Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Battery Market Report by Type (Primary Battery, Secondary Market), Product (Lithium-Ion, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, and Others), Application (Automotive Batteries, Industrial Batteries, Portable Batteries), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global battery market size reached US$ 127.3 Billion in 2023. Looking forward, the market is set to reach US$ 276.3 Billion by 2032, exhibiting a growth rate (CAGR) of 9.0% during 2023-2032.
The high use of UPS devices in healthcare, chemical, and oil and gas sectors for continuous power supply, continual technological innovations, such as development of portable and flow batteries with enhanced durability and efficacy, and the rising sales of rechargeable electric vehicles are expected to propel the growth of the battery market. The Asia Pacific is anticipated to witness substantial growth in the forecast period due to favorable government policies and the augmenting demand for clean and reliable energy access.
Significant growth in the automotive industry is primarily driving the global market. Moreover, with the growing environmental consciousness, there has been an increasing adoption of rechargeable electric vehicles, such as hybrid electric vehicles (HEVs) and electric vehicles (EVs), which are catalyzing the growth of the market. In line with this, the augmenting need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories is also propelling the demand for batteries. Apart from this, continual technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are creating a positive market outlook.
Enhanced Focus on Sustainable Development Creating Positive Market Outlook
Along with this, continual ongoing improvements in energy density, charging speeds, lifespan, safety, and environmental sustainability are also contributing to the market as these advancements enhance the performance and usability of batteries, making them more attractive for diverse applications.
The escalating need to provide clean and reliable energy access to remote and underserved areas is supporting the overall demand. The market is further driven by the widespread utilization of batteries in various industrial sectors, such as telecommunications, data centers, healthcare, logistics, and manufacturing, as the battery power critical backup systems, uninterruptible power supplies (UPS), emergency lighting, and various equipment. Moreover, the rising utilization of batteries in submarines since they require shorter charging times is supporting the battery market growth on the global level.
Additionally, the extensive adoption of rechargeable batteries in the aerospace sector to provide power to the engines of commercial and private aircraft is acting as another growth-inducing factor. Furthermore, the development of microgrid systems, which are localized grids that can operate independently of the main power grid, is driving the demand for batteries.
Besides this, the rising adoption of smartwatches and fitness bands to count steps, analyze heart rate, and track calorie intake, is propelling the growth of the market. The rapid digitalization of industries and the widespread adoption of IoT devices are also driving the need for reliable and portable power sources. Other factors, such as increased energy efficiency, growing environmental consciousness, and extensive research and development activities by leading players, are further influencing the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (US$) in 2023 | US$127.3 Billion |
| Forecasted Market Value (US$) by 2032 | US$276.3 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Key Market Segmentation:
Type Insights
- Primary Battery
- Secondary Market
Product Insights:
- Lithium-Ion
- Lead Acid
- Nickel Metal Hydride
- Nickel Cadmium
- Others
Application Insights:
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
- A123 Systems
- BYD Motors Inc
- Contemporary Amperex Technology Co. Ltd
- Envision AESC Group Ltd
- GS Yuasa International Ltd
- Johnson Controls
- Panasonic Holdings Corporation
- Robert Bosch GmbH
- Saft (Total Energies SE)
- Samsung SDI Co. Ltd
- Tesla Inc
- Toshiba
For more information about this report visit https://www.researchandmarkets.com/r/621jdr
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