The batteries market size is expected to see strong growth in the next few years. It will grow to <b>$161.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. </b> The growth in the forecast period can be attributed to energy transition, miniaturization and iot, research and development, electric grid upgrades. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Segmentation & Regional Insights
The batteries market covered in this report is segmented –
1) By Type: Secondary Batteries, Primary Batteries
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications
Subsegments Covered: Lead Acid, Lithium-Ion (Li-Ion), Nickel-Cadmium (Ni-Cd), Nickel Metal Hydride, Other Secondary Batteries, Alkaline Primary Batteries, Lithium Primary Batteries, Other Primary Batteries
<b>Asia-Pacific</b> was the largest region in the batteries market in 2023. <b>Western Europe</b> was the second largest region in the batteries market. The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand for electric vehicles is expected to propel the growth of the batteries market going forward. Electric vehicles (EVs) are vehicles that are powered by electricity as their primary source of propulsion. Batteries provide the energy needed for propulsion, regenerative braking, and powering various auxiliary systems in electric vehicles. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles increased to 6.6 million in 2021 when compared previous year. Therefore, the increasing demand for electric vehicles is driving the growth of the batteries market going forward .
Key Industry Players
Major companies operating in the batteries market include <b> Samsung SDI Co. Ltd., LG Chem Ltd., BYD Electronic Company Limited, TDK Corporation, Panasonic Corporation, Chaowei Power Holdings Ltd., GS Yuasa Corporation, SK Inc., Berkshire Hathaway Inc., China Aviation Lithium Battery Co. Ltd., Hefei Guoxuan High-Tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Inc., E-One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Chemical Co. Ltd., Johnson Controls International plc, Kokam Co. Ltd., Tianjin Lishen Battery Co. Ltd., Murata Manufacturing Co. Ltd., Dongguan Boliwei Battery Co. Ltd., Northvolt AB, Saft Groupe SA, OptimumNano Energy Co. Ltd., Tesla Inc., A123 Systems LLC, Toshiba Corporation, VARTA AG, Wanxiang Group Corporation, Winston Global Energy Limited, Zhejiang Narada Power Source Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited.</b>
The batteries market report table of contents includes:
- Executive Summary
- Batteries Market Characteristics
- Batteries Market Trends And Strategies
- Batteries Market – Macro Economic Scenario
- Global Batteries Market Size and Growth
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- Global Batteries Market Competitive Benchmarking
- Global Batteries Market Competitive Dashboard
- Key Mergers And Acquisitions In Batteries Market
- Batteries Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Samsung SDI Co. Ltd.
- LG Chem Ltd.
- BYD Electronic Company Limited
- TDK Corporation
- Panasonic Corporation
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