Batteries Market: By Type (Primary, and Secondary), By Technology (Lead Acid Battery, Nickel Metal Hybrid Battery, Zinc Manganese Dioxide Battery, Sodium Sulphur Battery, Nickel Ion Battery, Lithium Ion Battery, and Others), By Application (Portable Batteries, Industrial Batteries, Automotive Batteries, Power Tool Batteries, SLI Batteries, and Others), By End User (Military & Defense, Energy Storage, Electronics, Automobile Aerospace, and Others), and Geography

Batteries Market was valued at USD 167,819.1 million in 2023 growing at a CAGR of 16.2% from 2024 to 2030. The high use of UPS devices in healthcare, chemical, and oil & gas industries for continuous power supply is likely to propel the growth of the batteries market. Lead acid batteries are used for critical applications due to their high reliability and low cost. In addition, the growing demand of renewable energy sources due to the rising global government initiatives and increasing environmental awareness among people has led to the high demand for energy storage systems (ESS), which drives the growth of the batteries market.

Increased promotion of ESS has resulted in the increasing demand for different types of batteries, such as lithium-ion (Li-ion), Nickel Ion, lead-acid, redox flow, sodium-sulphur, and zinc-bromine flow batteries. Furthermore, the rising popularity of consumer electronics such as smartphones, tablets, smartwatches, and Bluetooth earbuds which completely depend on rechargeable batteries like lithium-ion further drives the market growth. The growing demand for electric vehicles in the U.S. and Mexico, on account of rising government efforts to reduce the carbon footprint by deploying eco-friendly products, is estimated to boost the market growth in the forecast period. However, safety issues allied to the use of batteries, as they are composed of toxic materials such as mercury, cadmium, lithium, and lead, hamper the market growth.

Batteries Market Key Developments:

• In November, 2023, BYD partnered with Huaihai Holding Group to build a sodium ion battery factory with an annual capacity of 30 GWh.
• In February 2022, Panasonic Corporation expanded its production facility at its Wakayama Factory in western Japan to manufacture large cylindrical 4680 (46 mm wide and 80 mm tall) lithium-ion batteries for electric vehicles (EVs).
• In December 2022, Panasonic made an agreement with the Lucid Group, to deliver electric vehicle batteries.