Battery Technology Market to Reach $185.0 Billion, globally, by 2032 at 5.9% CAGR: Allied Market Research

Renewable energy integration and rise in demand for electric vehicles drive the growth of the global battery technology market.

Wilmington, Delaware, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,Battery Technology Market by Battery Type (Lead Acid Battery, Lithium-Ion Battery, Lithium-Metal Battery, Nickel Cadmium Battery, Nickel Metal Battery, and Others) and by Application (Automotive Industry, Consumer Electronics, Residential & Commercial Industry, Power Industry, Defense & Aviation, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global battery technology industry generated $102.9 billion in 2022 and is estimated to reach $185.0 billion by 2032, exhibiting a CAGR of 5.9% from 2023 to 2032.

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Prime determinants of growth

The market for battery technology is primarily driven by integration of renewable energy. The renewable energy integration is aimed at gaining sustainable and resilient energy systems. Globally, the renewable integration activities are getting pushed by governments, private businesses, and utilities. There are huge investments for enhancing the efficiency of and reliability of renewable energy deployment systems. The renewable integration is an important contributor to the clean energy transition and sustainable future; thereby propelling the battery technology market growth.

Furthermore, the growing electric vehicles market is also a significant driving factor for the battery technology market growth. The electric vehicles market is heavily dependent on charging infrastructure. There are different levels of charging such as slow, fast, and ultra-fast charging for energy replenishment. Battery technology is closely related to charging infrastructure as the more advanced the technology gets, the higher is the efficiency of charging infrastructure. Since fast charging is the need of the decade to transition quickly to electric transportation, battery technology industry is witnessing high investments in research and development. Moreover, the vehicle battery also needs to have improved energy density for extended battery so that the vehicle can travel longer distance.

However, the market faces several challenges related to raw material availability and procurement. Lithium and cobalt are key raw materials in the presence of battery technology. The raw material procurement is heavily dependent on geopolitical issues. Since large portions of raw material are imported by many countries owing to lacking or no reserves to meet domestic demand, geopolitical tensions make it harder to procure raw materials. In-addition, trade policies that are susceptible to changes based on domestic or international trends are certain to impact the importers. This poses challenge to the market growth of battery technology.

Report coverage & details:

Report Coverage Details
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $102.9 billion
Market Size in 2032 $185.0 billion
CAGR 5.9%
No. of Pages in Report 280
Segments Covered Battery Type, Application, and Region
  • Renewable energy integration
  • Rise in demand for electric vehicle to drive the market growth
  • Grid-scale energy storage
  • Raw material procurement and cost challenges
  • Rise in concerns over environmental impact of batteries

The lithium-ion battery segment is projected to dominate the market growth during the forecast period.

Depending on battery type, the lithium ion battery dominated the market in 2022 with nearly half of the total market revenue in 2022, growing at a CAGR of 6.1%. Lithium-ion batteries are known for their high energy density, providing a significant amount of energy per unit of weight and volume. This property makes them suitable for various applications, including portable electronics and electric vehicles.

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The automotive segment is projected to dominate the market growth during the forecast period.

Depending on application, the automotive segment dominated the market in 2022 in terms of revenue with more than half of the total market revenue in 2022. The growth of electric vehicles has led to increased investment in charging infrastructure, including fast-charging stations to reduce charging times. Some hybrid vehicles still use nickel-metal hydride (NiMH) batteries, especially in older hybrid models. However, many new hybrid models are adopting lithium-ion technology for higher energy density.

The Asia-Pacific region is projected to maintain its dominance the growth throughout the forecast period.

Region-wise, Asia-Pacific dominated the market in 2022 with more than two-fifths of the revenue and is expected to dominated the market at a CAGR of 6.2% during the forecast period. The Asia-Pacific market for battery technologies has been dynamic, driven by factors such as the rapid adoption of electric vehicles (EVs), the growth of renewable energy, and increasing demand for energy storage solutions. China is a global leader in electric vehicle adoption, driving significant demand for batteries, particularly lithium-ion batteries.

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Leading Market Players: -

  • Exide Industries Ltd.
  • Hitachi Ltd.
  • Samsung SDI Co., Ltd.
  • Sony Corporation
  • General Electric
  • Honda Motor Co., Ltd.
  • Honeywell International Inc.
  • BAK Power Battery Co., Ltd.
  • Fujitsu
  • American Battery Charging Inc.

The report provides a detailed analysis of these key players in the global battery technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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