Yahoo Finance Battery Market size was valued at USD 112.10 billion in 2021 and is predicted to reach USD 406.08 billion by 2030 at a CAGR of 15.9% during the forecast period —2022–2030.
Battery Market by Type (Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, and Others), by Application (Residential, Industrial, and Commercial), and by Power Systems (Fuel Cell Batteries, Proton-Exchange Membrane Fuel Cells, Alkaline Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Air Cells, Flywheel Energy Storage, Nuclear Batteries) – Global Opportunity Analysis and Industry Forecast 2022-2030
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Battery Market by Type, by Application, and by Power Systems – Global Opportunity Analysis and Industry Forecast 2022-2030" - https://www.reportlinker.com/p06371375/?utm_source=GNW
Battery Market size was valued at USD 112.10 billion in 2021 and is predicted to reach USD 406.08 billion by 2030 at a CAGR of 15.9% during the forecast period —2022–2030.
The growing demand for batteries in the automotive sector is driving the market’s growth. Rechargeable batteries such as lithium-ion batteries are used in electric vehicles owing to their high energy density compared to their weight. Moreover, the increased demand for portable electronics, such as smartphones, tablets, Bluetooth earphones, and wearable devices, such as fitness bands and smartwatches that depend on different types of batteries to operate, is further propelling the market’s growth.
However, safety issues related to the use of batteries, as they are composed of toxic materials such as mercury, cadmium, lithium, and lead, restrain the market growth. On the contrary, the introduction of Nano-Diamond Battery (NDB), a high-power, voltaic battery that can provide lifelong and green energy and overcome limitations of existing chemical batteries, is expected to create ample opportunities for the key players operating in the battery market during the forecast period.
Segment Overview
The global battery market is segmented on the basis of type, application, power system, and geography.
- Based on type, the market is classified into lead acid, lithium ion, nickel metal hydride, nickel cadmium, and others
- Based on application, the market is segmented into residential, industrial, and commercial. The industrial segment is further divided into manufacturing & construction, automotive, medical, telecom & IT, consumer electronics, power & utility, aerospace, marine, and others.
- Based on the power system, the market is divided into fuel cell batteries, proton-exchange membrane fuel cells, alkaline fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, air cells, flywheel energy storage, and nuclear batteries.
- Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
The Asia-Pacific market is projected to hold its dominant share through 2030
High sales of consumer electronics such as smartphones, laptops, and cameras in China, Japan, and India, owing to the large population in these countries. For instance, in 2021, the total smartphone shipments in China and India accounted for 329.3 million and 160.7 million units, respectively. Lithium-ion batteries are an integral component of smartphones and are highly adopted worldwide for portable electronic devices due to their high energy density and low discharge rate.
In addition, Li-ion battery cells can deliver up to 3.6 Volts and do not require scheduled cycling to maintain their battery life. Thus, high sales of portable devices in this region are fuelling the growth of the battery market.
Moreover, several countries in Asia-Pacific, such as China, Japan, and South Korea, are globally leading in producing electric vehicles. According to the China Association of Automobile Manufacturers (CAAM), the total number of electric vehicles produced by China accounted for 3.5 million.
The growing environmental awareness and rising concerns regarding the harmful emissions from conventional vehicles have fuelled the demand for electric vehicles in this region, thereby boosting the battery market’s growth.
Key Market Players
The emerging and efficient key players in the battery market include companies such as:
• LG Chem Ltd.
• CATL
• Samsung SDI Co., Ltd.
• BYD
• SKI
• ENVISION AESC GROUP LTD.
• Gotion High tech Co. Ltd.
• Primearth EV Energy Co., Ltd.
• China Aviation Lithium Battery Co., Ltd.
• Panasonic Corporation
Recent Developments
August 2022
Contemporary Amperex Technology Co., Limited (CATL) has announced that it will invest 7.4 billion USD to build a 100 GWh battery plant in Debrecen, east Hungary, to supply battery cells and modules to European automakers.
July 2022
CATL announced that it is developing lower-cost lithium-ion batteries, which will be delivered to Ford Motor Co. These batteries will be produced in a new 40 GWh factory in North America starting in 2026.
May 2022
BYD signed an agreement with three EV charging solution providers, Chargezone, Volttic, and Indipro, to provide charging options to owners of BYD’s electric vehicle named e6 in India.
March 2022
Samsung SDI announced that the company had begun constructing next-generation solid-state batteries called the d S-line at SDI R&D Center in South Korea.
August 2021
LG Energy, a subsidiary of LG Chem, signed a six-year agreement with Australian mining company Australian Mines Limited. The agreement involved a deal under which LG Energy purchased 71,000 dry metric tons of nickel and 7,000 dry metric tons of cobalt from Australian Mines Limited starting at the end of 2024.
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