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  • Published On : Aug 2022
  • Code : CMI5170
  • Industry : Semiconductors
  • Pages : 161
  • Formats :

The global battery market size was valued at USD 119.99 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 18% from 2022 to 2030. The market is projected to expand due to the lower prices of the lithium ion batteries and the rising demand from the data centers and the market is segmented by lithium ion battery and lead acid battery among others and he need of supply mismatch of the raw materials are projected to hider the market and regionally driven by Africa, Asia Pacific and many other regions. 

Global Battery Market: Regional Insights

Based on geography, the global residential battery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East &Africa. North America is one of the strongest economies across the globe as in the United States, Canada, Mexico and combined markets. As they are the pioneer in the research and the innovative method in the global battery market. And the largest consumers of the batteries are primary battery and the secondary battery due to the rise of electrical vehicle deployment, rising expenditure on the consumer electronics and rising manufacturing actions and activities.

At the same time, Asia Pacific is expected to experience fastest growth over the forecast period as India is driven by fueling the rise of population, urbanization and the reducing cost price of the electronic goods, the introduction of the new smart technologies and the low budget of the internet data. The replacement or the change of the older smartphones or the mobile phones with the new ones is anticipated to drive the growth of the global battery market.

Figure 1: Global Battery Market Share (%), By Region, 2021

Battery  | Coherent Market Insights

Global Battery Market Drivers:

The cost of the lithium ion batteries declined the steeply over the past decade and in the year 2021, the cost of the lithium ion battery is valued at around US$ 123 kWh. The cost continuously decreased over the past decade and is still continuing to decrease by 12.8% in the year 2020 comparatively to the year 2019.  The constant battery performance achieved from the sustained research and development focuses at enhancing battery materials.

The expansion in the production volume, especially in China assisted in achieving the economies of the scale in the lithium ion battery production. Additionally to these, the huge capacity additions also progressed the competition amidst the manufacturers later reducing the prices however, at the expenses of the profitability of the producers.

Global Battery Market Opportunities:

Researchers and the Scientists in the US and Europe have been at the faceoff of researching and then advancing the alternate battery chemistries that are protective and very effective than the present battery chemistries. There is also a regarded amount of expenditure that is put into the research and development of the new battery chemistries.

The research efforts out of which many people will require many years to reach the commercial production stage which will be a significant and notable growth opportunities and chances for the battery market. The scientists ate the Stanford University declared the development of the new alkali metal chlorine rechargeable battery which can store equivalent to six times much charge than present commercial accessible ones.

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Battery Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 119.99 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2030
Forecast Period 2022 to 2030 CAGR: 18% 2030 Value Projection: US$ 502.90 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Type: Primary Battery, Secondary Battery
  • By Technology: Lead-acid Battery, Lithium-ion Battery, Nickel-metal Hydride (NiMH) Battery, Nickel-cadmium (NiCD) Battery, Nickel–zinc (NiZn) Battery, Flow Battery, Sodium–sulfur (NAS) Battery, Zinc-manganese Dioxide Battery, Small Sealed Lead-acid Battery, Other Technologies (Dual Carbon Battery,   Zinc-carbon   Battery, Silver-oxide Battery, etc.)
  • By Application: Automotive Batteries (HEV, PHEV, EV), Industrial   Batteries   (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.), Portable Batteries  (Consumer Electronics etc.), Power Tools Batteries, SLI Batteries, Other Applications
Companies covered:

BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys

Growth Drivers:
  • Declining lithium-ion battery prices
  • Increasing adoption of electric vehicles
Restraints & Challenges:
  • Demand-supply mismatch of raw materials

Global Battery Market Trends:

In July 2020, scientists and the researchers at Stanford University approved that that they had developed a novel electrolyte design that boosts and fuels the lithium metal batteries performance. The University said that the electrolyte solution which is a new synthetic compound, and has been one of the main significant factors holding the back progress for the batteries of lithium.

One of the very interesting battery chemistries presently under the development and the deployment are iron-index flow batteries in the United States producer, is the only company across the globe producing the iron flow batteries for the trading and the utility scale applications. These batteries have a simpler design are far cheaper than the Li-ion batteries and don’t have any negative impacts.

Global Battery Market Restraints:

With the declining price of the lithium ion batteries the need for the batteries and the minerals are needed for the battery manufacturing or the production that are registered as a substantial rise. This type of condition is rising the prices of the minerals and in few cases, they are making the scarcity of the mineral supply.

The expansion in the expenditure in the EV production forced the consumer electronics sector to finish it with the EV industry for the lithium ion batteries. The rise in the price of the minerals is hindering the growth of the global battery market and also the producers to decrease the battery price.

Figure 2: Global Battery Market Share (%), By Segmentation, 2021

Battery  | Coherent Market Insights

Global Battery Market Segmentation:

The global battery market report is segmented into type, technology, application and region

Based on the type, the market is segmented into primary battery and secondary battery and the primary battery like AA- and AAA are sized as the cells which are also called as disposable consumer batteries and are often overshadowed by the secondary or the rechargeable battery types. Anyhow, due to the various advantages of the primary batteries such as less price, vast applications over consumer electronics.

And the secondary battery with the technological developments and the mass production have caused to the fall in lithium ion prices and costs. In 2021, the average lithium-ion battery cost was around US$ 132 perkWh over 88.4% less than the price in the year 2010.

Based on Technology, the market is segmented into lead acid battery and lithium-ion battery and other types. Out of which, Lithium-ion battery is expected to dominate the global market over the forecast period as it offers several technical or the mechanical benefits compared to the other technologies like that of the lead acid batteries. The rechargeable Li-ion batteries on a minimal provides the cycles above 5,000 times comparatively to the lead acid batteries.

Lead acid battery is the energy to measure the ratio of the lead and the lead acid battery is low however, it can supply huge amount surge currents, showing a huge power to weight the ratio and then it is initially useful for the SLI usage. Also due to the least price which is very essential then the energy to measure the ratio in the backup supplies. 

Based on the Application, automotive batteries are the automotive with the interior combustion engines were the only types that were utilized earlier. Anyhow, nowadays, the technology has been shifting towards the electric automotive owing to the rising concerns for the surrounding. Mainly lithium ion batteries are utilized in the EV as they offer huge energy density and the low maintenance.

The industrial batteries are divided into motive, stationary and ESS and many more. In the section of motive, the forklifts comprises of above 90% of the market share. In the sector of stationary segment, the industrial batteries find the usage in UPS, ESS and the clinical tools, security, railroad signaling, starting of the diesel generator and the controls amidst others. 

Global Battery Market: Key Developments

  1. In December 2021, CATL initiated the construction of the Xiamen the new lithium ion battery plant. With the total expenditure of the CNY 7 billion, the battery production or the manufacture base is anticipated to expand and help in the company’s development and growth.
  2. In July 2021, CATL introduced the first cohort sodium-ion battery and the B battery pack solution, which could be integrated with the sodium ion cells and the lithium ion cells into a single pack.
  3. In November 2021. ENERSYS, has increased its battery and the charger product offering from or the delivery from the manufacturer representative agreement with All the battery sales and the services now owned by the concentric LLC a leading forklift and the critical power supplier.
  4. In September 2021, ENERSYS, has increased its ODYSSEY battery brand assortment to comprise the formerly sold under the NorthStar battery brand. Resulting, the expansion all the Northstar batteries for the conveyance will be now sold under the ODYSSET battery brand.

Global Battery Market: Key Companies Insights

The global battery market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global battery market are:

BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys

*Definition: A battery is a device that converts the chemical energy contained with the active materials directly into the electric energy by the means of electrochemical oxidation reduction. This form of reaction involves the transfer or the change of the electrons form one of the material to other via an electric circuit.

Batteries are made up of anode, cathode and an electrolyte .A separator is generally utilized to prevent the anode and the cathode from touching. If the electrolyte is not adequate. Orderly, to store these components, batteries that have generally casing.

Market Dynamics:

Due to transparency in the supplier margin, procurement organizations that could be paying higher than the current price. The prices of lithium, cobalt, and the nickel has very less contribution towards the final cost than other materials, like the separator, the electrolytes and the module assemblies hence driving the need for lithium ion battery separator market over the predicted period.

As cobalt is a central component in the forming the cathode of lithium ion batteries, it would be very impossible to make batteries without cobalt. The raw materials supply is concentrated in the South America and the producers in Asia-Pacific are also projecting the lack of supply to maintain full utilization of the mass production Li-ion battery production plants.

As the utilization of the AGVs, AMRs and the others advance within material handling, the lithium-ion batteries are achieving more popularity because they are the best choice for this type of the tools owing to their flexible charging patterns, wireless charging and the other benefits.

Key features of the study:

  • This report provides in-depth analysis of the global battery market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global battery market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Major companies involved in the growth of the global battery market are BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global battery market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global battery market.

Detailed Segmentation:

  • Global Battery Market, By Type:
    • Primary Battery
    • Secondary Battery
  • Global Battery Market, By Technology:
    • Lead-acid Battery
    • Lithium-ion Battery
    • Nickel-metal Hydride (NiMH) Battery
    • Nickel-cadmium (NiCD) Battery
    • Nickel–zinc (NiZn) Battery
    • Flow Battery
    • Sodium–sulfur (NAS) Battery
    • Zinc-manganese Dioxide Battery
    • Small Sealed Lead-acid Battery
    • Other Technologies (Dual Carbon Battery,   Zinc-carbon   Battery, Silver-oxide Battery, etc.)
  • Global Battery Market, By Application:
    • Automotive Batteries (HEV, PHEV, EV)
    • Industrial   Batteries   (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)
    • Portable  Batteries  (Consumer Electronics etc.)
    • Power Tools Batteries
    • SLI Batteries
    • Other Applications
  • Global Battery Market, By Geography:
    • North America
    • Asia-Pacific
    • Europe
    • Middle East & Africa
    • South America

Frequently Asked Questions

The global battery market size is estimated to be valued at US$ 119.99 Billion in 2021 and is expected to exhibit a CAGR of 18.0% between 2022 and 2030.
Increasing adoption of electric vehicles are fueling the growth of the market.
The secondary battery segment is the leading component segment in the market.
Demand-supply mismatch of raw materials is the major factors restraining growth of the market.
Major companies involved in the growth of the market are BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys

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