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) - Industry Forecast 2024-2031

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.