Battery Technology Global Market Report 2024

The global battery technology market has grown rapidly in recent years. It will grow from $111.78 billion in 2023 to $124.4 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The expansion observed in the historical period can be attributed to the boom in consumer electronics, increased growth in renewable energy storage, the development of smart grid and energy management systems, heightened consumer demand for longer battery life, and the global push for energy efficiency.

The global battery technology market is expected to see rapid growth in the next few years. It will grow to $188.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period can be attributed to the expansion of the electric vehicle market, increased growth in energy storage systems, a rising demand for high-performance wearables, integration in electric aircraft, advancements in battery management systems, applications in remote and off-grid settings, and the overall transition to sustainable transportation. Key trends expected in the forecast period encompass the development of fast-charging technologies, the shift towards cobalt-free batteries, the utilization of second-life batteries, the emergence of solid-state batteries, advancements in anode technologies, increased collaborations and partnerships, and a growing emphasis on recycling and the circular economy.

The expansion of the electric and hybrid electric vehicle market is poised to propel the growth of the battery technology sector. These vehicles, powered either fully or partially by electric motors, are anticipated to see increased adoption. With a surge in the usage of such vehicles, a substantial number of batteries will be required, leading to cost savings for users. Notably, the International Energy Agency reported a nearly twofold increase in global electric car sales to 6.6 million in 2021, resulting in a total of 16.5 million electric cars on the road. The share of electric car sales grew by 4% in 2021, aligning with the Net Zero Emissions initiative, which aims for an electric car fleet of over 300 million by 2030, representing 60% of new car sales. Thus, the increasing adoption of electric and hybrid electric vehicles is expected to drive the battery technology market.

The rising demand for consumer electronics is set to boost the battery technology market. Consumer electronics, encompassing devices for everyday use, rely on battery technology to ensure extended battery life in smartphones, tablets, laptops, digital cameras, and gaming devices. The portability and usability of these devices are sustained by battery technology. For instance, LG, a South Korea-based consumer electronics company, reported its highest annual revenue in 2022, with a 12.9% increase from 2021. The revenue for LG's Home Appliance & Air Solution Company in 2022 reached $22.5 billion, reflecting a 10.3% rise from 2021. The growing consumer electronics demand is a driving force for the battery technology market.

An emerging trend in the battery technology market is the development of advanced battery technologies by major industry players. These technologies prioritize non-flammability and environmental impact reduction to gain a competitive advantage. For instance, Offgrid Energy Labs, an innovator based in India, introduced ZincGel Battery Technology in April 2022. This technology serves as an innovative and cost-effective alternative to imported batteries. By incorporating non-toxic zinc-based materials, the technology aims to strike a balance between performance and cost. It addresses prevalent issues with Li-Ion batteries, particularly in the realm of battery switching. The pursuit of advanced battery technologies is a notable trend in the evolving battery technology market.

Prominent companies in the battery technology market are directing their efforts toward product innovation and technological advancements to secure a competitive edge. One notable example is Astroinno, an electric vehicle battery developed by Astroinno batteries. This lithium-manganese-iron-phosphate (LMFP) battery boasts high energy density and an extended cycle life. An illustrative instance occurred in May 2023 when Gotion High Tech Co., Ltd., a Chinese battery manufacturer, unveiled Astroinno. With a remarkable range of up to 1000km on a single charge, Astroinno sets new standards by featuring nickel-cobalt-manganese (NCM)-free batteries. The battery incorporates sandwich-structure double-sided liquid cooling technology and internal insulation materials capable of withstanding temperatures up to 1200°C, along with the ability to undergo 1500 fast charging cycles in just 18 minutes.

In a strategic move in August 2022, Nikola Corporation, a US-based clean energy transportation company, completed the acquisition of Romeo Power for $144 million. This acquisition positioned Nikola to integrate battery pack engineering and production processes in-house. Romeo Power, an American battery company, became an integral part of Nikola Corporation's endeavors in the dynamic battery technology landscape.

Major companies operating in the battery technology market report are Panasonic Corp., Samsung SDI Co. Ltd., Contemporary Amperex Technology, BYD Auto Co. Ltd., Clarios, Hitachi Maxell Corp., Exide Corp., American Battery Charging Inc., Honda Inc., China Bak Battery Inc., Sony Corp., Fujitsu Ltd., General Electric Co., Google LLC, Honeywell International Inc., Eveready industries India Ltd., LG Chem Ltd., A123 Systems Inc., Automotive Energy Supply Corporation, Aviation Industry Corporation of China, Tesla Motors Inc., Albemarle Corp., Caterpillar Inc., Sumitomo Metal Mining Co. Ltd., Qorvo Inc., Humatics Corporation, Apple Inc., Zebra Technologies Corporation, Pulse LINK Inc., Fractus SA, EVE Energy, American Battery Technology Company, SK Innovation Co. Ltd., CALB Technology, Toshiba Corporation, Duracell Inc., Energizer Holdings Inc., Saft Groupe S.A.

Asia-Pacific was the largest region in the battery technology market share in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the battery technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the battery technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key product types in battery technology include lead acid, lithium-ion, nickel cadmium, and nickel metal hydride. Lead acid batteries, characterized by their large capacity and rechargeable nature, are composed of lead and acid. Diverse power systems are available, such as fuel cell batteries, proton exchange membrane fuel cells, alkaline fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, and air cells, equipped with control technologies like battery chargers, battery conditioners, and smart battery systems. The applications of these technologies span the automotive industry, consumer electronics, residential and commercial sectors, power industry, defense and aviation, and various other domains.

This report provides battery technology market statistics, including battery technology industry global market size, regional shares, competitors with a battery technology market share, detailed battery technology market segments, market trends and opportunities, and any further data you may need to thrive in the battery technology industry. This battery technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The battery technology market consists of sales of batteries for powering consumer devices, and data centers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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