Market Size of Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 16.64 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Battery Market Analysis
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.
- 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.
- As solar energy is an intermittent source and generates power only during the daytime, using off-grid solar power in conjunction with energy storage substantially enhances the utilization of solar PV units. As a result, energy storage with solar PV has been gaining popularity in developed countries, which is likely to create a huge opportunity for the battery market in the near future.
- Asia-Pacific is expected to dominate the battery market, with most of the demand coming from China, India, Japan, and South Korea.
