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.
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.
Battery Market is growing at a CAGR of 17.7% over the next 7 years. CATL (Contemporary Amperex Technology Co Ltd) , BYD Company Limited , Panasonic Corporation , LG Chem , Samsung SDI and many more major companies operating in this Market.
The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. Automotive sector is expected to witness significant growth owing to the low cost of lithium-ion batteries.
Over the long term, factors such as the declining lithium-ion battery prices and the growing usage of automotive batteries in electric vehicles are expected to drive the market. On the flip side, a mismatch in the demand and supply of raw materials for battery manufacturing is likely to hinder the market growth.
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.