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
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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 119.99 Bn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 18% | 2030 Value Projection: | US$ 502.90 Bn |
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| 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 |
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| Restraints & Challenges: |
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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
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
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.
Some batteries are disposable batteries which are also known as primary batteries. The electrodes in the single use batteries either become depleted as they liberate positive or the negative ions into the electrolyte, or the build-up of reaction products.
Market Dynamics:
The endless demand for the data center space remained to be strong from past few years. Owing to the growth in the digitalization and the networking systems, the multi-cloud adoption is anticipated to fuel the growth of the global battery market. Moreover, the datasphere is expected to rise from 33zettabytes in 2018, to above 175 zettabytes of data by 2025. Forklift orders increased from a past decade and was partly owing to the requirement for upgrading and exchanging the capital equipment. This is anticipated to provide lucrative opportunity in the growth of global battery market.
On a contrary, the collaborative impact of the factors such as lack of mineral supply, growing mineral prices which are predicted for the decline in production of minerals and hoarding of key minerals by key players is anticipated to hinder the growth of the global battery market.
Key features of the study:
Detailed Segmentation:
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