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

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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 2022Panasonic made an agreement with the Lucid Group, to deliver electric vehicle batteries.

Batteries Market Summary

Study Period


Base Year




Largest Market

Asia Pacific

Fastest Growing Market

Asia Pacific
Batteries Market Dynamics

The rapid growth of the Electric Vehicles (EV) market acts an important driver for expanding the global batteries market. EVs run on electric engines, which means they use batteries to store and supply energy for propulsion. In addition, environmental concerns, advancement in battery technology, and encouraging public policies are the main drivers for the shift towards EVs which in turn helps in the batteries market growth. An important driver of market growth in the field of electric vehicles is increasing awareness and concern about the environmental impacts of traditional Internal Combustion Engines. Furthermore, governments and regulators that have introduced a range of incentives, subsidies or rules to promote their adoption renowned the potential for electric vehicles. These measures are important in raising consumer confidence and enthusiasm for electric vehicles, which helps in stimulating the batteries market growth.

Batteries Market Segmentation

By Type
  • Primary
  • Secondary
By Technology
  • Lead Acid Battery
  • Nickel Metal Hybrid Battery
  • Zinc Manganese Dioxide Battery
  • Sodium Sulphur Battery
  • Nickel Ion Battery
  • Lithium Ion Battery
  • Others
By Application
  • Portable Batteries
  • Industrial Batteries
  • Automotive Batteries
  • Power Tool Batteries
  • SLI Batteries
  • Others
By End User
  • Military & Defence
  • Energy Storage
  • Electronics
  • Automobile Aerospace
  • Others

Frequently Asked Questions

Increasing focus on product innovation to provide reliable services to customers is the major trend in the batteries market.

The Asia pacific region is anticipated to hold the highest market share in the Batteries market.

The leading players in the Batteries Market are Exide Industries., Amara Raja Batteries Limited., HBL Power Systems., Eveready Industries India Ltd., High Energy Batteries (India) Ltd., Indo National Ltd., Panasonic Energy India Co Ltd., and Standard Batteries Ltd.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario.
  • Exide Industries.
  • Amara Raja Batteries Limited.
  • HBL Power Systems.
  • Eveready Industries India Ltd.
  • High Energy Batteries (India) Ltd.
  • Indo National Ltd.
  • Panasonic Energy India Co Ltd.
  • Standard Batteries Ltd.

Adjacent Markets