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How Has the Batteries Market Evolved in Terms of Size and Value From 2025 to 2029?
The batteries market size has grown strongly in recent years. It will grow from $124.93 billion in 2024 to $134.74 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to portable electronics, electric vehicles (evs), renewable energy integration, consumer electronics, energy storage systems.
The batteries market size is expected to see strong growth in the next few years. It will grow to $187.7 billion in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to energy transition, miniaturization and iot, research and development, electric grid upgrades. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.
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What Are the Dominant Growth Drivers Impacting the Batteries Market Outlook?
The increasing demand for electric vehicles is expected to propel the growth of the battery market going forward. Electric vehicles (EVs) are vehicles that are powered by electricity as their primary source of propulsion. Batteries are used in electric vehicles (EVs) to store and provide the electrical energy needed to power the vehicle's motors, enabling them to run without the need for fossil fuels and offering a more sustainable alternative to traditional gasoline-powered vehicles. For instance, in January 2024, according to a report published by the International Council on Clean Transportation, a US-based professional non-profit organization, the proportion of new vehicle sales that are plug-in electric rose from approximately 3% in Q1 2021 to around 7% in 2022 and surpassed 10% by Q3 2023. Therefore, the increasing demand for electric vehicles is driving the growth of the battery market going forward.
Which Market Segment Offers the Most Significant Growth Opportunities in the Batteries Market?
The batteries market covered in this report is segmented –
1) By Type: Secondary Batteries, Primary Batteries
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications
Subsegments:
1) By Secondary Batteries: Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Cadmium Batteries, Nickel-Metal Hydride Batteries, Sodium-Ion Batteries
2) By Primary Batteries: Alkaline Batteries, Zinc-Carbon Batteries, Lithium Batteries, Silver Oxide Batteries, Zinc-Air Batteries
Which Disruptive Trends Are Reshaping the Competitive Landscape of the Batteries Market?
Major companies operating in the batteries market are focusing on innovative products such as EV (Electric Vehicle) battery to provide reliable services to their customers. An electric vehicle (EV) battery refers to a rechargeable energy storage device used to power the electric motor(s) in electric vehicles. For instance, in May 2023, Volkswagen, a Germany-based company that manufactures batteries for electric vehicles launched a new EV battery with a 1000 km range called Astroinno. The new battery may have a better energy density than typical lithium-iron-phosphate (LFP) batteries and be less expensive than those that primarily rely on nickel and cobalt. This new battery gives EVs powered by a 140 kWh battery pack a driving range of more than 1,000 km.
Who Are the Dominant Players Contributing Significantly to the Batteries Market Revenue?
Major companies operating in the batteries market include Samsung SDI Co. Ltd., LG Chem Ltd., BYD Electronic Company Limited, TDK Corporation, Panasonic Corporation, Chaowei Power Holdings Ltd., GS Yuasa Corporation, SK Inc., Berkshire Hathaway Inc., China Aviation Lithium Battery Co. Ltd., Hefei Guoxuan High-Tech Power Energy Co. Ltd., Sunwoda Electronic Co. Ltd., Farasis Energy Inc., E-One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Chemical Co. Ltd., Johnson Controls International plc, Kokam Co. Ltd., Tianjin Lishen Battery Co. Ltd., Murata Manufacturing Co. Ltd., Dongguan Boliwei Battery Co. Ltd., Northvolt AB, Saft Groupe SA, OptimumNano Energy Co. Ltd., Tesla Inc., A123 Systems LLC, Toshiba Corporation, VARTA AG, Wanxiang Group Corporation, Winston Global Energy Limited, Zhejiang Narada Power Source Co. Ltd., Exide Industries Limited, Amara Raja Batteries Limited.
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Which Regions Are Expected to Record the Strongest CAGR in the Batteries Market?
Asia-Pacific was the largest region in the batteries market in 2024. Western Europe was the second largest region in the batteries market. The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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