Global Battery Market Overview, 2024-29

A battery consists of one or multiple cells which facilitate the conversion of chemical energy into electricity. Batteries are used to supply primary power or act as the back-up power supply in transport, industrial, or commercial applications. With the demand in the global transportation market increasing, the market for batteries is also projected to grow. The rising number of electrical circuits and devices in the transportation industry is one of the major factors driving this growth. New markets that further boost battery growth is the electric bicycle and storage systems for renewable energy, from which homeowners, businesses, and developing nations are benefiting. Large grid storage batteries collect surplus energy during high activity and bridge the gap when the input is low or when user demand is heavy. Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicles on a large scale. In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Falling battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating a demand for battery technologies. The number of people without access to electricity in the African region is to increase by over 600 Million in 2030, despite efforts to boost electrification. The Sub-Saharan and rural south Asian regions, in particular, are expected to be one of the central hotspots for off-grid solar initiatives.

According to the research report, “Global Batteries Market Outlook, 2029” published by Bonafide Research, the market is expected to cross USD 246.07 Billion market size by 2029. The major factors driving the market include declining prices, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics. The market comprises a network of players, including major global players as well as localized regional players. Key players in the global battery market Johnson Controls, Exide Technologies, GS Yuasa, Robert Bosch GmbH, Saft Groupe SA, Delphi Automotive LLP, LG Chem, and Panasonic Corporation among others. High demand for portable electronics, including LCDs, smart-phones, tablets, and wearable devices, is boosting the growth of lead-acid battery segment. The market is expected to observe substantial growth on account of technological advancements in terms of enhanced efficiency, cost-effectiveness, and product innovation. The market-leading segment of lead-acid batteries is expected to report the lowest CAGR of through the forecasted period. The Middle East & Africa and Asia Pacific region together are expected to account for a market share of over 50% by the end of the forecast period.

The global batteries market is undergoing remarkable expansion and transformation, especially within the primary and secondary battery segments. Primary batteries, which are designed for one-time use and cannot be recharged, continue to hold a strong position due to their ease of use and dependability for low-drain devices such as remote controls, watches, and various small electronics. The demand for these batteries is anticipated to remain stable, largely because of the prevalence of such devices in our daily lives. On the other hand, the secondary battery segment, which includes rechargeable options like lithium-ion, lead-acid, and nickel-based batteries, is experiencing rapid growth. This increase is primarily driven by the surging interest in electric vehicles, which depend on high-capacity, high-performance secondary batteries for their motors and extended driving ranges. Furthermore, the growing adoption of renewable energy sources, such as solar and wind, has amplified the need for effective energy storage solutions, further enhancing the demand for secondary batteries. Continuous advancements in battery technology, including improvements in chemistry, energy density, and charging efficiency, have made secondary batteries more reliable, durable, and cost-effective, making them the preferred option for a variety of applications, from consumer gadgets to industrial machinery.

The global battery market is a vibrant and rapidly changing arena, featuring a variety of battery technologies competing for dominance. Key contenders include lithium-ion, lead-acid, nickel-metal hydride, and nickel-cadmium batteries, each offering distinct features and uses. Lithium-ion batteries stand out for their impressive energy density and longevity, making them the preferred choice in portable electronics and electric vehicles, which fuels a robust global demand. On the other hand, lead-acid batteries, known for their affordability, are facing challenges in their traditional roles in automotive and stationary energy storage due to the superior capabilities of lithium-ion alternatives. Nickel-metal hydride batteries, once favored for hybrid electric vehicles, are now under pressure from lithium-ion as manufacturers strive for greater range and efficiency. Meanwhile, nickel-cadmium batteries, previously common in power tools and various applications, are slowly being retired due to environmental issues linked to cadmium toxicity. As technology progresses and consumer preferences evolve, the global battery market is poised for substantial growth, with each segment establishing its own niche based on criteria like cost, energy density, and sustainability.

The global battery market has been on a remarkable rise in recent years, fueled by the growing need for energy storage solutions across diverse applications. As the world transitions to renewable energy sources and the adoption of electric vehicles (EVs) accelerates, the demand for effective and reliable battery technology has become increasingly vital. In the automotive realm, the surge in EV popularity has led to a heightened demand for cutting-edge lithium-ion batteries, which provide better energy storage and extended driving ranges compared to traditional lead-acid options. Additionally, the heightened focus on sustainability and environmental responsibility has spurred the uptake of battery-powered vehicles, with governments globally offering incentives and policies to facilitate the shift towards greener transportation. This has resulted in a notable increase in the production and utilization of lithium-ion batteries, extending beyond passenger cars to include commercial and industrial uses, such as electric buses, trucks, and heavy machinery. The global battery market is also being shaped by advancements in portable electronics, including smartphones, laptops, and wearable. The relentless consumer demand for longer battery life and faster charging has pushed manufacturers to innovate continuously. The introduction of new battery chemistries, like solid-state and lithium-sulfur, promises even greater energy density and safety, further driving the expansion of the global battery market.



Covid-19 Impacts:
The battery market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the market is expected to decline as the pandemic is restricting the supply of batteries and other components due to severe disruptions in businesses and the global economy. The current situation has impacted the supply chain of the battery industry. Key components for batteries are mainly manufactured in Asia and the Pacific. The COVID-19 situation has exposed the over-dependency on the region for key raw materials, especially China. Battery manufacturers in the US, Germany, and Australia are highly impacted by the shutdown of operations in China and other Asia-Pacific countries. It has also resulted in limited production, leading to a serious decline in business inputs. The recovery depends on government assistance as well as the level of corporate debt and how the companies and markets cope with the trimmed demand. After the recovery phase, the market is projected to grow at a moderate rate until 2030.


Major Companies Present In the Market
A123 Systems LLC, BYD Company Limited, C&D Technologies Inc., Clarios, Contemporary Amperex Technology Corporation Limited, GS Yuasa International Limited, Hitachi Chemical Corporation Limited, LG Chem Limited, Panasonic Corporation, Saft Group SA, Samsung Corporation Limited, Sony Corporation, Toshiba Corporation

Considered In the Report
• Geography: Global
• Historical year: 2018
• Base year: 2028
• Estimated year: 2024
• Forecasted year: 2029

Regions covered:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa


Aspects Covered In the Report
• Market Size By Value for the historic time period (2018-2023)
• Market Size By Value for the forecast time period (2024-2029)
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the battery manufacturers, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.