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
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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. |
Stationary
Motive
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
Low Voltage Batteries (1V - 12V)
Medium Voltage Batteries (24V - 100V)
High Voltage Batteries (200V - 1000V)
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)
Low Self-Discharge Rate Batteries
Medium Self-Discharge Rate Batteries
High Self-Discharge Rate Batteries
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
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
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 |
|
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. |