The latest report by IMARC Group, titled “Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global battery market reached a value of US$ 105.56 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 182.96 Billion by 2027, exhibiting a CAGR of 9.20% during 2022-2027. offers a comprehensive analysis of the industry, which comprises insights on the Battery Market Business Opportunities . The report also includes competitor and regional analysis, and contemporary advancements in the market.
A battery is a power supply unit that consists of one or more cells to convert chemical energy into electrical energy. It acts as a primary or backup power supply device in transport, industrial, and commercial applications. A battery consists of various components, such as a cathode, an anode and an electrolyte, operated on an electromotive force principle. It functions as an energy storage technology that is used in events of blackouts, power shortages, or heavy electricity demand. A battery is also durable, cost-effective, safe, stable, lightweight, reliable, and portable, and is available in various shapes and sizes. Some common types of batteries include lead-acid, lithium-ion, nickel-metal hydride (NiMH), and nickel-cadmium (NiCD).
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
A123 Systems LLC (Wanxiang Group Corporation), BYD Motors Inc., Contemporary Amperex Technology Corporation Limited, Envision AESC Group Limited (Envision Group), GS Yuasa Corporation, Johnsons Controls Inc., Panasonic Corporation, Robert Bosch GmbH (Robert Bosch Stiftung GmbH), Saft (TotalEnergies SE), Samsung SDI Corporation Limited, Tesla Inc. and Toshiba Corporation.
Battery Market Demand:
The market is primarily driven by the expanding automotive industry. The growing environmental consciousness has resulted in the adoption of rechargeable electric vehicles like hybrid electric vehicles (HEVs) and electric vehicles (EVs) that make use of batteries. In addition, these batteries find applications in the machinery and maritime equipment, industrial automation system, maritime machinery, defense and aviation, electronic, oil and gas, and civil infrastructure industries, thus fueling the market growth. In recent years, the rising need for electric-powered forklifts and automation systems in industrial logistics and storage warehouses, workshops, and large-scale factories are also propelling the demand for batteries. Besides this, the increasing popularity of consumer electronics, such as LCDs, smartphones, tablets, and wearable devices like fitness bands, are facilitating the market growth. Moreover, technological innovations, such as the introduction of portable and flow batteries with enhanced durability and efficacy, are also creating a positive outlook for the market.
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Key Market Segmentation:
Breakup by Type:
- Primary Battery
- Secondary Market
Breakup by Product:
- Lithium-Ion
- Lead Acid
- Nickel Metal Hydride
- Nickel Cadmium
- Others
Breakup by Application:
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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