Battery Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global battery market is experiencing robust growth, primarily fueled by the automotive industry's increasing demand for batteries. The use of batteries in two-wheelers and four-wheelers for starting, lighting, and ignition (SLI) applications has seen significant growth, driven by the booming vehicle manufacturing sector worldwide. Government efforts to bolster automotive battery production are also expected to further enhance the prospects of the global battery market. In emerging economies, the shift towards electric mobility has attracted substantial investments in battery manufacturing and development, leading to innovative outcomes in the battery market. Incentives aimed at advancing cell chemistry and lithium-ion battery production are anticipated to generate fresh demand for lithium-ion batteries, triggering mergers and acquisitions, cross-collaborations, and intensified research and development efforts within the battery market during the forecast period.

Electric Mobility Spurs Lucrative Opportunities in the Battery Market

The rise of electric mobility has opened up lucrative opportunities in the battery market. The increasing use of batteries in electric vehicles (EVs) and hybrid EVs is expected to drive the market's growth. Lithium-ion batteries, owing to their functional properties, have been witnessing a surge in production and demand. In the forthcoming years, the escalating sales of EVs, the emergence of ambitious EV start-ups, and positive consumer perception of EVs are set to unlock profitable outcomes in the global battery market. Additionally, climate-conscious public and private organizations are likely to make promising investments in the market as part of the global initiative to curb carbon emissions and transition towards cleaner energy sources.

Lead-Acid Batteries Gain Demand amid Rising Lithium-Ion Battery Use Cases

The adoption of lead-acid batteries has been steadily increasing, attributed to their versatile use in various applications, including EVs, uninterrupted power supply systems, transportation, grid-scale power systems, and telecommunications. The growing demand for uninterrupted power supply systems in heavy industries is expected to fuel the demand for lead-acid batteries. Simultaneously, lithium-ion batteries have been gaining popularity worldwide, especially in electric vehicles, propelling their demand. These batteries are also widely used in grid storage applications due to their low maintenance requirements, lighter weight, and high energy density. As a result, lithium-ion batteries are poised to replace lead-acid batteries in certain applications, further expanding the battery market.

Asia Pacific Emerges as a Leading Player in the Battery Market

The battery market in the Asia Pacific region is poised for significant growth, driven by the increasing use of batteries in the automobile and consumer electronics industries. The adoption of electric vehicles is also expected to spur the demand for batteries in the region. Government initiatives aimed at achieving carbon neutrality targets, such as subsidies for electric vehicle adoption, are predicted to support market growth. Moreover, factors like population growth, rising GDP, and a growing customer base for EVs are expected to fuel the expansion of the battery market in the Asia Pacific.

Prominent Players in the Global Battery Market

Leading companies operating in the global battery market include Johnson Controls, GS Yuasa International Ltd., BYD Company Ltd., NEC Corporation, HBL Power Systems Ltd., Tata AutoComp GY Batteries Pvt. Ltd., Luminous Power Technologies Pvt. Ltd., Okaya Power Pvt. Ltd., and Exide Industries Ltd. These market players are actively contributing to the growth and development of innovative battery technologies.