The global battery market size is expected to reach USD 169.09 billion by 2029 according to a new study by Polaris Market Research. The report “Battery Market Share, Size, Trends, Industry Analysis Report, By Type (Lead-Acid, Lithium-Ion, Nickel Metal Hydride, Nickel Cadmium, Others); By End-Use; By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Batteries are an efficient source of energy and one of the most convenient ways to store power. The robust use of batteries in several end-use industries, including automotive, household, medical, military, industrial, is expected to drive the growth of the industry over the forecast period.
On the basis of type, the lead-acid segment is expected to account for the largest share over the forecast period. These are widely used as vehicle ignition and lights, solar-panel energy storage, backup power, and load leveling in power generation. The lead-acid batteries are highly used as they are recyclable, economical, easier to use, much safer as compared to the other alternatives.
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Lithium-Ion segment is expected to hold a significant share over the forecast period owing to its high use in several applications, including electric vehicles, laptops, mobiles, and other appliances. The rising demand for global Energy Storage Systems (ESS) is projected to augment the industry demand over the forecast period. ESS utilizes batteries considering high power delivery, recyclability, and economic nature. Lead-acid batteries are the commonly used battery types for energy storage systems owing to numerous applications.
Asia Pacific region is expected to account for the highest growth over the forecast period owing to the expansion of the manufacturing base in countries such as China, India, and Japan. The global trend is influencing the consumers in the Asia Pacific region to purchase electric vehicles. The increased sale of electric vehicles in the region is anticipated to increase the demand for batteries in the region, accelerating the industry’s growth.
Furthermore, the presence of major industry players, including Toyota Industries, Hyundai Motor Company, Shanghai Automotive Industry Corporation (SAIC), Komatsu Limited, and Nissan Motor Company across the region, is expected to drive the industry growth.
The major participants of the industry include Contemporary Amperex Technology Co., Duracell, Johnson Controls, A123 Systems LLC, BYD Company Ltd., LG Chem Ltd., Eveready Industries, GS Yuasa International Ltd., Hitachi Chemical Co., Ltd., Sony Corporation, NEC Corporation, Panasonic Corporation, Saft, Samsung SDI Co., Ltd., and Toshiba Corporation. These companies are adopting several new business models to further enhance their presence in the global industry.
Polaris Market Research has segmented the battery market report on the basis of type, end-use, and region:
Battery, by Type Outlook (Revenue – USD Billion, 2016 – 2028)
- Nickel Metal Hydride
- Nickel Cadmium
Battery, by End-Use Outlook (Revenue – USD Billion, 2016 – 2028)
- Consumer Goods
Battery, by Regional Outlook (Revenue – USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa