The Global Battery Technology Market is valued at USD 93.59 Billion in 2022 and is expected to reach USD 154.07 Billion by 2029 with a CAGR of 7.38% over the forecast period.
Global Battery Technology Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2023-2029- Increasing electric vehicles production, rising advancements in battery technology and supportive government initiatives for renewable energy sources are anticipated to drive the growth of the Global Battery Technology Market within the forecast period.
Manufacturing of different sizes, types, and functionalities of batteries is known as battery technology. Battery technology is the new emerging technology. The battery is an energy storage unit, where electric energy is stored, causing positive ions to remain on one electrode of the cathode and negative ions on the other anode electrode. Battery technology is important to transporting significant advances in a extensive range of industries, from autonomous vehicles, robotics, and drones to renewable power. Several phases of changes have occurred in battery technology from the electricity-producing device to the electricity-storage device. Later, it transitioned from Low power battery to a high-power battery. These transitions clearly state and direct the practical applicability of this technology.
The Covid-19 pandemic has had a mixed impact on the global battery technology market. The market witnessed a decline in demand in 2020 due to the disruptions in the global supply chain, reduced manufacturing activities, and decreased demand from the automotive and consumer electronics industries. However, the market is expected to recover in the coming years due to the increasing demand for electric vehicles, energy storage systems, and renewable energy sources. The pandemic has also led to an increased focus on sustainability and green energy solutions, which is expected to drive the demand for battery technology. The market is also expected to benefit from the development of advanced battery technologies, such as solid-state batteries and lithium-sulfur batteries, which offer higher energy density and improved safety. However, the market is also facing challenges such as the high cost of batteries and the availability of low-cost alternatives, which may affect the growth of the market in the long run.
The global battery technology market is segmented on the basis of battery type, control technologies, application, and region& country level. On the basis of battery type, the global battery technology is segmented on the basis of battery type into lead acid battery, lithium-ion battery, lithium-metal battery, nickel cadmium battery nickel metal battery. On the basis of control technologies, the global battery technology is segmented into battery chargers, battery conditioners, smart battery system. On the basis of application, the global battery technology market is segmented into power & utilities, transportation, industrial, commercial & residential, consumer electronics and medical.
The regions covered in global battery technology market report are North America, Europe, Asia-Pacific, Latin America, and Rest of the World. Based on country level, the market of global battery technology market is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, Southeast Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.
Some of the key players for global battery technology market are -
One of the major factors driving the growth of increasing demand for electrical vehicle. Electric vehicles are the crucial technology to decarbonize road transport and recent years have seen exponential growth in the sale of electric vehicles together with improved range, wider model availability and increased performance. For instance; as per the International Energy Agency (IEA), the total number of electric vehicles on the world's roads reached around 16.5 million in 2017, and more than tripled in 2018. Worldwide sales of electric vehicles have continued to rise firmly in 2022, with two million sold in the first quarter, up 75% from a similar period in 2021.Hence, rising demand for electrical vehicles is boosting the demand for battery technology market for the forecast period.
In addition, rising number of advancements in battery technology are also driving market growth. Many manufactures are working on producing the improved and advanced batteries. For instance; as per the news published on January 22nd, 2019; to establish joint venture related to automotive prismatic batteries Panasonic Corporation agreed to establish a joint venture with the Toyota Motor to create a business structure for the stable supply of competitive batteries to various auto manufacturer.
Moreover, supportive government initiatives for renewable energy sources are also fostering the market growth. Government constantly focusing on options to raise climate ambitions and speed up action to fight climate change. For example; as per the International Renewable Energy Agency (IRENA); energy transition investment will have to increase to USD 4.4tn on average every year up until 2050 compared to the USD 1.8tn invested in 2019. However, high cost of batteries may hamper the growth of the global battery technology. In spite of that, technological advancements in the field of battery technology may offer more opportunities for the further growth of the market.
Asia Pacific is expected to show a significant growth in the global battery technology market due to the presence of manufacturers, advances in technology and industrialization, and the growing adoption of battery technology in developing countries such as India and China in this region. One of the major factors driving the market growth of battery technology is the presence of electronic manufacturers such as; Contemporary Amperex Technology Samsung SDI Co., Ltd., BYD Auto Co., Ltd., Panasonic Corp, and LG Electronics Inc. and other. In addition, advances in technology have opened new doors for OEMs in developing countries. Asia Pacific region has been flattering an attractive market for automobiles and centers for automotive manufacturing in recent years. For instance; on February 7th, 2022, C4V introduced LiSER Battery Technology in India and breakthrough high-speed manufacturing processes.
North America is the fastest-growing region IN the global battery technology market due to growing demand for electric vehicles, research and developments in battery technology, and supportive government initiatives in this region. For instance; according to the U.S. the Department of Energy, EV sales reported for 73% of all plug-in electric vehicle sales in 2021.
Former JCI Battery Business Re-Launched as Clarios
On May 9th, 2019; To offer automotive batteries under private label brands Brookfield Business Partners completed the acquisition of Johnson Controls Power Solutions and renamed it as Clarios, its ’ product portfolio contains standard lead-acid batteries enhanced flooded batteries, absorbent glass mat batteries (AGM); low-voltage Li-ion batteries and standard lead-acid batteries.
|2016 - 2021
|2022 - 2029
|Market Size in 2022:
|USD 93.59 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2029:
|USD 154.07 Billion
|Tables, Charts & Figures:
|Honda Motor Co. Ltd., General Motors Corp., Toyota Motor Corp., Panasonic Corp, Dell Inc, Duracell, Nippo, L G Chem Ltd., Ever Ready D&B Power Associates Inc and others
|By Battery Type, By Control Technologies, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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