Batteries are electrochemical storage devices that store and convert chemical energy into electrical energy. Battery technology is advancing rapidly to meet the growing needs of consumer electronics, electric vehicles, and renewable energy solutions. Lithium-ion batteries have revolutionized portable electronics and are now powering electric vehicles.
The global Battery Market is estimated to be valued at US$ 167.07 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The growth of the battery market is being accelerated by increasing demand for lithium-ion batteries from the automotive industry for electric vehicles.Major automakers are investing heavily in electric vehicles and have aggressive plans to phase out combustion engine vehicles over the next decade. Governments around the world are also offering subsidies and incentives for electric vehicles to reduce emissions.
This strong policy push is driving mass adoption of electric vehicles which need advanced lithium-ion batteries with higher energy density and longer life. Battery manufacturers are engaged in extensive research and development to improve battery technology to meet the rising requirements of the electric vehicle industry. The market trend of growing electric vehicle sales is expected to continue driving the demand for lithium-ion batteries over the forecast period.
Segment Analysis
Battery Market is highly fragmented with presence of large number of players operating in it. Lithium-Ion battery segment dominates the market and accounted for over 60% share in 2023. Lithium-Ion batteries has fast charging capability and high energy density which has increased its adoption in consumer electronics, electric vehicles and grid storage applications. Rising demand for EVs and declining Lithium-Ion battery prices are expected to drive the growth of this segment during the forecast period.
Key Takeaways
The global Battery Market Size is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the market and accounted for over 40% share in 2023. China has emerged as the global leader in battery manufacturing and electric vehicles. Presence of key battery manufacturers and huge consumer demand for EVs and consumer electronics are driving the battery market growth in the region. The region is expected to remain the highest growing market during the forecast period.
Key players - Key players operating in the Battery market are DSM, CP Kelco, H & A Canada Inc., Nanjing Joyfulchem Co., Ltd., Dancheng Caixin Sugar Industry Co. Ltd., Zhengzhou Cinogel Biotech Co., Ltd., Hangzhou Gellan Solutions Biotec Co., Ltd., DuPont, Hebei Xinhe Biochemical Co. Ltd, and Nutricorn Co., Limited. DSM leads the global battery market and offers wide range of lithium-ion batteries for various applications. CP Kelco provides carrageenan gum primarily used as thickening, stabilizing and gelling agent by Battery manufacturers.
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