Battery Market to Grow at 15.9% CAGR by 2030
The increased demand for batteries due to the growing adoption of electric vehicles worldwide has been pivotal for the battery market growth.
Global Battery market was valued at $112.10 billion in 2021 and is expected to reach $406.08 billion by 2030, registering a CAGR of 15.9% during the forecast period — 2022–2030, according to a new research report by Next Move Strategy Consulting.
The sales of batteries have spurred due to the growing demand for consumer electronics and the increasing adoption of electric vehicles worldwide. Electric vehicles require batteries with a high power-to-weight ratio and high energy density.
Additionally, smaller and lighter batteries are preferred due to their low vehicle weight and improved overall performance of electric vehicles. Lithium polymer and lithium-ion are the most commonly used battery types in modern electric vehicles and hybrid vehicles.
The other rechargeable batteries used in electric vehicles include deep-cycle & valve-regulated lead acid batteries and nickel-cadmium, nickel–metal hydride batteries. Furthermore, the high adoption of energy storage systems that use batteries is one of the significant factors leading to the growth of the battery market.
On the contrary, safety issues related to using batteries that contain toxic materials, such as mercury, cadmium, lithium, and lead, hinder the market growth. However, the producers of batteries have responded to these concerns by focussing on developing environmentally compatible products. Also, the growing demand for batteries in industries, such as telecom and IT, for energy storage will be the crucial factor benefiting the battery market growth.
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According to the report, the leading market players in the battery market are LG Chem Ltd., Contemporary Amperex Technology Co. Limited (CATL), Samsung SDI Co., Ltd., BYD, SKI, Envision Aesc Group Ltd., Gotion High tech Co. Ltd, Primearth EV Energy Co., Ltd., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation and many others.
Key Insights from the Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impacts on the battery market is provided in the report.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
The market shares of the players in the global battery market, along with their competitive analyses, are included in the study.