by The battery market comprises of rechargeable and non-rechargeable batteries that are used in a wide range of applications including consumer electronics such as smartphones, laptops, power tools, electric vehicles, and more. Batteries offer advantages such as portability, ease of use, and support faster charging of devices compared to traditional power sources. Factors such as the increasing sales of electric vehicles and growing electronics industry have accelerated the demand for batteries globally. The global battery market is estimated to be valued at US$ 192.47 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Key Takeaways
Key players: Key players operating in the battery market include DSM, CP Kelco, H & A Canada Inc., Nanjing Joyfulchem Co., Ltd., Dancheng Caixin Sugar Industry Co. Ltd., Zhengzhou Cinogel Biotech Co., Ltd., Hangzhou Gellan Solutions Biotec Co., Ltd., DuPont, Hebei Xinhe Biochemical Co. Ltd, and Nutricorn Co., Limited.
Key opportunities: Growing demand for electric vehicles, investments in renewable energy projects and increasing R&D to develop advanced battery technologies present lucrative opportunities for players in the battery market.
Global expansion: Leading manufacturers are expanding their production capacities and widening their distribution networks globally to tap the growing demand from both developed and developing economies. Strategic partnerships with global automakers are helping suppliers strengthen their presence across international markets.
Market drivers: One of the key drivers for the Battery Market Demand is the rising demand for consumer electronic devices. Manufacturers are focusing on developing thinner, lighter and higher capacity batteries to support newer generations of smart devices. The continuous launch of advanced smartphones, tablets and wearables is propelling the need for high-performance batteries.
PEST Analysis
Political: The battery market is regulated by environment laws regarding the usage and disposal of batteries. New policies aim to promote the adoption of electric vehicles and renewable energy storage which will boost demand.
Economic: As economies grow worldwide, demand for portable electronic devices and electric vehicles is increasing rapidly. This drives the need for high-performance, affordable batteries to power various products and tools.
Social: People expect longer usage times from electronics and green energy solutions for their homes. Battery manufacturers need to focus on performance, safety, and recyclability to meet social expectations. Environmental consciousness is rising.
Technological: Research into new battery chemistries, manufacturing methods and recycling processes is intense. Technologies like solid-state batteries promise higher energy densities needed for transportation. AI and IoT also create opportunities for advanced battery management systems.
Geographical concentration
The battery market in terms of value is concentrated in Asia Pacific region, specifically in China, Japan and South Korea. This is due to the large consumer electronics and electric vehicle manufacturing industries located in these countries. China alone accounts for over 30% of the global production of lithium-ion batteries.
Fastest growing region
North America is projected to be the fastest growing region during the forecast period led by the United States. Supportive government policies around electric vehicle adoption along with initiatives to develop domestic battery supply chains are driving higher demand. Investments by leading automakers to manufacture EVs locally will further boost the need for batteries in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
