Increasing demand for consumer electronics and technological advancements in batteries are key factors driving market revenue growth
The global battery market size is expected to reach USD 328.07 billion in 2028 and register a revenue CAGR of 13.7% over the forecast period, according to the latest report by Reports and Data. Rising consumer electronics demand and battery technology advancements are significant factors driving market revenue growth currently. Increasing initiatives by automotive OEMs to manufacture Electric Vehicle (EV) batteries is also expected to boost revenue growth of the market going ahead. For instance, Nissan Motor Co., Ltd. announced in July 2021 that the company would invest in a new Gigafactory with a capacity to manufacture 100,000 EV batteries per year. It will also leverage its expertise in crossover and the worldwide success of the Nissan LEAF, and is focusing on offering next-generation vehicle styling, efficiency, and battery technology, making the switch to electric driving even more accessible.
Northvolt AB is designing a blueprint for next-generation Lithium-ion battery production that is different from traditional battery manufacturing plants. They company aims to improve battery performance, quality, and affordability by leveraging scalability, vertical integration, and automated production. In Salzgitter, Lower Saxony, Germany, the Northvolt–Volkswagen Group Joint Venture is developing a battery manufacturing plant. Northvolt Zwei is based on the Northvolt battery manufacturing blueprint created for Northvolt Ett. Development is set to begin in 2021, with operations to begin in early 2024. The first year’s production will be 16 GWh. However, safety concerns associated with using batteries are expected to limit its adoption and restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- Small sealed lead-acid battery segment is expected to account for a significantly large revenue share in the global market during the forecast period. This is the most widely used storage battery type, and has application in Uninterruptible Power Supply (UPS), automotive, medical equipment, and telecommunications.
- Power tools segment is expected to register robust revenue CAGR over the forecast period due to rising usage of batteries like nickel cadmium (NiCd), nickel metal hydride (NiMH), and lithium-ion (Li-Ion) in power tools.
- North America is expected to register robust revenue CAGR over the forecast period. Decrease in cost of Li-ion batteries, increased consumer electronics sales, and rising use of electric vehicles are factors driving North America market revenue growth.
- Major companies operating in the market include Johnson Controls International PLC, Tesla, Inc., Exide Technologies, Inc., NEC Corporation, Duracell Inc., Delphi Automotive LLP, Automotive Energy Supply Corporation, Contemporary Amperex Technology Co. Limited, Robert Bosch GmbH, and Trojan Battery Company
- In September 2021, BASF SE and Contemporary Amperex Technology Co., Limited (CATL) formed a collaborative agreement on battery materials solutions, including Cathode Active Materials (CAM) and battery recycling. This partnership intends to develop a long-term battery value chain in support of CATL’s European expansion and contribute towards both firms’ global carbon neutrality objectives.
For the purpose of this report, Reports and Data has segmented the battery market based on type, technology, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Primary Battery
- Secondary Battery
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Lead-acid Battery
- Nickel-metal Hydride (NiMH) Battery
- Nickel-cadmium (NiCd) Battery
- Nickel–zinc (NiZn) Battery
- Lithium-ion (Li-ion) Battery
- Small Sealed Lead-acid Battery
- Flow Battery
- Zinc-Manganese Dioxide (Zn-MnO2) Battery
- Sodium–Sulfur (NAS) Battery
Application Outlook (Revenue, USD Billion; 2018-2028)
- Traction Batteries
- Stationary Batteries
- Uninterruptible Power Supply (UPS)
- Energy Storage Systems (ESS)
- Telecom Batteries
- Electric Vehicle
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicles (HEVs)
- Consumer Electronics
- Starting Lighting and Ignition (SLI)
- Power Tools
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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