Automotive Batteries Application Segment holds the largest share of the Battery Market. The global battery market is poised for significant growth, driven by the high use of UPS devices in sectors such as healthcare, chemical, and oil and gas for continuous power supply.
The report for the global battery market provides size and share analysis along with forecast and historical data. The report also provides growth, trends, drivers, and restraints analysis for the global industry.
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.
Battery energy storage systems (BESS) will have a CAGR of 30 percent, and the GWh required to power these applications in 2030 will be comparable to the GWh needed for all applications today. China could account for 45 percent of total Li-ion demand in 2025 and 40 percent in 2030—most battery-chain segments are already mature in that country.
By technology, lithium-ion battery segment is estimated to contribute the highest market share of 31.41% in 2024 due to its high energy density and falling production costs. Lithium-ion possesses several advantages over other rechargeable battery types, most notably a substantially higher energy density by volume and weight.
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)?