Industrial Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Industrial Battery Market is Segmented by Technology (Lithium-ion Battery, Lead-acid Battery, and Other Technologies (Nickel Cadmium, Nickel Metal Hydride, and Zinc Carbon, etc.)), Application (Forklift, Telecom, UPS, and Other Applications), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Industrial Battery Market Size

Industrial Battery Market Summary
Study Period: 2019 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: > 9.3 %

Major Players

Industrial Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Industrial Battery Market Analysis

The industrial battery market is expected to register a CAGR of more than 9.3% during the forecast period 2022-2027. Due to the COVID-19 pandemic, the demand in various segments plummeted in line with reduced industrial operations and decreased spending power of consumers due to the lockdowns, which led to reduced demand for batteries. ​Declining lithium-ion battery prices, increasing demand from data centers and the telecom sector, and rising renewable energy integration worldwide are some of the key factors expected to drive the market demand during the forecast period. However, uncertainty in raw material prices such as cobalt, lead, and lithium, are likely to curtail the market growth rate during the forecast period.

· Lithium-ion battery (LIB) is expected to witness significant growth in the industrial battery market over the forecast period due to its favorable capacity-to-weight ratio.

· The increasing focus on technologically advanced batteries by end users and manufacturers is likely to create a massive opportunity for battery companies to invest and redirect their resources toward making a breakthrough battery technology.

· In 2021, Asia-Pacific dominated the industrial battery market across the world, owing to its rising demand for UPS, forklifts, and grid-level energy storage system applications.

Industrial Battery Industry Segmentation

The industrial battery market report includes:

Lithium-ion Battery
Lead-acid Battery
Other Technologies (Nickel Cadmium, Nickel Metal Hydride, Zinc Carbon, etc.)
Other Applications
North America
South America
Middle-East and Africa

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Industrial Battery Market Trends

This section covers the major market trends shaping the Industrial Battery Market according to our research experts:

Lithium-ion Battery (LIB) Technology Expected to Witness Significant Growth

· The lithium-ion battery segment is gaining more popularity than other industrial batteries due to better performance, higher energy density, and decreasing price.

· The price of LIB is usually higher compared to other industrial batteries. However, leading players in the market have been investing in R&D activities to improve LIB's performance and price in order to gain economies of scale. The emergence of new and exciting markets, such as energy storage systems (ESS) for both commercial and residential applications, is driving the demand for LIB.

· Among various industrial batteries, lithium-ion batteries are witnessing massive demand in the battery energy storage market, owing to their declining prices. In 2020, global imports of lithium-ion accumulators accounted for USD 40.15 billion.

· In February 2021, US-based li-ion battery manufacturer Barrel Energy signed a memorandum of understanding (MoU) with Hyderabad-based Roshan Energy Technologies to develop and manufacture li-ion batteries in India and the North American region.

· In May 2021, the Indian government approved an INR 181 billion production-linked incentive (PLI) scheme for building Tesla-style Giga factories to manufacture li-ion EV batteries. The plan includes setting up a 50 GWh manufacturing capacity for advanced chemistry cell batteries by attracting investments totaling INR 450 billion.

· Owing to the above points, lithium-ion batteries are expected to witness significant growth, which, in turn, would contribute to the growth of the industrial battery market.

Industrial Battery Market : Lithium-lon Accumulators Imports and Exports, in USD billion, Global, 2015-2020

Asia-Pacific to Dominate the Market

· Asia-Pacific accounted for the major share of the industrial battery market in 2021, and it is expected to continue its dominance over the forecast period. The market for industrial batteries in Asia-Pacific is majorly driven by China, India, Japan, and South Korea.

· Factors such as significant growth in renewable power generation capacity, energy storage targets released by electric utilities in 2020, and declining battery costs are driving the region's large-scale energy storage capacity additions.

· In February 2020, the Indian Department of Telecommunications issued directions to telecom service providers to use renewable energy solutions and energy-efficient technologies. This will, in turn, contribute to the growing usage of industrial batteries across India.

· Moreover, in July 2021, Contemporary Amperex Technology Co. Ltd (CATL) unveiled its innovative breakthrough technology by launching its first generation of sodium-ion batteries. These batteries are likely to offer a new solution for usage in industries and transportation, thus promoting the goal of carbon neutrality. ​

· Countries such as Japan and South Korea have been facing an increasing demand for material handling equipment for the past few years. This material handling equipment uses industrial batteries like lithium-ion, nickel-metal hydride, and nickel-cadmium.

· Therefore, factors such as increasing energy storage deployments, increasing demand from the material handling industry, and upcoming data centers are expected to boost the industrial battery market in the region during the forecast period.

Industrial Battery Market : Growth Rate by Region, 2022-2027

Industrial Battery Industry Overview

The industrial battery market is fragmented. The key players in this market include EnerSys, Exide Industries Limited, GS Yuasa Corporation, East Penn Manufacturing Company Inc., and Amara Raja Batteries Ltd.

Industrial Battery Market Leaders

  1. EnerSys

  2. Exide Industries Limited

  3. East Penn Manufacturing Company Inc.

  4. Amara Raja Batteries Ltd

  5. GS Yuasa Corporation

*Disclaimer: Major Players sorted in no particular order

Industrial Battery Market Concentration

Industrial Battery Market News

· In October 2021, Samsung SDI and Stellantis NV announced that the companies had entered a memorandum of understanding (MOU) to form a joint venture (JV) to make battery cells and modules for North America. The work is targeted to start in 2025. The plant aims to achieve an initial annual production capacity of 23 gigawatt-hours, with the ability to expand up to 40-gigawatt hours in the future.

· In June 2021, the Chhattisgarh State Renewable Energy Development Agency (CREDA) invited bids for a tender to procure 15,000 low-maintenance lead-acid batteries with a five-year on-site warranty, to be used in solar applications of different capacities. The contract was estimated to be around USD 1.37 million.

Industrial Battery Market Report - Table of Contents


    1. 1.1 Scope of Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type, till 2027

    4. 4.4 Import and Export Analysis, by Major Technology Type and Major Countries, in USD million, till 2021

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

      2. 4.7.2 Restraints

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitute Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry


    1. 5.1 Technology

      1. 5.1.1 Lithium-ion Battery

      2. 5.1.2 Lead-acid Battery

      3. 5.1.3 Other Technologies (Nickel Cadmium, Nickel Metal Hydride, Zinc Carbon, etc.)

    2. 5.2 Application

      1. 5.2.1 Forklift

      2. 5.2.2 Telecom

      3. 5.2.3 UPS

      4. 5.2.4 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 C&D Technologies Pvt. Ltd

      2. 6.3.2 East Penn Manufacturing Company Inc.

      3. 6.3.3 EnerSys

      4. 6.3.4 Exide Industries Ltd

      5. 6.3.5 GS Yuasa Corporation

      6. 6.3.6 Amara Raja Batteries Ltd

      7. 6.3.7 Panasonic Corporation

      8. 6.3.8 Saft Groupe SA

    4. *List Not Exhaustive

**Subject to Availability
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Industrial Battery Market Research FAQs

The Industrial Battery Market is studied from 2019 - 2028.

The Industrial Battery Market is growing at a CAGR of >9.3% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2019 - 2028.

Asia-Pacific holds highest share in 2021.

EnerSys, Exide Industries Limited, East Penn Manufacturing Company Inc., Amara Raja Batteries Ltd, GS Yuasa Corporation are the major companies operating in Industrial Battery Market.

Industrial Battery Industry Report

Statistics for the 2023 Industrial Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Battery analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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