Battery Market

Plastic Optic Fiber Market Report Thumbnail

Battery Market by Type (Stationary and Motive), by Battery Type (Primary Batteries (Non-rechargeable) and Secondary Batteries (Rechargeable)), by Voltage Type (Low Voltage Batteries (1V - 12V), Medium Voltage Batteries (24V - 100V), and Others), by Power Capacity (Low-Capacity Batteries (Up to 1,000 mAh) and Others), by Self-Discharge Rate (Low Self-Discharge Rate Batteries and Others), and by Application (Residential, and others) –Global Opportunity Analysis and Industry Forecast, 2025–2030

Industry: Energy & Power | Publish Date: 03-Mar-2025 | No of Pages: 826 | No. of Tables: 648 | No. of Figures: 593 | Format: PDF | Report Code : EP510

  • Facebook
  • Twitter
  • Linkedin
  • Whatsapp

Battery Market Overview

The global Battery Market size was valued USD 151.48 billion in 2024, and it is projected to reach USD 378.53 billion by 2030, with a CAGR of 16.5% from 2025-2030.

The factors including expanding electric vehicle sector along with growing demand for consumer electronics and expansion of energy storage systems propels the growth of the market. However environmental concerns due to the use of toxic chemicals restrains the growth of the market. 

On the contrary development of nuclear power batteries creates future growth opportunities for the market. Leading are taking various initiatives including collaboration along with business expansion and product launch to maintain their market dominance and enhance their overall product offerings. These efforts are expected to accelerate innovation along with improve energy efficiency and drive widespread adoption that is shaping the future of the industry.

Rapidly Expanding EV Industry Fuels the Growth of the Market

Growing electric vehicle industry fuels the market due to the demand for efficient energy storage systems of high capacity. Electric vehicle industry development fuels the growth of battery technologies to enhance vehicle range and charging efficiency. The latest report published by the International Energy Agency stated that global electric vehicle sales reached 14 million units in 2023 that is a growth of 35% from the previous year. The global shift towards sustainable energy and the enforcement of stringent emission regulations further drives the EV adoption by encouraging substantial investments in battery production and advancements in energy storage technologies.

 

Growing Consumer Electronics Industry Further Drives the Growth of the Market

The rising penetration of smartphones, laptops, wearables, and other portable devices drives the battery market growth as the growing demand for high-performance, long-life power solutions drives innovation in battery technology. With consumers and business users depending on mobiles and connected devices, manufacturers continue to concentrate on energy-dense, fast-charging, and rugged battery development to improve user experience and device efficiency. 

According to the latest report published by the GSMA, around 4.3 billion of the global population owns a smartphone as of 2023. This dependence upon portable electronics highlights the imperative need for ongoing improvement in battery technology to provide improved performance, longer lifespan, and energy efficiency.

 

Expansion of Energy Storage Solutions Further Propels the Growth of the Market

The expansion of energy storage solutions further propels the battery market expansion due to the increasing need for reliable and efficient energy management systems across residential coupled with commercial and industrial sectors. Companies are investing in high capacity and long-life batteries to enhance energy storage capabilities that supports the transition toward a more sustainable and resilient power infrastructure. 

The latest report published by the International Energy Agency stated that global installed storage capacity is forecast to expand by 56% and to reach over 270 GW between 2021 to 2026. As the adoption of renewable energy sources including solar and wind power grows advanced battery technologies are essential for storing surplus energy and ensuring grid stability. 

Environmental Concerns Due to the Use of Toxic Chemicals Hinder the Growth of the Market

Environmental issues linked to the usage of toxic substances slow the market demand due to regulation and sustainability pressures that poses greater restrictions on the production and disposal of batteries. Use of toxic materials including lead along with cadmium and lithium in batteries poses the risk of contamination of soil and water and needs greater environmental restrictions. Suppliers find it difficult to design environmentally compatible substitutes with equal performance and value, that stifles mass-market development and uptake in the market.

Development of Nuclear Power Batteries Creates Future Growth Opportunities for the Market

The development of nuclear power batteries creates future growth opportunities for the market as advancements in atomic energy technology pave the way for long-lasting, high-efficiency power sources. Unlike conventional batteries, nuclear power batteries offer extended operational lifespans, making them ideal for applications in space exploration, medical implants, remote infrastructure, and defense systems. 

For example, in March 2024, Betavolt developed a nuclear battery with a lifespan of 50 years to electrify and decarbonize energy sources, as it offers a solution for sustainable and long-lasting energy storage. As research progresses in harnessing safe and compact nuclear energy for commercial use, these innovative batteries are expected to revolutionize energy storage by providing sustainable and maintenance-free power solutions.

By Type, Motive Holds the Dominating Share of the Battery Industry

Motive holds the dominating share in battery industry as it is used widely in electric vehicles, industrial equipment, and material handling systems. Increased demand for electric mobility, including passenger cars, commercial transport, and two-wheelers, generates strong demand for motive batteries. 

Growth in warehouse automation and the use of battery-powered fork lifts and automated guided vehicles propel market size growth. Increased emphasis on sustainability and energy efficiency also drives the transition to advanced lithium-ion and solid-state batteries, enhancing performance and life in motive applications.

By Battery Type, Secondary Batteries (Rechargeable) Holds the Dominating Share of the Market

Secondary batteries hold the dominating share due to their widespread use across industries including consumer electronics along with electric vehicles and renewable energy storage. Demand for consumer electronics and electric vehicles generates need for high performance rechargeable batteries. The quest for cleaner energy sources and the transition to electric mobility provided a massive boost to the use of rechargeable batteries that leads to their market dominance in consumer and industrial markets.

Asia-Pacific Dominates Battery Market Share During the Forecast Period

The expanding electric vehicle industry drives the growth of the market in China with the demand for high performance and long-lasting batteries to fuel electric vehicles. With China remaining the world’s leading producer and consumer of electric vehicles firms are investing in future battery technologies including solid-state and lithium-ion batteries to enhance energy density along with decrease charging time and increase battery lifespan. 

The latest report released by the International Energy Agency reported that new electric car registrations hit 8.1 million in 2023 that is a growth of 35% from the previous year. This sustained growth in EV adoption reinforces the demand for advanced battery innovation, driving more innovation and investment in the market.

Moreover, the government push towards the battery industry further drives the growth of the market in Korea as policymakers introduce supportive policies along with subsidies and research incentives to make the country a battery manufacturing powerhouse. The emphasis on clean energy and green technology resulted in huge investments in next-generation battery solutions such as solid-state and lithium-ion technologies. 

For instance, in December 2024, the Korean Ministry of Land Infrastructure and Transport initiated a pilot program to enhance safety monitoring of electric vehicle batteries amid concerns of EV fires. The government support for local battery makers along with strategic partnerships and R&D investment is driving innovation and fueling the growth of Korea's battery industry.

Europe Exhibits the Highest CAGR of Battery Industry During the Forecast Period

The investment towards the battery sector fuels the growth of the market in the UK as increasing funding from both government and private entities accelerates advancements in battery technology, manufacturing, and infrastructure. 

For Example, in May 2024, Faraday Battery Challenge invested USD 1.8 million to support small and medium-sized (SME) battery developers across the UK. The UK’s commitment to establishing a strong domestic battery supply chain, supported by these initiatives is driving market expansion and technological progress.

Furthermore, the surge in EV adoption propels the growth of the market in Germany as the increasing demand for electric vehicles drives the need for high-performance, energy-dense, and long-lasting battery solutions. The latest report published by the Electric Vehicles Technology Collaboration Programme stated that adoption of EVs in the country accounted for 1.3 million in 2023 compared to 1.1 million in 2021 that is a growth of around 22.9% within 2 years. The rising production of EVs by leading automakers and the establishment of battery manufacturing facilities further contribute to the expansion of the market, fostering innovation and technological advancements in battery development.

 

Competitive Landscape

The battery industry comprises various key market players such as LG Energy Solution Ltd., Contemporary Amperex Technology Co., Limited, SK Innovation Co. Ltd., EVE Energy Co., Ltd., Panasonic Holdings Corporation, Sunwoda Electronic Co., Ltd., Samsung SDI Co., Ltd., Tesla Inc., EVE Energy Co., Ltd., BYD Company Ltd., Gs Yuasa Corporation, Gotion High tech Co Ltd, Toshiba Corporation, Exide Industries Ltd., EnerSys, Inc., and others.

These market players are adopting various strategies including collaboration, product launch, and business expansion across various regions to maintain their dominance in battery industry.

DATE

COMPANY

RECENT DEVELOPMENTS

November 2024

SK Innovation Co. Ltd.

SK Innovation Co. Ltd. collaborated with POSCO Pilbara Lithium Solution to enhance raw material competitiveness by securing domestically produced lithium hydroxide for manufacturing nickel-cobalt-manganese (NCM) cathodes.

November 2024

Samsung SDI Co., Ltd.

Samsung SDI Co., Ltd. launched new LFP+ battery for commercial vehicles, at a tech showcase in Hanover to commercialize all-solid-state batteries by 2027.

September 2024

Panasonic Corporation

Panasonic Corporation collaborated with Subaru Corporation to focus on the supply of automotive lithium-ion batteries and the joint establishment of a new battery factory in Oizumi, Gunma Prefecture, Japan.

July 2024

Contemporary Amperex Technology Co., Limited

Contemporary Amperex Technology Co., Limited expanded their business and launched a new EV battery brand called CATL TIANXING to address key challenges in the new energy commercial vehicle industry, such as slow recharging, high ownership costs, and limited transport mileage.

October 2023

LG Energy Solution Ltd

LG Energy Solution collaborated with Toyota Motor North America in a long-term supply agreement for lithium-ion battery modules to power Toyota's battery electric vehicles (BEVs) assembled in the United States.

Battery Market Key Segmentation

By Type

  • Stationary

  • Motive

By Battery Type

  • Primary Batteries (Non-rechargeable)

    • Alkaline Batteries

    • Zinc-Carbon Batteries

    • Lithium-Thionyl Chloride Batteries

  • Secondary Batteries (Rechargeable)

    • Lead-Acid Batteries

    • Nickel-Cadmium (NiCd) Batteries

    • Nickel-Metal Hydride (NiMH) Batteries

    • Lithium-ion Batteries

      • Lithium Nickel Manganese Cobalt (LI-NMC)

      • Lithium Iron Phosphate (LFP)

      • Lithium Cobalt Oxide (LCO)

      • Lithium Titanate Oxide (LTO)

      • Lithium Manganese Oxide (LMO)

      • Lithium Nickel Cobalt Aluminium Oxide (NCA)

    • Other Secondary Batteries

By Voltage Type

  • Low Voltage Batteries (1V - 12V)

  • Medium Voltage Batteries (24V - 100V)

  • High Voltage Batteries (200V - 1000V)

By Power Capacity

  • Low-Capacity Batteries (Up to 1,000 mAh)

  • Medium Capacity Batteries (1,000 mAh to 10,000 mAh)

  • High-Capacity Batteries (10,000 mAh to 100,000 mAh)

  • Ultra-High-Capacity Batteries (More than 100,000 mAh)

By Self-Discharge Rate    

  • Low Self-Discharge Rate Batteries

  • Medium Self-Discharge Rate Batteries

  • High Self-Discharge Rate Batteries

By Application

  • Residential

  • Industrial

    • Automotive

      • ICE Engines

        • Passenger vehicles

        • Commercial vehicles

      • Electric vehicles

        • E-Bikes

        • E-Cars

        • E-Buses

        • E-Trucks

    • Medical

    • Telecom & IT

    • Consumer Electronics

    • Power & Utility

    • Aerospace & Defense

    • Marine

    • Other Industries

  • Commercial

By Region

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The UK

    • Germany

    • France        

    • Italy        

    • Spain        

    • Denmark        

    • Netherlands        

    • Finland        

    • Sweden        

    • Norway        

    • Russia        

    • Rest of Europe    

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia-Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

Key Players

  • LG Energy Solution Ltd. 

  • Contemporary Amperex Technology Co., Limited

  • SK Innovation Co. Ltd.

  • EVE Energy Co., Ltd.  

  • Panasonic Holdings Corporation 

  • Sunwoda Electronic Co., Ltd.

  • Samsung SDI Co., Ltd. 

  • Tesla Inc.

  • EVE Energy Co., Ltd.  

  • BYD Company Ltd.

  • Gs Yuasa Corporation

  • Gotion High tech Co Ltd

  • Toshiba Corporation 

  • Exide Industries Ltd.

  • EnerSys, Inc.

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2024

USD 151.48 Billion

Revenue Forecast in 2030

USD 378.53 Billion

Growth Rate

CAGR of 16.5% from 2024 to 2030

Analysis Period

2024–2030

Base Year Considered

2024

Forecast Period

2025–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Rapidly expanding EV industry fuels the growth of the market

  • Growing consumer electronics industry further drives the growth of the market

  • Expansion of energy storage solutions further propels the growth of the market

Companies Profiled

15

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

Bar chart Pie chart Pie chart

Frequently Asked Questions

The top companies in battery market are LG Energy Solution Ltd., Contemporary Amperex Technology Co., Limited, SK Innovation Co. Ltd., EVE Energy Co., Ltd., Panasonic Holdings Corporation, Sunwoda Electronic Co., Ltd., Samsung SDI Co., Ltd., Tesla Inc., EVE Energy Co., Ltd., BYD Company Ltd., Gs Yuasa Corporation, Gotion High tech Co Ltd, Toshiba Corporation, Exide Industries Ltd., EnerSys, Inc., and others.

According to the report published by Next Move Strategy Consulting, battery market is expected to hit USD 378.53 billion by 2030.

Environmental concerns due to the use of toxic chemicals hinder the growth of the market.

According to the report published by Next Move Strategy Consulting, battery market was valued at USD 151.48 billion in 2024.

The development of nuclear power batteries creates future growth opportunities for the market.

Download Free Sample

Please Enter Full Name

Please Enter Valid Email ID

Please enter Country Code and Phone No

Please enter message

$4,975
$3,975
$6,975
$2,975

This website uses cookies to ensure you get the best experience on our website. Learn more