Press release
Batteries Market Poised to Hit $196.97 Billion by 2029 with Accelerating Growth Trends
Batteries Market Size
Batteries Market Size Growth Forecast: What to Expect by 2025?
In the recent past, there has been a significant expansion in the batteries market. The market size is projected to rise from $127.46 billion in 2024 to $139.72 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.6%. Factors such as portable electronics, electric vehicles (evs), integration of renewable energy, consumer electronics, and energy storage systems have contributed to this historic growth.
How Will the Batteries Market Size Evolve and Grow by 2029?
In the coming years, a significant surge is slated for the batteries market, taking it up to $196.97 billion by 2029. This corresponds to a compound annual growth rate (CAGR) of 9.0%. Factors contributing to this projected growth during the forecast period include the energy transition, miniaturization and IoT, research and development, and electric grid upgrades. During this same period, the market is expected to be influenced by trends such as electrification and lightweighting, use of advanced materials, additive manufacturing, digitalization and connectivity, and collaboration and partnerships.
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What Drivers Are Propelling the Growth of Batteries Market Forward?
The battery market's expansion is projected to be driven by the rising demand for electric vehicles. Electric vehicles (EVs) primarily rely on electricity for propulsion. The batteries in these vehicles store and supply the electrical energy required to operate the vehicle's motors, eliminating the requirement for fossil fuels and providing a greener alternative to conventional petroleum-fueled vehicles. In January 2024, a report from the US-based professional non-profit, the International Council on Clean Transportation, stated that the percentage of new vehicle sales of plug-in electric vehicles jumped from roughly 3% in Q1 2021 to about 7% in 2022, and then exceeded 10% by Q3 2023. Consequently, the burgeoning demand for electric vehicles is spurring the growth of the battery market.
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Which Emerging Trends Are Transforming the Batteries Market in 2025?
Leading firms in the battery industry are directing their efforts towards the introduction of novel products like EV (Electric Vehicle) batteries to ensure the delivery of trustworthy services to their clientele. An EV battery, essentially a rechargeable energy storage system, is employed for powering the electric motor(s) in electric vehicles. For instance, Volkswagen, a German manufacturer of electric vehicle batteries, unveiled a pioneering EV battery known as Astroinno with a 1000 km range in May 2023. This recently launched battery potentially outstrips the energy density of conventional lithium-iron-phosphate (LFP) batteries and is likely more cost-effective than those heavily dependent on nickel and cobalt. This innovative battery enables electric vehicles equipped with a 140 kWh battery pack to have a driving range exceeding 1,000 km.
What Are the Key Segments 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, After market
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
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Who Are the Key Players Shaping the Batteries Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the Batteries Market?
Asia-Pacific was the largest region in the batteries market in 2023. 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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