In the STEPS, China, Europe and the United States account for just under 85% of the market in 2030 and just over 80% in 2035, down from 90% today. In the APS, nearly 25% of battery demand is outside today's major markets in 2030, particularly as a result of greater demand in India, Southeast Asia, South America, Mexico and Japan.
What is the value of the global battery market?
The report is a comprehensive presentation of trends, forecast and dollar values of global battery market. The global battery market was valued at USD 104.39 billion in 2022 and is expected to reach USD 382.9 billion in 2030, with a CAGR of 15.42% during the forecast period 2023-2030.
What are the key growth enablers of the global battery market?
Key growth enablers of the global battery market: A diverse range of batteries are experiencing increased demand for automotive applications, particularly in electric and hybrid vehicles. An automotive battery plays a vital role in a vehicle's powertrain, functioning independently of the gasoline used for propulsion.
Will the global battery market grow in 2024-2025?
We estimate the global battery market will see 30%-40% annual growth in 2024-2025, mainly supported by our anticipated sales growth of electric vehicles (EVs) in China. Fading EV subsidies in Europe and less aggressive emission standard targets in U.S. could moderate EV sales and battery demand growth in these regions during the period.
What is the global market for lithium-ion batteries?
The global market for Lithium-ion batteries is expanding rapidly. We take a closer look at new value chain solutions that can help meet the growing demand.
Why is global demand for batteries increasing?
This work is independent, reflects the views of the authors, and has not been commissioned by any business, government, or other institution. Global demand for batteries is increasing, driven largely by the imperative to reduce climate change through electrification of mobility and the broader energy transition.
What are the key factors influencing the growth of battery market?
The growing focus on developing efficient battery technologies and active government assistance encouraging the market growth in the region. The major market players such as Tesla Inc., Panasonic Corporation, LG Chem Ltd, Duracell Inc., and Samsung SDI Co. Ltd. are contributing to the growth of battery market in the region.