What is the global battery market forecast?

The Battery Market is expected to register a CAGR of 16.64% during the forecast period. The global battery market is estimated to reach a value of USD 132.44 billion by the end of this year. The market was negatively impacted by COVID-19 in 2020. Currently, it has reached pre-pandemic levels.

What are the key trends shaping the global battery market?

Technological advancements are another key trend shaping the global market. Innovations in battery chemistries, such as lithium-ion, solid-state, and next-generation lithium-sulfur batteries, are improving energy density, charging speed, and lifespan, making batteries more suitable for a broader range of applications.

How big is the battery market?

Find your preferred language : How big is the Battery Market ? The global Battery Market size is estimated to be valued at USD 128.52 billion in 2024 and is expected to reach USD 401.29 billion in 2031. What is the CAGR of global battery market during the forecast period (2024-2031)?

What drives global battery market growth?

Global battery market growth is driven by increasing demand for EVs and energy storage systems across the globe. Lithium-ion batteries continue to dominate the transportation and stationary storage applications due to their high energy density.

Why is the battery market growing in North America?

The battery market in North America is experiencing strong growth, primarily driven by the increasing adoption of electric vehicles (EVs) and the expansion of renewable energy storage solutions.

Why is the battery market growing in 2022?

The battery market is experiencing significant growth. It is driven by increasing demand for portable electronic devices, electric vehicles, and renewable energy storage systems. IEA states that the electric car market has seen exponential growth as sales surpassed 10 million in 2022.