Future of Batteries Market Size Worth USD 42.06 million units by 2032 | CAGR: 11.5%

Future of Batteries Market Size Worth USD 42.06 million units by 2032 | CAGR: 11.5%

The global future of batteries market size is expected to reach $ 42.06 million units by 2032, according to a new study by Polaris Market Research. The report “Future of Batteries Market Share, Size, Trends, Industry Analysis Report, By Battery Type (Lithium-lon, Sodium-lon, Solid-State, Lithium-Air); By Battery Form; By Vehicle Type; By Packaging Form; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Batteries are gaining attention with the emergence of electrical vehicles around the world. The growing government initiatives to promote green mobility, aiming to reduce greenhouse gas emissions, are anticipated to create huge demand in the coming years. This trend will certainly boost the production of EVs, and thereby facilitate the need for batteries over the forecast period.

According to the International Energy Agency, over 10 Million electric cars were purchased in 2022, and the number is expected to grow by 35%, reaching 14 Million in 2023. The increasing innovations in the future of the batteries market are likely to stimulate market expansion in the long run. For instance, in April 2024, Stratton and Briggs introduced their new battery, the SimpliPHI 6.6 home battery system. It is made up of lithium-iron phosphate.

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The rising prevalence of EV adoption is forcing most companies to engage in raw material production, particularly batteries, to meet global needs. For instance, In April 2024, Honda Motor Co., Ltd. disclosed its intention to establish an exhaustive electric vehicle (EV) value chain in Canada, with an estimated investment of CAD$15 billion. This strategic move, which includes contributions from mutual venture collaboration, seeks to strengthen Honda's EV supply system and capacity, positioning the company to fulfill the expected surge in the EV market across North America.

Additionally, the increasing collaborations among the companies are expected to boost battery production around the world. For instance, in April 2024, Honda Motor Co., Ltd. entered into a collaboration with Asahi Kasai to equip automotive battery separators in Canada. In the same month, Asahi Kasai announced an investment of USD 1.3 billion to establish a battery component plant in Canada. Such a significant rise in research explorations to develop batteries with unique properties and strengths is likely to drive the production of effective batteries in the next few years.

Future of Batteries Market Report Highlights

  • The lithium-ion segment is anticipated to witness the highest growth in the coming years due to its extensive safety, longevity, and fast charging capabilities.
  • In 2023, the passenger car segment accounted for the largest market share owing to the increasing demand for sustainable vehicles.
  • Cylindrical segment is projected to experience a significant revenue share due to its increased use in consumer electronics and electric vehicles.
  • APAC is projected to register the fastest growth during the forecast period, attributable to the increasing consumption of EVs.
  • The global players include A123 Systems, BYD Company, CATL, GS Yuasa International, Hitachi, Johnson Controls, LG Energy Solution, NEC Corporation, and more.

Polaris Market Research has segmented the future of batteries market report based on battery type, battery form, vehicle type, packaging form, and region:

Future of Batteries, Battery Type Outlook (Revenue - USD Million Units, 2019 - 2032)

  • Lithium-lon
  • Sodium-lon
  • Solid-State
  • Lithium-Air

Future of Batteries, Battery Form Outlook (Revenue - USD Million Units, 2019 - 2032)

  • Prismatic
  • Pouch
  • Cylindrical

Future of Batteries, Vehicle Type Outlook (Revenue - USD Million Units, 2019 - 2032)

  • Passenger Cars
  • Commercial Vehicles
  • Off-Road Vehicles

Future of Batteries, Packaging Form Outlook (Revenue - USD Million Units, 2019 - 2032)

  • Cell to Module
  • Cell to Pack
  • Cell to Chassis/Vehicle
  • Module to Chassis

Future of Batteries, Regional Outlook (Revenue - USD Million Units, 2019 - 2032)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Australia
    • Rest of APAC
  • Latin America
    • Argentina
    • Brazil
    • Mexico
    • Rest of LA
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa
    • Rest of MEA

Future of Batteries Market Report Scope

Report Attributes


Market size value in 2024

USD 17.54 Million Units

Revenue forecast in 2032

USD 42.06 Million Units


11.5% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in million units and CAGR from 2024 to 2032

Segments covered

  • By Battery Type
  • By Battery Form
  • By Vehicle Type
  • By Packaging Form
  • By Region

Regional scope

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Competitive Landscape

  • Future of Batteries Market Share Analysis (2023)
  • Company Profiles/Industry participants profiling includes company overview, financial information, product/service benchmarking, and recent developments

Report Format

  • PDF + Excel


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