Tokyo, July 07, 2023 (GLOBE NEWSWIRE) -- The U.S. battery market size was valued at USD 14.6 billion in 2022 and will reach around USD 51.7 billion by 2032. The market for batteries, which are energy storage devices, is an area of activity where battery production, distribution and supply take place. A major component of a broad range of uses, ranging from consumer electronics to cars to renewable energy storage and the industrial sector, is batteries. The increasing use of UPS equipment in sectors like healthcare, oil and gas as well as chemical industries to keep up with demand for continuous power supply is forecast to drive battery market growth.
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Lead acid batteries are of great use for large duty applications due to their reliability and low cost. However, over the forecast period lithium ions are expected to represent a major share of the lead acid battery market on account of their low energy density and light weight. The US market is projected to see strong growth in the forecast period because of favorable government policies, growing sales of consumer electronics and electric vehicles.
Key Insights
- By product, the lithium-ion segment has accounted for 40.8% of the global revenue share in 2022.
- By end-use, the automobile sector has captured revenue share of around 32.4% in 2022.
- By application, in 2022, Industrial batteries segment has generated revenue share of around 35.9%.
- The automotive batteries segment has accounted for revenue share of 34.7% in 2022.
- Asia Pacific region has captured revenue share of 56% in 2022.
Recent Developments
- December 2022- Panasonic has entered a contract with the Lucid Group, to provide electric vehicle batteries.
- November 2022 - In De Soto, Kansas, Panasonic is beginning construction on a new lithium-ion battery production facility. The project is envisaged to have a major influence on the local economy in Kansas, providing an enabling environment for development and being one of the leading players within the EV sector across the country.
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Scope of this Report
| Coverage | Details |
| Market Size in 2030 | USD 353.09 Billion |
| CAGR | 16.03% from 2023 to 2032 |
| Asia Pacific Market Share | 56% in 2022 |
| North America Market Share | 20% in 2022 |
| Europe Market Share | 17% in 2022 |
| Key Players | Delphi Automotive, ̉ Fengfang Co. Ltd, Penn Manufacturing Company Inc, Saft Groupe, Chaowei Power Holding Ltd., The Furukawa Battery Co. Ltd., Johnson Controls Inc, LG Chem, Panasonic Corporation, Exide Technologies, and Others |
Regional Snapshots
The Asia Pacific region accounted for a major part of global battery sales in 2022, making it the world's largest market. It is estimated that home, business or grid storage will increase strongly due to many factors such as urbanisation, industry and increased household income of emerging countries which support the proposed regulatory framework for attracting investments from the region.
The North American region has become an increasingly important market for batteries over the forecast period. The construction industry in the North American States is expected to show considerable growth over the next several years, as a result of demand for nonresidential infrastructure. Increasing investment in Eco innovations, like cranes, forklifts and bicycles, is probably going to be supportive for the expansion of the battery market.
The market in Germany, the United Kingdom and Netherlands is expected to grow further with a view to mounting demand for electronic bicycles as well as photovoltaic systems. In view of constant increases in demand for lead acid batteries from Spain, Germany, France, Italy and the UK, it is anticipated that the European battery market will have a positive impact over the forecast period.
Market dynamics
Market Drivers
An important driver for the expansion of the battery market is a rapid growth in sales of electric vehicles. EVs are vehicles that run on electrical motors, which means they use batteries to store and deliver energy for propulsion. The key drivers behind this shift towards mobility by electric means were concerns about environment, advances in battery technology and promotion of government policies. Increasing awareness and concerns about emissions from conventional internal combustion engines are a key driver for market growth in the field of alternative energy vehicles. EVs offer a more efficient and sustainable alternative, given their absence of tailpipe emissions during operation. This attribute also contributes to efforts for reducing GHG emissions, combating climate change and improving air quality in cities. The potential for electric vehicles to fulfil these objectives was acknowledged by governments and regulatory authorities that have put into place a range of incentives, subsidies or rules aimed at promoting their adoption. In order to raise consumer confidence and enthusiasm in electric vehicles, the measures have been of major significance which has stimulated market growth.
The need for efficient energy storage solutions is becoming ever more important in view of the growing uptake of renewables such as solar PV and wind. The generation of energy from renewables is erratic, meaning that while keeping the grid stable and maximizing its usage in terms of weather conditions and on a day-by-day basis, it is necessary to store energy. Integration of intermittent renewable sources into the power grid is expected to support market development. Factors like weather conditions and daylight availability have a role to play in the variability of solar or wind energy production. Energy storage equipment, such as batteries, is used for capturing and storing electricity surpluses generated in the period of high-power generation that may be exploited if there's not sufficient demand or production.
Market Opportunities
Mobile electronics and wearable devices provide an important opportunity to grow the battery market. The proliferation of phones, tablets, laptops and wearables has led to an increase in demand for smaller, lighter and more energy efficient batteries. Consumers are expected to have longer battery lives and quicker recharging, in order to live an active Mobile and Connected Life. This opens the opportunity for battery manufacturers to build advanced batteries that have improved energy density, increased cycle life and enhanced safety. The growing popularity of mobile devices, which are e.g. wristwatches, fitness trackers or augmented reality glasses, is also reinforcing the need for compact and efficient energy sources. As the evolution of wearable technologies continue and popularity increases, there is growing demand for battery packs specifically tailored to these devices. In future innovations and growth in battery industries, the potential for a significant share of this growing market to be taken up by manufacturers able to meet special power requirements relating to mobile electronics and wearable devices could have an impact.
Market Segmentation
By Type
- Flow Battery
- Lead-acid Battery
- Small Sealed Lead-acid Battery
- Nickel-metal Hybrid Battery
- Zinc-manganese Dioxide Battery
- Sodium-sulfur Battery
- Nickel-ion Battery
- Lithium-ion Battery
- Others
By End-Use
- Military & Defense
- Energy Storage
- Electronics
- Automobile Aerospace
- Others
By Application
- Portable Batteries
- Industrial Batteries
- Automotive Batteries
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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