Thu, 08 Dec 2022

Battery Market factors presage the vast prominence batteries are garnering and the significant traction the market will gain in the future. In this regard, Market Research Future (MRFR) asserts that the already booming battery market is estimated to gain USD 270 BN by 2028, registering a 10.5% CAGR over the forecast period (2021-2028).

Battery Market Overview

The global battery market is growing continually due to rapidly advancing battery and storage technologies. Besides, batteries are evolving to keep up with recent technologies incorporated into vehicles with start-stop capabilities, typically placing greater demands. Today, batteries are used in consumer electronics, vehicles, and more. The huge uptake of batteries in the automotive industry is a key force behind the market growth.

Stricter environmental regulations to accelerate production and sales of cleaner, electrified vehicles, in turn, increase challenges for automakers worldwide; securing a stable supply of battery materials is among many such challenges. Therefore, automakers form strategic partnerships with battery manufacturers to secure a steady supply of essential metals used in batteries for electrified vehicles.

Report Coverage

Metrics

Details

Market Size till 2028

2030: USD USD 270 BN

CAGR

10.5% CAGR (2021-2028)

Base Year

2020

Forecast Period

2021-2028

Key Market Drivers

Increasing interests in manufacturing in infrastructure involving vehicle charging

Decline in the costs of battery manufacturing, preservation, and spread.

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Such investments not only help automotive players to secure a stable battery supplier but also contribute to the development of advanced batteries, competitive in terms of performance and cost. Leading battery manufacturers offer a blend of cost and customization to help accelerate battery development.

They strive to deploy software-based platforms that can boost energy density notably (30% or more) and increase utilization. Battery suppliers claim that their battery pack design can reduce costs and are getting mass manufacture requirements from most automotive OEMs.

The capability to offer an end-to-end, in-house battery solution and support it from conceptualization and prototyping to homologation and production takes a lot of effort and a high level of expertise. Industry players are increasingly focusing on niche automotive companies that typically make less than 10,000 vehicles per year and can meet the minimum order requirements.

Industry Trends

While offering a vertically integrated solution to battery production, including homologation and mass manufacture, key players deploy a series of fully adjustable parameters that enhance their ability to generate designs automatically. Moreover, the growing use of batteries in energy storage applications boosts the market value. Augmenting demand for UPS in industrial sectors such as manufacturing, chemical, healthcare, and oil & gas substantiates market revenues.

Also, batteries are widely used in power stations and substations, which define the growing market landscape. Ongoing smart grid projects, alongside the increase in the adoption of renewable energy systems and quadrupling telecom towers, foster market value. Conversely, the high manufacturing cost is a major factor challenging battery manufacturers and restricting market growth.

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Battery Market Segment

The market is segmented into types, technology, applications, and regions. The type segment comprises primary batteries and secondary batteries. The technology segment comprises a lead-acid battery, lithium-ion battery, flow battery, nickel-metal hybrid battery, small sealed lead-acid battery, sodium-sulfur battery, zinc-manganese dioxide battery, nickel-ion battery, and others.

The application segment comprises automotive batteries (HEV, EV, and PHEV), industrial batteries {Motive, Stationary (UPS, telecom, ESS (energy storage systems)}, portable batteries (consumer electronics), SLI batteries, power tools batteries, and others. The region segment is bifurcated into the Middle East & Africa, Asia Pacific, Americas, Europe, and rest-of-the-world.

Battery Market Regional Analysis

The Asia Pacific region dominates the battery market across the globe. Factors such as promising government regulations that encourage investments from public-private partnerships and foreign direct investments boost the market size. Also, growing markets in developing countries such as China, South Korea, and India are expected to fuel the battery market.

Rising numbers of EV rental stores & kiosks and major players investing heavily in electric mobility services in the region offer significant market opportunities. APAC is likely to remain a highly attractive market for battery management systems during the review period. Furthermore, the increasing adoption of batteries to provide uninterrupted power supply fosters the market share.

North America is another lucrative market for batteries and energy storage systems. Factors such as the proliferation of EVs and the presence of key industry players are major growth drivers. Additionally, rising deployments of various energy storage solutions and batteries in the manufacturing sector for efficient energy management accelerate regional market growth.

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Battery Market Competitive Analysis

This market appears highly competitive, with several well-established players forming a competitive landscape. Industry players strive to offer a wide range of energy storage systems. Due to the expected innovations and improvements in product, service, and product innovations, the market is soon expected to witness intensified competition. Players incorporate strategic initiatives such as collaboration, acquisition, partnership, product & technology launch, and expansion to gain a larger competitive share.

For instance, on September 07, 2022, Japan's Nissan Motor Co. announced its plan to acquire all the common shares in Vehicle Energy Japan Inc., an automotive battery firm. The acquisition would position Nissan as the largest shareholder in lithium-ion battery production, and Vehicle Energy Japan will become its consolidated subsidiary, holding shares alongside existing shareholders - Maxell Ltd and Hitachi Astemo Ltd.

Leaders in the battery market includes,

  • Douglas Battery (US)
  • Exide Technologies (US)
  • Penn Manufacturing Company Inc. (US)
  • The Furukawa Battery Co. Ltd.(Japan)
  • Johnson Controls Inc. (US)
  • Zhejiang Haijiu Battery Co. Ltd. (China)
  • CamelGroup (Italy)
  • Chaowei Power Holding Ltd.(China)
  • and Fengfan Co. Ltd.(China)
  • among others.

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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