Global Battery Market to Grow at a CAGR of 15% During 2024-2032, Aided by Technological Advancements

The development of technologically superior batteries that aid in various applications is driving the growth of the market. Moreover, batteries are used in small devices and backup for energy, hence augmenting the market growth. Additionally, the introduction of durable and innovative batteries is enabling their extensive use in various major industries, which is providing further impetus to the market growth. In the infrastructure industry, batteries are used as power generators for devices, such as fire alarms, and gas and water meters. Moreover, they are also used in the automotive industry as a backup for electrical components, such as remote keyless entry and e-calling. Outdoor machinery like agricultural machinery, construction machinery, and water level sensors are equipped with wireless network connections, which widely use batteries with a long life. Such extensive uses of batteries in various industries are positively aiding the market growth.

GS Yuasa International Ltd. (TYO: 6674), one of the leading players, launched LIM30HL series of industrial lithium-ion batteries module in December 2020. The batteries are upwardly compatible and feature a higher rated capacity and lower internal resistance. Also, the series can provide excellent performance in the electric drive units of large industrial vehicles such as hybrid vehicles with regenerative charging and power assisting functions. In addition, the series also contributes to the development of social infrastructure, including disaster prevention facilities. Moreover, they also contribute to reductions in energy used by industrial equipment and machinery. The development of such innovative products by the leading companies is anticipated to propel the market growth in the forecast period.

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Market Analysis by Product, Application, and Region:

• The market, on the basis of product, can be divided into lithium-ion, lead acid, nickel metal hydride, and nickel cadmium, among others.

• Based on applications, the industry can be divided into automotive batteries, industrial batteries, and portable batteries.

• The regional markets for battery include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing manufacturing activities due to rapid industrialisation in emerging economies such as India and China are aiding the industry growth.

• The market is being driven by technological advancements and innovation, which are leading to the development of cost-effective and durable batteries.

• The introduction of stringent government policies to combat air pollution is increasing the demand for battery-driven electronic vehicles, further augmenting the market growth.

• The extensive use of batteries in major industries such as aerospace to provide power backup is providing further impetus to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global battery market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, applications, and regions of battery.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for battery are LG Energy Solution, GS Yuasa International Ltd., BYD Company Ltd., Exide Industries Ltd., Johnson Controls, and Panasonic Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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