Global Electric Battery Market

Electric Battery Market Size, Share, Growth Analysis, By Product(Lead Acid and Lithium Ion), By Application Outlook(Automotive and Industrial Battery), By End User(Aerospace and Automotive), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20E2085 | Region: Global | Published Date: April, 2024
Pages: 202 |Tables: 84 |Figures: 71

Electric Battery Market Insights

Global Electric Battery Market size was valued at USD 95.2 billion in 2022, USD 132.6 in 2023 and is projected to grow USD 242.53 billion by 2031, growing at a CAGR of 14.4% in the forecast period (2024-2031).

The automotive industry is using electric vehicles (EVs) to replace fossil fuels like petrol and diesel as they emit fewer emissions, are eco-friendly, it can be charged with renewable energy sources and will eventually result in lower electricity costs. As a result, the EV market is currently the largest for electric batteries. In addition, the relatively low road tax and registration payments linked to electric vehicles are anticipated to have an impact on market expansion. Given the decrease in battery costs and growing customer awareness of electric vehicles, there was a sign of the market's resilience early on when activity picked back up by the end of 2020.

On the other side, lithium-ion batteries are expected to overtake lead acid batteries in various applications, including autos, storage, plug-in electric vehicles, and electric vehicles during the forecast period. The expansion of the battery market is driven by the high demand for portable electronics, such as fitness bands and LCDs, tablets, smartphones, and wearable technology. Due to technical developments in terms of cost-effectiveness, improved efficiency, and product innovation, the market is anticipated to rise significantly. The recent switch from fossil fuels to renewable energy sources has resulted in a surge in global electrification and energy storage. The e-mobility sector is predicted to cause a large increase in the demand for batteries alone. With the EV industry driving the trend, lithium-ion battery solutions are likely to become the norm soon.

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Electric Battery Market Segmental Analysis

The global electric battery market is segmented based on product type, application type, end user type and regional type. In terms of product, the market is segmented into lead acid, lithium ion, nickel metal hydride, nickel cadmium, lithium titanate oxide and others. Based on application type, the market is bifurcated into automotive batteries, industrial batteries and portable batteries. Based on end user, the market is bifurcated into aerospace, automotive, electronics, energy storage, military & defense and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. Among all market segments, product type is the fastest growing sector.

Analysis by Product Type

As per categorization by installation type, the market is classified into lead acid, lithium ion, nickel metal hydride, nickel cadmium, lithium titanate oxide and others. Among these, lithium-ion earned the largest share and continues to dominate the market. Given that of the e-mobility industry, the lithium-ion segment dominated the market and accounted significant worldwide revenue share in 2022. In the upcoming years, it is expected that the EV market will propel lithium-ion battery solutions to the forefront. In terms of revenue, lead-acid batteries held the second-largest proportion of the global battery market in 2022. Over the forecast period, the growing demand for rechargeable batteries, namely starting, lighting, and ignition (SLI) batteries, in the automotive sector is expected to support market expansion.

Although lithium-titanate-oxide (LTO) batteries charge faster than any other lithium-ion battery, they have become the product with the fastest rate of growth in the worldwide battery market. Over the course of the projection period, fast charging capabilities and upcoming innovations should propel the lithium-titanate-oxide market's expansion. LTO batteries are perfect for high power demands and frequent cycling applications like grid energy storage systems and electric automobiles. LTO batteries have a strong performance and safety record, which positions them to be a major player in the shift to a more sustainable energy future. And the market keeps on growing due to such factors included.

Analysis by End User

Based on the type of end user, the market is divided into aerospace, automotive, electronics, energy storage, military & defense and others. Historical insights show that the automotive industry accounted for the largest share in the worldwide battery market, placing it at the top. During the forecast period, growing consumer awareness of the advantages of battery-operated vehicles in regions like Asia Pacific, Europe, and North America is anticipated to support lithium-ion battery growth in the automotive end-use segment. Due to its widespread use in portable consumer electronics including smartphones, laptops, tablets, torches or flashlights, and LED lights, electronics made up the second-largest segment.

On the other hand, the industrial segment is considered to register the fastest growing rate. As various other sectors are expected to grow at the fastest rate during the forecast period. This is supported by factors such as the industrial, medical, construction, and firefighting end-use segments are among the others. Batteries are used by most of these businesses to power vital machinery and equipment in the event of an emergency. The growth of the medical, construction, and firefighting application segments in the lithium-ion battery market is anticipated to be fueled by the rise in hospitals and medical facilities around the world that offer the public new and advanced healthcare services and treatment methods.

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Electric Battery Market Regional Insights

Asia Pacific held the greatest revenue share in 2023 and is set to dominate the worldwide market in times to comes. Grid storage, household storage, and commercial storage are all predicted to rise significantly due to several causes, including urbanization, industrialization, and rising disposable income in developing nations, along with legislation that encourage investment in the area. North America will trail closely in the regional battery market throughout the projected period. The need for non-residential infrastructure is expected to fuel significant growth in the North American construction industry in the upcoming years.

Growing demand of electric battery in the European market is anticipated, due to the rising demand for solar power systems and e-bikes in the Netherlands, Germany, and the United Kingdom. Throughout the projection period, the Europe battery market is anticipated to benefit from the steadily growing lead acid battery markets in Germany, Spain, Italy, France, and the United Kingdom. Expanding investments in eco-innovations such as electric bikes, forklifts, and cranes will probably help the battery business grow.

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Electric Battery Market Dynamics

Drivers

New Battery Developments

  • Solid-state batteries can get around some of the drawbacks of regular lithium-ion batteries, they represent a promising technology for electric vehicles. Globally, many businesses and academic institutions are developing solid-state battery technologies. To make these batteries commercially feasible, they are trying to enhance the scalability, manufacturing processes, and material design. Furthermore, to accelerate the development and use of solid-state batteries for electric vehicles, producers of batteries, technology companies, and automakers are collaborating on research and development projects.

Innovative EV Battery adoptions

  • Several businesses have achieved significant advancements in EV battery technology, enabling EVs to become a competitive alternative to traditional automobiles. The noteworthy advancements and developments made by companies in the EV battery market are included in the table below. The goal of ongoing advancements in the field of EV batteries is to increase the range of EVs. To this aim, the majority of the leading EV battery manufacturers have innovated in battery chemistry and design to increase EV range and do away with the need for frequent charging.

Restraints

Competing Automotive Market

  • Utilizing fuel cells, hydrogen and oxygen react chemically to produce electricity; the only byproducts of this process that hydrogen vehicles release is heat and water. Unlike EVs, they do not depend on conventional batteries. They could, however, have an indirect effect on the EV battery market by vying for capital and the construction of clean transportation infrastructure. Such factors may hamper the overall growth rate of the battery market in the coming years.

Substantial Initial Expense

  • The establishment of battery manufacturing plants necessitates a substantial upfront investment in equipment, infrastructure, and R&D. Quick developments in battery technology raise doubts about investment longevity and competitiveness, which makes prospective investors hesitant. The battery market is highly competitive, meaning that significant upfront costs are required for distribution, marketing, and gaining a competitive advantage.

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Electric Battery Market Competitive Landscape

There are several well-known corporations in the market, including as Panasonic, LG Chem, Samsung SDI, and Contemporary Amperex Technology Co. Limited (CATL), in addition to up-and-coming firms and startups who want to revolutionize the sector with cutting-edge technology. The focus of competition is on creating batteries with increased safety features, longer lifespans, quicker charging times, and higher energy densities. To obtain a competitive edge, businesses make significant investments in research and development. Numerous significant companies participate in vertical integration by producing energy storage systems or electric cars in addition to batteries. Synergies in supply chain management, market penetration, and technology development are provided by this combination.

Top Player’s Company Profiles

  • BYD Motors Inc. (China)
  • Exicom Tele-Systems Limited (India)
  • Samsung SDI Private Limited (South Korea)
  • Tata AutoComp GY Batteries Pvt. Ltd. (india)
  • LG Energy Solutions (South Korea)
  • EXIDE INDUSTRIES Ltd. (India)
  • Okaya Power Pvt. Ltd. (India)
  • CATL (China)
  • Panasonic Corporation Pvt. Ltd. (Japan)
  • Amara Raja Batteries Limited (India)
  • Toshiba Pvt. Ltd. (Japan)
  • Atlasbx Co. Ltd. (South Korea)
  • C&D Technologies, Inc. (USA)
  • Crown Battery Manufacturing (USA)
  • Huayu New Energy Technology (China)

Recent Developments

  • In July 2022, Panasonic decided to build its much-anticipated U.S. vehicle battery plant in Kansas City. Up to USD 4 billion is what the corporation intends to invest in its new manufacturing site. Panasonic declared that the plant would generate.
  • In October 2023, Samsung SDI secured a battery supply agreement with Hyundai Motor Company for electric vehicles. Prismatic batteries for Hyundai Motor's electric vehicles will be supplied by Samsung SDI, with a seven-year target market in Europe from 2026 to 2032.
  • In September 2022, BYD Motors Inc. came up with a new e-Bus Platform intended to make its debut in Europe first with its new blade batteries for commercial electric vehicles. Blade Batteries from BYD provide a more robust and secure selling pack for its Commercial and Passenger EVs.

Electric Battery Key Market Trends

  • Renewable Battery Transition: The need for energy storage solutions is increasing due to the growing demand for renewable energy sources like solar and wind power. To store extra energy produced by renewable sources for use during times of high demand or if renewable sources are unavailable, batteries are essential.
  • Sustainability of Battery Redefined: Environmental sustainability is increasingly being considered when making batteries. To recover valuable elements from end-of-life batteries, minimize waste, and lessen the environmental effect of battery production and disposal, businesses are investing in recycling technologies. To ease these worries, businesses are looking into substitute materials and increasing supply chain transparency.

Electric Battery Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, by solving the shortcomings of conventional lithium-ion batteries, solid-state batteries hold promise for electric vehicles. Worldwide efforts are concentrated on scalability, manufacturing techniques, and material design. Companies are experimenting with battery chemistry and design to enhance range and decrease the need for frequent charging, thanks to significant advancements in EV battery technology that have made electric vehicles competitive with conventional cars. Despite not depending on conventional batteries, the introduction of hydrogen fuel cell vehicles presents a competitive challenge to the electric vehicle market and may impede the expansion of the battery business due to shared infrastructure investments. Many businesses aim for vertical integration, producing energy storage devices and electric cars in addition to batteries, taking advantage of supply chain synergies, market presence, and technological advancements. Energy storage solutions are required due to the growing demand for renewable energy sources like solar and wind power. Batteries are crucial for storing extra energy during periods of high demand or unavailability of renewable energy sources. Hence, energy storage solutions are required due to the rising need for renewable energy sources.

Report Metric Details
Market size value in 2022 USD 95.2 billion
Market size value in 2031 USD 242.53 billion
Growth Rate 14.4%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Lead Acid and Lithium Ion
  • Application Outlook
    • Automotive and Industrial Battery
  • End User
    • Aerospace and Automotive
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BYD Motors Inc. (China)
  • Exicom Tele-Systems Limited (India)
  • Samsung SDI Private Limited (South Korea)
  • Tata AutoComp GY Batteries Pvt. Ltd. (india)
  • LG Energy Solutions (South Korea)
  • EXIDE INDUSTRIES Ltd. (India)
  • Okaya Power Pvt. Ltd. (India)
  • CATL (China)
  • Panasonic Corporation Pvt. Ltd. (Japan)
  • Amara Raja Batteries Limited (India)
  • Toshiba Pvt. Ltd. (Japan)
  • Atlasbx Co. Ltd. (South Korea)
  • C&D Technologies, Inc. (USA)
  • Crown Battery Manufacturing (USA)
  • Huayu New Energy Technology (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Battery Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Battery Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Battery Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Battery Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Battery Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electric Battery Market size was valued at USD 95.2 billion in 2022, USD 132.6 in 2023 and is projected to grow USD 242.53 billion by 2031, growing at a CAGR of 14.4% in the forecast period (2024-2031).

There are several well-known corporations in the market, including as Panasonic, LG Chem, Samsung SDI, and Contemporary Amperex Technology Co. Limited (CATL), in addition to up-and-coming firms and startups who want to revolutionize the sector with cutting-edge technology. The focus of competition is on creating batteries with increased safety features, longer lifespans, quicker charging times, and higher energy densities. To obtain a competitive edge, businesses make significant investments in research and development. Numerous significant companies participate in vertical integration by producing energy storage systems or electric cars in addition to batteries. Synergies in supply chain management, market penetration, and technology development are provided by this combination. 'BYD Motors Inc. (China)', 'Exicom Tele-Systems Limited (India)', 'Samsung SDI Private Limited (South Korea)', 'Tata AutoComp GY Batteries Pvt. Ltd. (india)', 'LG Energy Solutions (South Korea)', 'EXIDE INDUSTRIES Ltd. (India)', 'Okaya Power Pvt. Ltd. (India)', 'CATL (China)', 'Panasonic Corporation Pvt. Ltd. (Japan)', 'Amara Raja Batteries Limited (India)', 'Toshiba Pvt. Ltd. (Japan)', 'Atlasbx Co. Ltd. (South Korea)', 'C&D Technologies, Inc. (USA)', 'Crown Battery Manufacturing (USA)', 'Huayu New Energy Technology (China)'

Solid-state batteries can get around some of the drawbacks of regular lithium-ion batteries, they represent a promising technology for electric vehicles. Globally, many businesses and academic institutions are developing solid-state battery technologies. To make these batteries commercially feasible, they are trying to enhance the scalability, manufacturing processes, and material design. Furthermore, to accelerate the development and use of solid-state batteries for electric vehicles, producers of batteries, technology companies, and automakers are collaborating on research and development projects.

Renewable Battery Transition: The need for energy storage solutions is increasing due to the growing demand for renewable energy sources like solar and wind power. To store extra energy produced by renewable sources for use during times of high demand or if renewable sources are unavailable, batteries are essential.

Asia Pacific held the greatest revenue share in 2023 and is set to dominate the worldwide market in times to comes. Grid storage, household storage, and commercial storage are all predicted to rise significantly due to several causes, including urbanization, industrialization, and rising disposable income in developing nations, along with legislation that encourage investment in the area. North America will trail closely in the regional battery market throughout the projected period. The need for non-residential infrastructure is expected to fuel significant growth in the North American construction industry in the upcoming years.

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Global Electric Battery Market

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