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

According to Cognitive Market Research, the global battery market size is USD 104.31 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 15.8% from 2024 to 2031. Market Dynamics of Battery Market

Key Drivers for Battery Market

Rapid growth of electric vehicles (EVs) and hybrid mobility: The worldwide transition towards electric mobility represents one of the most significant factors influencing battery demand. EVs depend extensively on high-performance lithium-ion batteries, with substantial investments from governments and automakers in electrification infrastructure and subsidies.

Increasing demand for renewable energy storage: As the adoption of solar and wind energy increases, so does the necessity for battery storage to manage grid fluctuations and ensure a consistent supply. Batteries, particularly in residential and utility-scale applications, are essential for making renewable energy reliable and scalable.

Growing usage of portable electronic devices: From smartphones and laptops to wearable technology, consumer electronics continue to generate substantial demand for compact, energy-dense battery solutions. This sector drives advancements in battery miniaturization and charging efficiency.

Key Restraints for Battery Market

Rapid growth of electric vehicles (EVs) and hybrid mobility: The worldwide transition towards electric mobility represents one of the most significant factors influencing battery demand. EVs depend extensively on high-performance lithium-ion batteries, with substantial investments from governments and automakers in electrification infrastructure and subsidies.

Increasing demand for renewable energy storage: As the adoption of solar and wind energy increases, so does the necessity for battery storage to manage grid fluctuations and ensure a consistent supply. Batteries, particularly in residential and utility-scale applications, are essential for making renewable energy reliable and scalable.

Growing usage of portable electronic devices: Inadequate handling, substandard cells, or design flaws can result in overheating or battery fires. These safety issues are particularly critical in EVs and large-scale storage systems, often necessitating additional regulatory compliance and research and development.

Key Trends of Battery Market

Shift toward solid-state and next-generation battery technologies: Companies are investing in solid-state batteries, which promise higher energy density, faster charging, and improved safety. Emerging chemistries such as sodium-ion and lithium-sulfur are also gaining traction in R&D pipelines.

Localization of battery manufacturing to reduce dependence on imports: Governments in regions like the U.S. and EU are pushing for domestic battery production through policy incentives. This helps reduce dependency on Asia-Pacific manufacturers and strengthens energy security.

Growth in battery recycling and circular economy initiatives: With sustainability taking center stage, the market is seeing increased investment in battery recycling technologies and second-life applications. Companies are repurposing EV batteries for stationary storage and developing closed-loop supply chains. Introduction of the Battery Market

The battery describes a device that can transform chemical energy into electrical energy. The battery market is expected to be driven by the arrival of new and exciting markets, e-bikes, and energy storage devices that use batteries for a variety of uses. Additionally, the increasing use of automotive batteries in electric vehicles is expected to add to this demand. One factor that could drive the battery market forward is the widespread adoption of uninterruptible power supply systems in industries including healthcare, chemicals, and oil and gas. Due to their low cost and great dependability, lead acid batteries are utilized for crucial applications. The battery market was projected to grow slower due to the need for domestic lithium-ion production capabilities.

The global alkaline battery market size is projected to grow from $7.92 billion in 2025 to $10.18 billion by 2032 at a CAGR of 3.66% over the forecast period

The North America EV Battery Pack Market report segments the industry into Body Type (Bus, LCV, M&HDT, Passenger Car), Propulsion Type (BEV, PHEV), Battery Chemistry (LFP, NCA, NCM, NMC, and more.), Capacity (15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, and more.), Battery Form (Cylindrical, Pouch, and more.), Method (Laser, and more.), Component (Anode, and more.), Material Type, and Country.

The electric vehicle battery market size was valued at USD 81.41 billion in 2025 and is projected to reach USD 299.6 billion by the end of 2035, rising at a CAGR of 14.1% during the forecast period, from, 2026-2035. Asia Pacific Industry is anticipated to garner a robust share of 40% from 2026 to 2035 due to strong government backing, increasing urbanization, and rising environmental concerns.

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:

Primary Battery Market size was valued at around USD 18.8 billion in 2024 and is projected to reach USD 26 billion by 2030 with a CAGR of around 5.6%.

EV Battery Market to grow from USD 90.94 billion in 2024 to USD 224.55 billion by 2034 at 9.5% CAGR, driven by solid-state innovations and lithium-ion advancements enhancing EV range and performance.

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.

China-based CATL was the leading EV battery maker as of March 2025, with a market share of over ** percent. The Chinese company BYD ranked second with a market share of **** percent, followed by South Korean LG Energy Solution with a market share of **** percent. New entrants from China increase competition CATL (Contemporary Amperex Technology Co. Limited) was the largest battery manufacturer, having overtaken its main Chinese, South Korean, and Japanese competitors. CATL has several battery production bases in China, Germany, and Hungary. Electric cars are a major factor Considering the tightening environmental regulations, global sales of battery-electric vehicles increased *****-fold between 2018 and 2024. As a result, large-scale electric vehicle production drove the lithium-ion battery demand up to around *** terawatt-hour in 2024.

The electric vehicle (EV) battery market is positioned for strong growth between 2025 and 2035, driven by the accelerating shift toward electrification in the automotive industry and the global commitment to reducing greenhouse gas emissions. The market is expected to grow from USD 11.1 billion in 2025 to USD 25.0 billion by 2035, registering a CAGR of 8.5% over the forecast period.

Country-Wise Analysis

Competitive Outlook

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 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.

In 2021, the size of the electric vehicle battery market in the United States (U.S.) reached a value of *** billion U.S. dollars. It is projected that the market size will increase with a compound annual growth rate (CAGR) of ***** percent between 2022 and 2027, reaching the size of **** billion U.S. dollars in 2027.

As of February 2025, South Korean battery company LG Energy Solution's share in the global electric vehicle (EV) battery market was around *** percent, placing it third among competitor companies. Other major domestic EV battery makers were Samsung SDI and SK On. South Korea: an EV factory of the future? EV batteries are a key component for electronic vehicles and indispensable for the future of the automotive industry. Traditionally a hub for core elements in emerging technologies and industries such as semiconductors, South Korea has also positioned itself as a major player in the EV battery sector. Together with Japan’s Panasonic, the three leading South Korean EV battery producers intend to challenge China’s dominance in this market. How are South Korean carmakers positioning themselves in the EV market?  Domestic automakers Hyundai Motor and Kia benefit from this thriving EV battery ecosystem, giving them a competitive edge in the South Korean market. Hyundai Motor Group, responsible for both brands, plans to expand its EV business by significantly investing in the sector in the coming years. In 2024, Kia remodeled its factory in Gwangmyeong to focus exclusively on EV production, positioning it to further boost the popularity of electric models like the EV6.

U.S. battery market projected to reach USD 2.94 billion by 2030, driven by EV growth, tech advancements, and NDB adoption.