Battery Technology Market (By Product Type: Lithium-ion Batteries, Lead Acid Batteries, Nickel Metal Hydride Batteries, Others; By Application: Automotive, Medical, Residential & Commercial, Industrial, Consumer Electronics, Power & Utility; By Control Technologies: Battery Chargers, Battery Conditioners, Smart Battery System) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global battery technology market size was valued at USD 102.58 billion in 2021 and it is expected to hit around USD 284.33 billion by 2030 with a CAGR of 12% from 2022 to 2030.

Battery Technology Market Size, Statistics 2021 to 2030

Growth Factors

The global battery technology market is expected to foresee a strong growth owing to the rapidly growing demand for the remote controls, watches, toys, and electronic keys across the globe. These products include the use of primary batteries. Furthermore, the surging demand for the secondary batteries in the aviation and the automobile industry is expected to boost the growth of the global battery technology market. The growing government initiatives to reduce the carbon emission from vehicles are propelling the sales of the electric vehicles across the globe. The battery technology has huge applications in the electric vehicles, which is expected to propel the demand for the battery technology during the forecast period.

Moreover, the battery technology witnesses a huge demand from the renewable energy industry. Therefore, the rising corporate government efforts to shift towards the various renewable energy sources is expected to create a huge demand for the battery technology in the forthcoming years. The battery technology is used in the different automation devices and various battery-operated equipment in the industries. Hence, the rising deployment of the battery technology across various industries is expected to significantly drive the growth of the global battery technology market.

Report Scope of the Battery Technology Market

Report Coverage Details
Market Size by 2030 USD 284.33 Billion
Growth Rate from 2022 to 2030

CAGR of 12%

Largest Market Asia Pacific
Fastest Growing Makret Europe
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Product, Application, Control Technologies, Power Systems, Geography
Companies Mentioned Hitachi Maxell Corp., Exide Corp., American Battery Charging Inc., Honda Inc., China Bak Battery, Inc., Sony Corp., Fujitsu Ltd, General Electric Co., Google Inc., Honeywell Batteries

 

Product Type Insights

Based on the product type, the lithium-ion batteries held the largest market share in 2021. This growth is attributed to the increased demand for the lithium-ion batteries in the battery electric vehicle and plug-in hybrid electric vehicles across the globe. The growing adoption of the electric vehicles among the global consumers is expected to boost the adoption of the lithium-ion batteries in the foreseeable future. The lithium-ion batteries are considered to be eco-friendlier alternative to the traditional fuels, which has significantly boosted its adoption in the electric vehicles. The rising government initiatives to boost the adoption of the EVs in the form of incentives and subsidies are fueling the sales of the EVs across major countries. The nations like India, Canada, Japan, and Thailand are offering subsidies to the customers for purchasing electric vehicles.

Battery Technology Market Share, By Product, 2021 (%)

The lead acid is expected to be the fastest-growing segment during the forecast period. The growing adoption of lead acid batteries is attributed to its low cost and higher safety as compared to that of the lithium-ion batteries. Moreover, the lithium-ion batteries are very vulnerable and react with water and may lead to accidents. The safety issues related with the lithium-ion batteries may result in the increasing demand for the lead acid batteries as a substitute for the lithium-ion.

Application Insights

Depending on the application, the automotive segment dominated the global battery technology market in 2021. This growth is attributable to the increased adoption of the battery technology in the automotive industry across the globe. The rising investments in the research and development and growing focus towards developing sustainable commute solutions has fueled the adoption of the battery technology in the automobile industry. Furthermore, the rising government focus towards boosting the adoption of the commercial electric vehicles is expected to foster the growth of this segment. The commercial vehicles produce maximum pollution and hence the rising focus to promote the adoption of commercial electric vehicles is expected to further fuel the market growth.

The consumer electronic is anticipated to be the most opportunistic segment during the forecast period. The increasing demand for the battery technology in the consumer electronic industry is significantly fueling the growth of the market. The increased demand for the various automated and smart consumer electronic devices is propelling the demand for the battery technology in this industry. Furthermore, the growing adoption of the fitness bands and smartwatches among the millennial population is fostering the growth of this segment across the globe.

Regional Insights

Asia Pacific was dominating the global battery technology market in 2021. This growth is attributable to the presence of top electric vehicle manufacturers in the countries like South Korea, Japan, and China. China is known to produce highest number of electric vehicles in the world. Furthermore the demand for electric vehicles is significantly high in China and it is rapidly growing in other developing regions owing to the rising government initiatives to promote the adoption of electric vehicles. Moreover, Asian countries like India, Japan, South Korea, and China are the top manufacturers of consumer electronics. The presence of top consumer electronics manufacturers in the region results in the high demand for the battery technology. Asia Pacific is the home to the world's largest population which creates a huge consumer base in the region. Due to the presence of huge consumer base, the growing demand for various products such as automotive, medical equipment, consumer electronics, and commercial and residential products that uses smart and automatic technologies is boosting the growth of the battery technology market in Asia Pacific. With the rising penetration of internet and other digital technologies, the Asia Pacific market is expected to witness a significant growth in the forthcoming years. The rising government initiative to promote industrial growth and the favorable government policies that attracts huge FDIs from the foreign countries is expected to foster the demand for battery technology in the forthcoming years.

Battery Technology Market Share, By Region, 2021 (%)

Europe is estimated to be the most opportunistic market during the forecast period. The industrial development in Europe has led to the adoption of automated technologies in various Industries including automotive, healthcare, food and beverages, and so on. The significantly growing demand for electric vehicles among the population in Europe is expected to foster the growth of the Europe battery technology market in the forthcoming years. The strict government regulations regarding environment protection and sustainable products coupled with the increased consumer awareness regarding the adoption of sustainable and green products is expected to drive the adoption of the electric vehicles and subsequently the demand for the battery technology is expected to grow significantly.

Key Market Developments

The battery technology market is highly fragmented with the presence of several top players in the market. These market players are constantly engaged in various developmental strategies such as mergers, joint ventures, business expansion, acquisitions, partnerships, collaborations, and new product launches to strengthen their position and expand their market share.

  • In May 2019, Brookfield Business Partners completed the acquisition of Johnson Controls Power Solutions and renamed it as Clarios to offer automotive batteries under private label brands.
  • In January 2019, Panasonic Corporation agreed to establish a joint venture with the Toyota Motor in respect to battery business.
  • In March 2019, Clarios launched its powersports batteries named VARTA for the motorcycles.

Some of the prominent players in the global battery technology market include:

  • Hitachi Maxell Corp.
  • Exide Corp.
  • American Battery Charging Inc.
  • Honda Inc.
  • China Bak Battery, Inc.
  • Sony Corp.
  • Fujitsu Ltd
  • General Electric Co.
  • Google Inc.
  • Honeywell Batteries

Segments Covered in the Report

(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)

By Product Type

  • Lead Acid Batteries
    • The market for Lead Acid Battery, By Type
      • Stationary
      • Motive
    • The market for Lead Acid Battery, By Construction Method
      • Flooded
      • VRLA Battery
    • The market for Lead Acid Battery, By Technology
      • Basic Lead Acid Battery
      • Advanced Lead Acid Battery
  • Lithium-ion Batteries
    • The market for Lithium-Ion Battery, By Type
      • Lithium Nickel Manganese Cobalt (LI-NMC)
      • Lithium Iron Phosphate (LFP)
      • Lithium Cobalt Oxide (LCO)
      • Lithium Titanate Oxide (LTO)
      • Lithium Manganese Oxide (LMO)
      • Lithium Nickel Cobalt Aluminum Oxide (NCA)
    •  The market for Lithium-Ion Battery, By Power Capacity
      • 0 to 3,000 mAH
      • 3,000 to 10,000 mAH
      • 10,000 to 60,000 mAH
      • More Than 60,000 mAH
  • Lithium-Metal Battery
  • Nickel Metal Hydride Batteries
  • Nickel Cadmium Battery
  • Others

By Application

  • Automotive
  • Medical
  • Residential & Commercial
  • Industrial
  • Consumer Electronics
  • Power & Utility

By Control Technologies

  • Battery Chargers
  • Battery Conditioners
  • Smart Battery System

By Power Systems

  • 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
  • Nuclear batteries

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of battery technology market?
The global battery technology market size was reached at USD 102.58 billion in 2021 and is anticipated to rake USD 284.33 billion by 2030.
The global battery technology market is expected to grow at a CAGR of 12% from 2022 to 2030.
The major players operating in the battery technology market are Hitachi Maxell Corp., Exide Corp., American Battery Charging Inc., Honda Inc., China Bak Battery, Inc., Sony Corp., Fujitsu Ltd, General Electric Co., Google Inc., and Honeywell Batteries.
The demand for the battery technology is expected to increase at the significant rate owing to the growing applications of batteries in various digital and automated equipment and devices.
Asia Pacific region will lead the global battery technology market during the forecast period 2022 to 2030.

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