Global Battery Market to Generate USD 406.08 Billion by 2030, Outlines a New Report by Next Move Strategy Consulting

The growing adoption of electric vehicles worldwide that use rechargeable batteries, such as lithium-ion batteries, is driving the growth of the battery market.

New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global Battery Market generated USD 124.88 billion in 2022 and is projected to generate USD 406.08 billion by 2030, witnessing a CAGR of 15.9 % from 2022 to 2030.

The research offers a detailed analysis of drivers, restraints, and opportunities to highlight changing the market dynamics. Moreover, the study extensively analyzes major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.

The study extensively analyzes all market aspects in its 625 page report containing 493 tables and 466 figures. The report aims to guide market players, investors, and startups to devise strategies to achieve sustainable growth in the next few years. Moreover, the research outlines the COVID-19 analysis to highlight the impact on the global battery market size.

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Report CoverageDetails
Forecast Period 2022–2030
Base Year 2021
Market Size in 2021USD 112.10 Billion
Market Size in 2030USD 406.08 Billion
No. of Pages625
Segments CoveredProduct Type, Application, Power System, and Region
DriversRapidly increasing demand for electric vehicles
Increasing popularity of consumer electronics
Increasing adoption of residential energy storage system (ESS)
OpportunitiesIntroduction of nano-diamond batteries (NDB) in various industries

The report comprehensively analyzes changing market dynamics based on drivers, restraining factors, and opportunities. Factors such as rapidly increasing demand for electric vehicles and the growing popularity of consumer electronics like smartphones, Bluetooth earbuds, tablets, and digital cameras operating on rechargeable batteries such as lithium-ion drive the growth of the global battery market. However, safety issues related to using batteries restrain the market growth.

Highlighting the opportunities that would enable leading players to raise their share in the battery market in the coming years, the Lead Analyst for Energy & Power at Next Move Strategy Consulting stated, “The introduction of Nano-Diamond Batteries (NDB) in various industries, including automotive, electronics, aerospace and defense that can provide lifelong green energy and overcome limitations of existing chemical batteries create new opportunities in the coming years.”

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The research provides an extensive analysis of the segmentation of the global battery market based on type, application, power system, and geography. Based on type, the report divides the market into lead acid, lithium ion, nickel metal hydride, nickel-cadmium, and others. Based on application, the report divides the market into residential, industrial, and commercial. Based on power systems, the report divides the market 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.

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Based on geography, the report further segments the global Battery market into North America, Europe, Asia-Pacific, and RoW. Based on the report, Asia-Pacific accounted for the highest share in 2021 and will dominate throughout the forecast period. This is attributed to the factors such as the increased sales of consumer electronics such as smartphones, Bluetooth earphones, laptops, cameras, and tablets in China, Japan, and India owing to the presence of a large population base in these countries. On the other hand, North America is estimated to grow steadily during the forecast period, owing to the high adoption of electric vehicles in countries such as the US and Canada, on account of the growing environmental awareness and presence of leading electric vehicle manufacturers such as Tesla and General Motors.

The research offers an analysis of all regions and their countries based on segments and their sub-segments to outline steps to consolidate the presence in the battery industry. This analysis is also helpful in determining the highest revenue-generating and fastest-growing segments and taking the next steps accordingly.

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The report offers an extensive analysis of the competitive landscape of the global battery market. Some of the major players in the battery market are LG Chem Ltd., Contemporary Amperex Technology Co. Limited (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, and many more.

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Next Move Strategy Consulting is a premier market research and management consulting firm committed to providing its clients with strategically analyzed, well-documented, latest research reports. The research industry is flooded with many firms to choose from; what makes Next Move different from the rest is its top-quality research and the obsession with turning data into knowledge by dissecting every bit of it and providing fact-based research recommendations that are supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients make critical business decisions that enable them to move beyond time and have a competitive edge in the industry.

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