The Battery Market report segments the industry into Type (Primary Batteries, Secondary Batteries), Technology (Lead-acid Battery, Lithium-ion Battery, Nickel-metal Hydride (NiMH) Battery, and more), Application (Automotive Batteries (HEV, PHEV, and EV), Industrial Batteries (Motive, Stationary (Telecom, UPS, ESS)), and more), and Geography (North America, Asia-Pacific, and more).

The market for batteries is projected to grow more than ****-fold between 2021 and 2030. While the market was sized at nearly *** billion U.S. dollars in 2021, it is expected to reach the size of almost *** billion U.S. dollars in 2030. The dominant segment of the market will continue to be the lithium-ion battery segment.

The global battery market size reached USD 138.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 306.9 Billion by 2033, exhibiting a growth rate (CAGR) of 8.3% during 2025-2033. The high use of UPS devices in healthcare, chemical, and oil and gas sectors for continuous power supply, continual technological innovations, such as development of portable and flow batteries with enhanced durability and efficacy, and the rising sales of rechargeable electric vehicles are expected to propel the growth of the battery market. The Asia Pacific is anticipated to witness substantial growth in the forecast period due to favorable government policies and the augmenting demand for clean and reliable energy access.

The North America Lithium-Ion Battery Market Report is Segmented by Application (Consumer Electronics, Automotive, Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), Etc. )), Other Applications (and More)), and Geography (United States, Canada, and Mexico).

The battery market size is predicted to reach $140 billion in 2024 to $450 billion by 2035, growing at a CAGR of 11.2% from 2024 to 2035.

The North America Battery Market report segments the industry into Type (Primary, Secondary), Technology (Lead-Acid, Lithium-Ion, Other Technologies), Application (Automotive, Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)), Consumer Electronics, Other Applications), and Geography (United States, Canada, Rest of North America). Get five years of historical data and five-year forecasts.

The global battery market attained a value of USD 202.88 Billion in 2024 and is projected to expand at a CAGR of 15.00% through 2034. The market is set to achieve USD 820.76 Billion by 2034. Rising automation in manufacturing and logistics is accelerating the adoption of industrial batteries, as companies prioritize fast-charge, high-cycle solutions to stabilize robotic operations and reduce downtime across distributed warehouse and production footprints.

A defining shift in the sector is Northvolt’s November 2023 announcement of developing the world’s first sodium-ion battery at a commercial scale, targeting grid-level storage where lithium cost volatility creates operational risks. The company claims its sodium-ion cells deliver 160 Wh/kg, and this performance uplift is significant considering that stationary storage demand is expected to exceed 900 GWh by 2030, as per the battery market analysis. Such moves show how suppliers are stepping away from material-constrained chemistries toward alternatives that stabilize cost structures for utilities and industrial clients.

With power systems transitioning toward high-renewables penetration, enterprise buyers are aggressively pursuing batteries that ensure grid stability, higher cycle life, and predictable TCO. Leading manufacturers are embedding AI-based diagnostics, adaptive thermal layers, and digital twins to keep cycling efficiency stable despite varying load patterns, thereby redefining the battery market trends. Panasonic, for instance, accelerated its Gen-4 cell program since September 2024, aiming to boost energy density through refined nickel-rich cathode engineering and faster electrolyte wetting, a development that directly appeals to OEMs seeking longer-range mobility platforms.

In parallel, corporate buyers are pushing suppliers for transparent, low-carbon supply chains. CATL’s November 2025 initiative to deploy real-time carbon-traceable metals across its LFP and M3P lines underlines this shift, giving B2B partners deeper visibility into sourcing, compliance, and circular manufacturing commitments.

Snapshot img

Lithium-Ion Battery Market Size 2025-2029

The lithium-ion battery market size is forecast to increase by USD 405.1 billion, at a CAGR of 34.5% between 2024 and 2029. Augmented demand from consumer electronics will drive the lithium-ion battery market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 52% growth during the forecast period.
By Type - Lithium nickel manganese cobalt segment was valued at USD 13.80 billion in 2023
By Application - Automotive segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 1.00 billion
Market Future Opportunities: USD 405.10 billion 
CAGR : 34.5%
APAC: Largest market in 2023

Market Summary

The market is a dynamic and ever-evolving landscape shaped by advancements in core technologies and their applications. This market's growth is primarily driven by the augmented demand for lithium-ion batteries in consumer electronics, such as smartphones and laptops. Furthermore, legislative support for battery recycling and the growing popularity of fuel cell solutions are creating new opportunities for market expansion. According to recent studies, the market is projected to account for over 50% of the global rechargeable battery market by 2025.
In related markets such as electric vehicles, lithium-ion batteries hold an even larger market share. Despite these opportunities, challenges persist, including the high cost of raw materials and safety concerns. As the market continues to unfold, stakeholders must navigate these challenges and capitalize on emerging trends to remain competitive.

What will be the Size of the Lithium-Ion Battery Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Lithium-Ion Battery Market Segmented and what are the key trends of market segmentation?

The lithium-ion battery industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Lithium nickel manganese cobalt
  Lithium titanate
  Lithium iron phosphate
  Lithium cobalt oxide


Application

  Automotive
  Consumer electronics
  Others


Voltage

  Low (Below 12V)
  Medium (12V - 36V)
  High (Above 36V)


Capacity

  Below 3,000 mAh
  3,001-10,000 mAh
  10,001-60,000 mAh
  Above 60,000 mAh


Geography

  North America

    US


  Europe

    France
    Germany
    Italy
    Sweden
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The lithium nickel manganese cobalt segment is estimated to witness significant growth during the forecast period.

Lithium-ion batteries, specifically those with nickel, manganese, and cobalt (NMC) cathodes, have gained significant traction in various industries due to their unique properties. NMC batteries offer a balance between energy density and power density, making them suitable for diverse applications. Graphite anodes, a traditional choice, contribute to high energy density, while NMC cathodes provide power density. Fast charging is a crucial aspect, with NMC batteries demonstrating impressive progress in this area. Power density has increased by 15%, enabling quicker charge times. Battery pack design plays a pivotal role in market trends. Silicon anodes and lithium iron phosphate (LFP) cathodes are emerging alternatives, offering advantages such as improved energy density and longer cycle life.

Solid-state batteries are another promising development, with potential for enhanced safety and energy density. Battery management systems and power electronics are essential components, ensuring optimal battery performance. Recycling processes are increasingly important, with a 12% increase in recycling rates to mitigate environmental concerns. Material science, electrolyte composition, and electrode kinetics are ongoing areas of research. Impedance spectroscopy and state of charge monitoring are crucial for assessing battery health. Anode materials, such as lithium cobalt oxide (LCO), are being replaced with alternatives like lithium nickel manganese cobalt oxide (NMC) to improve capacity fade and ion transport. Thermal management and lithium extraction are critical for battery degradation mitigation.

Cobalt mining remains a concern, prompting a shift towards nickel manganese cobalt batteries and alternative cathode materials like lithium nickel manganese aluminum (NCA) and lithium nickel manganese high nickel (NCAH). In the electric vehicle (EV) sector, NMC batteries dominate, accounting for 60% of the market share. The EV market is projected to grow by 25% by 2025, driven by advancements in battery technology and government incentives. The energy storage market is expected to ex

Lithium-Ion Battery Market size reached USD 164.8 billion in 2024 and is projected to reach USD 732.6 billion in 2032, growing at a significance CAGR of 12.5% till 2032

The global lithium-ion battery market was valued at some **** billion U.S. dollars in 2020. It is projected that the market will grow at a CAGR of **** percent, reaching the size of almost ** billion U.S. dollars in 2026. The lithium-ion battery industry Lithium-ion batteries are used across several products and industries, from smartphones to electric cars. As of 2020, most of the largest li-ion battery factories worldwide were located in China, which also held the largest share of the global manufacturing capacity that year. LG Chem was the leading li-ion battery manufacturer worldwide as of August 2020, with a market share of around **** percent. Application in electric vehicles Initially developed for consumer electronics, the li-ion battery type has become increasingly important for its use in electric vehicles. As more countries advance in the shift towards cleaner fuel alternatives, the supply and demand for lithium-ion batteries are expected to continue growing. Combined with technological improvements in battery production, the average price of a lithium-ion battery pack has been steadily falling since 2011. Still, lithium is a finite resource that requires mining and transportation over vast distances. It can be expected that the recycling of lithium-ion batteries will become more important in the coming years, with the market for lithium-ion battery recycling growing *****-fold between 2020 and 2027.

The battery market size was valued at USD 157.4 billion in 2025 and is projected to reach USD 631.8 billion by the end of 2035, rising at a CAGR of 16.7% during the forecast period, i.e., 2026-2035. Asia Pacific industry is predicted to account for the largest share of 59.4% by 2035, owing to the rising electrification programs, accelerating renewable energy deployments in the region.

The global lithium-ion battery market size was valued at USD 53.96 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 140.51 Billion by 2033, exhibiting a CAGR of 11.14% during 2025-2033. Asia-Pacific currently dominates the market, holding a significant market share of over 40.5% in 2024. The rising demand for electric vehicles (EVs), rapid expansion of renewable energy storage solutions, continual technological advancements enhancing battery efficiency and capacity, along with the widespread product adoption in consumer electronics are some of the major factors expanding lithium-ion battery market share.

IMARC Group provides an analysis of the key trends in each segment of the global lithium-ion battery market, along with forecasts at the global, regional, and country levels from 2025-2033. The market has been categorized based on product type, power capacity, and application.

The global solid-state battery market size is projected to grow from USD 2.78 billion in 2025 to USD 33.38 billion by 2033, exhibiting a CAGR of 36.4%.
Report Scope:

The North America Lithium-ion Battery Market size was valued at USD 16.53 Million in 2023 and is projected to reach USD 80.38 Million by 2032, exhibiting a CAGR of 25.35 % during the forecasts periods. Recent developments include: February 2023: Ascend Elements, a United States-based battery recycling and engineered materials company announced a basic agreement with Honda Motor Co. Ltd to collaborate on stable procurement of recycled lithium-ion battery materials for Honda electric vehicles in North America, which is expected to reduce the carbon footprint of electric vehicles., January 2023: United States battery manufacturer Yoshino Technology announced the development of solid-state lithium-ion batteries with outputs ranging from 330 W to 4,000 W designed for home backup, off-grid applications, and powering small industrial machinery. The system can be used in combination with solar panels. The 4,000 W power station has a peak power of 6000 W and 2,611 Wh capacity. A 600 W solar panel can fully recharge in 5.5 hours.. Key drivers for this market are: 4., Declining Lithium-Ion Battery Prices4.; Increasing Adoption Of Electric Vehicles. Potential restraints include: 4., Safety Concerns Related To Lithium-Ion Battery. Notable trends are: Automotive Batteries Expected to be the Fastest-growing Segment.

Snapshot img

Battery Market Size 2024-2028

The battery market size is valued to increase USD 296.6 billion, at a CAGR of 18.69% from 2023 to 2028. Shift in the automotive industry to EVs will drive the battery market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 44% growth during the forecast period.
By Application - Portable batteries segment was valued at USD 52.10 billion in 2022
By Type - Lithium ion segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 291.34 billion
Market Future Opportunities: USD 296.60 billion
CAGR : 18.69%
APAC: Largest market in 2022

Market Summary

The market encompasses the production, sales, and installation of various battery types, primarily driven by the shift towards renewable energy and the surge in electric vehicles (EVs) adoption. Core technologies, such as lithium-ion and nickel-metal hydride, dominate the landscape, with lithium-ion batteries holding a significant market share due to their high energy density and long cycle life. Applications span across industries, including telecommunications, grid energy storage, and transportation, with the automotive sector experiencing a major transformation. Technological developments, such as solid-state batteries and advanced battery management systems, are pushing the boundaries of energy storage capabilities.
However, challenges persist, including the use of counterfeit batteries and regulatory compliance. According to a recent study, The market is projected to reach a 30% market share in the EV sector by 2025, underscoring the market's continuous evolution and growth potential.

What will be the Size of the Battery Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Battery Market Segmented and what are the key trends of market segmentation?

The battery industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Portable batteries
  Automotive batteries
  Industrial batteries
  Energy Storage Systems (ESS)
  Aerospace and Defense
  Wearables


Type

  Lithium ion
  Silicon-Graphite Composite
  Pure Silicon Anode
  Silicon-Based Solid-State Batteries
  Silicon-Sulfur
  Others


Technology

  Primary Batteries
  Secondary (Rechargeable) Batteries


End-User

  Automotive
  Electronics
  Utilities
  Industrial
  Healthcare


Geography

  North America

    US
    Canada


  Europe

    Germany
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Application Insights

The portable batteries segment is estimated to witness significant growth during the forecast period.

The rechargeable the market, specifically lithium-ion batteries, is experiencing significant growth, driven primarily by the automotive sector. Currently, adoption in this segment has risen by 25%, with electric vehicles (EVs) and e-bikes leading the charge. This trend is expected to continue, with industry forecasts projecting a 27% increase in demand for these batteries over the next few years. Lithium-ion batteries offer several advantages over traditional chemistries, such as higher energy density, improved performance, longer cycle life, and lower production costs. These factors make lithium-ion batteries an attractive choice for EV manufacturers like Tesla, leading to increased market penetration.

Battery technology has advanced significantly, with enhancements in cell balancing, power electronics, and thermal management. Fast charging capabilities, self-discharge rate reduction, and improved energy efficiency are essential features that have become increasingly important for battery users. Material science plays a crucial role in battery development, with anode and cathode materials undergoing continuous research and innovation. Battery testing, including impedance spectroscopy and discharge curves, is essential to assess battery health and performance. Battery pack design, capacity fade, specific power, and cycle life are critical factors that influence battery selection and application. Solid-state batteries and battery management systems are emerging technologies that aim to address challenges such as internal resistance and state of health monitoring.

Battery recycling is another area of focus, as the industry seeks to minimize environmental impact and maximize resource utilization. The ongoing evolution of battery technology and its applications across various sectors underscores the dynamic nature of this market.

Request Free Sample

The Portable batteries segment was valued at USD 52.10

The India Battery Market report segments the industry into Technology (Lithium-Ion Battery, Lead-Acid Battery, Other Technologies) and Application (SLI Batteries, Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS)), Etc.), Portable (Consumer Electronics, Etc.), Automotive Batteries (HEV, PHEV, and EV), Other Applications). Get five years of historical data and future forecasts.

The global automotive lithium-ion battery market size reached USD 56.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 226.1 Billion by 2033, exhibiting a growth rate (CAGR) of 16.69% during 2025-2033. The rising adoption of electric vehicles (EVs), supportive government incentives, rapid advancements in battery technology, decreasing battery costs, growing demand for renewable energy storage, expanding EV charging infrastructure, and collaborations between automakers and battery manufacturers are some of the factors facilitating the market growth.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on battery type, distribution channel, and vehicle type.

The North America lithium-ion battery market reached a value of more than USD 16.19 Billion in 2024. The market is further expected to grow at a CAGR of 13.40% between 2025 and 2034, reaching a projected value of USD 56.93 Billion by 2034.

Battery Market is estimated to be valued at US$ 151.54 billion in 2025 and is expected to expand at(CAGR) of 17.9% , reachingUS$ 480.15 billion by 2032,

UK battery market poised to hit USD 0.32 billion by 2030, driven by renewable energy, EV adoption, and Nano-Diamond Battery innovation.