Metal Hybrid Battery |
| 10.2.3.Zinc Manganese Dioxide Battery |
| 10.2.4.Sodium Sulphur Battery |
| 10.2.5.Nickel Ion Battery |
| 10.2.6.Lithium Ion Battery |
| 10.2.7.Others |
| 10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Portable Batteries |
| 10.3.2.Industrial Batteries |
| 10.3.3.Automotive Batteries |
| 10.3.4.Power Tool Batteries |
| 10.3.5.SLI Batteries |
| 10.3.6.Others |
| 10.4. End-user Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Military & Defence |
| 10.4.2.Energy Storage |
| 10.4.3.Electronics |
| 10.4.4.Automobile Aerospace |
| 10.4.5.Others |
| 10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Batteries Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Primary |
| 11.1.2.Secondary |
| 11.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Lead Acid Battery |
| 11.2.2.Nickel Metal Hybrid Battery |
| 11.2.3.Zinc Manganese Dioxide Battery |
| 11.2.4.Sodium Sulphur Battery |
| 11.2.5.Nickel Ion Battery |
| 11.2.6.Lithium Ion Battery |
| 11.2.7.Others |
| 11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Portable Batteries |
| 11.3.2.Industrial Batteries |
| 11.3.3.Automotive Batteries |
| 11.3.4.Power Tool Batteries |
| 11.3.5.SLI Batteries |
| 11.3.6.Others |
| 11.4. End-user Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.Military & Defence |
| 11.4.2.Energy Storage |
| 11.4.3.Electronics |
| 11.4.4.Automobile Aerospace |
| 11.4.5.Others |
| 11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 12.Asia Pacific (APAC) Batteries Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Primary |
| 12.1.2.Secondary |
| 12.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Lead Acid Battery |
| 12.2.2.Nickel Metal Hybrid Battery |
| 12.2.3.Zinc Manganese Dioxide Battery |
| 12.2.4.Sodium Sulphur Battery |
| 12.2.5.Nickel Ion Battery |
| 12.2.6.Lithium Ion Battery |
| 12.2.7.Others |
| 12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Portable Batteries |
| 12.3.2.Industrial Batteries |
| 12.3.3.Automotive Batteries |
| 12.3.4.Power Tool Batteries |
| 12.3.5.SLI Batteries |
| 12.3.6.Others |
| 12.4. End-user Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.Military & Defence |
| 12.4.2.Energy Storage |
| 12.4.3.Electronics |
| 12.4.4.Automobile Aerospace |
| 12.4.5.Others |
| 12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Middle East and Africa (MEA) Batteries Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Primary |
| 13.1.2.Secondary |
| 13.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Lead Acid Battery |
| 13.2.2.Nickel Metal Hybrid Battery |
| 13.2.3.Zinc Manganese Dioxide Battery |
| 13.2.4.Sodium Sulphur Battery |
| 13.2.5.Nickel Ion Battery |
| 13.2.6.Lithium Ion Battery |
| 13.2.7.Others |
| 13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Portable Batteries |
| 13.3.2.Industrial Batteries |
| 13.3.3.Automotive Batteries |
| 13.3.4.Power Tool Batteries |
| 13.3.5.SLI Batteries |
| 13.3.6.Others |
| 13.4. End-user Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Military & Defence |
| 13.4.2.Energy Storage |
| 13.4.3.Electronics |
| 13.4.4.Automobile Aerospace |
| 13.4.5.Others |
| 13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.Latin America Batteries Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 14.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.Primary |
| 14.1.2.Secondary |
| 14.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.Lead Acid Battery |
| 14.2.2.Nickel Metal Hybrid Battery |
| 14.2.3.Zinc Manganese Dioxide Battery |
| 14.2.4.Sodium Sulphur Battery |
| 14.2.5.Nickel Ion Battery |
| 14.2.6.Lithium Ion Battery |
| 14.2.7.Others |
| 14.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Portable Batteries |
| 14.3.2.Industrial Batteries |
| 14.3.3.Automotive Batteries |
| 14.3.4.Power Tool Batteries |
| 14.3.5.SLI Batteries |
| 14.3.6.Others |
| 14.4. End-user Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.Military & Defence |
| 14.4.2.Energy Storage |
| 14.4.3.Electronics |
| 14.4.4.Automobile Aerospace |
| 14.4.5.Others |
| 14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.Exide Industries. |
| 15.2.2.Amara Raja Batteries Limited. |
| 15.2.3.HBL Power Systems. |
| 15.2.4.Eveready Industries India Ltd. |
| 15.2.5.High Energy Batteries (India) Ltd. |
| 15.2.6.Indo National Ltd. |
| 15.2.7.Panasonic Energy India Co Ltd. |
| 15.2.8.Standard Batteries Ltd. |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
Key Market Players
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