Discover trends, market shifts, and competitive outlooks for the batteries industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What Is the Current and Projected Market Size of the Batteries Market Through 2034?

The market for batteries has experienced a robust growth in recent times. Its size is projected to increase from $127.46 billion in 2024 to $139.72 billion in 2025, with a compound annual growth rate (CAGR) of 9.6%. The growth witnessed in the historic period can be credited to factors like portable electronics, electric vehicles (EVS), integration of renewable energy, consumer electronics and energy storage systems.

The market size for batteries is projected to witness substantial growth in the upcoming years. In 2029, it is estimated to reach $196.97 billion, rising at a compound annual growth rate (CAGR) of 9.0%. The expected growth during this forecast period could be due to energy transition, miniaturization and Internet of Things (IoT), research and development, as well as electric grid upgrades. Key trends during the forecast period are expected to be electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, as well as collaboration and partnerships.

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What Are the Core Growth Drivers Propelling the Batteries Market Forward?

The growth of the battery market is set to be driven by the rising demand for electric vehicles. Electric vehicles (EVs), which rely on electricity as a primary propulsion resource, utilize batteries to stockpile and supply the requisite electrical energy to power the vehicle’s engine. This eliminates the need for fossil fuels and presents a greener option than traditional automobiles running on gasoline. For example, a report from the International Council on Clean Transportation, a non-profit organization in the US, revealed in January 2024 that the percentage of new vehicle sales for plug-in electric vehicles increased from roughly 3% in Q1 2021 to nearly 7% in 2022, and exceeded 10% by Q3 2023. Hence, the surge in the demand for electric vehicles is stimulating the expansion of the battery market.

What Segment Types Define the Batteries Market Structure?

The batteries market covered in this report is segmented –

1) By Type: Secondary Batteries, Primary Batteries

2) By Mode: Online, Offline

3) By Sales Channel: OEM, After market

4) By Application: Automotive Batteries, Industrial Batteries, Portable Batteries, Power Tools Batteries, SLI Batteries, Other Applications

Subsegments:

1) By Secondary Batteries: Lithium-Ion Batteries, Lead-Acid Batteries, Nickel-Cadmium Batteries, Nickel-Metal Hydride Batteries, Sodium-Ion Batteries

2) By Primary Batteries: Alkaline Batteries, Zinc-Carbon Batteries, Lithium Batteries, Silver Oxide Batteries, Zinc-Air Batteries

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Which Geographic Areas Hold the Strongest Growth Potential in the Batteries Market?

Asia-Pacific was the largest region in the batteries market in 2023. Western Europe was the second largest region in the batteries market. The regions covered in the batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Which Emerging Trends that Are Influencing the Batteries Industry Evolution?

Key players in the battery market, such as EV (Electric Vehicle) battery manufacturers, are concentrating on the development of innovative products in order to deliver reliable services to their clientele. An EV battery, which is a rechargeable energy storage system, is required for powering electric motors in EVs. For example, in May 2023, Volkswagen, a German company known for battery production for electric vehicles, rolled out a new EV battery labeled Astroinno, boasting a range of 1000 km. This latest offering potentially has a superior energy density compared to standard lithium-iron-phosphate (LFP) batteries, and could be more cost-effective than those heavily dependent on nickel and cobalt. This innovative battery allows EVs, powered by a 140 kWh battery pack, to cover a distance greater than 1,000 km.

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What Is the Definition of the Batteries Market?

A battery is defined as an electrochemical device that consists of one or more electrochemical cells which can be charged with an electric current and discharged whenever required. They are made up of multiple electrochemical cells that are connected to external inputs and outputs.

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