The global advanced battery market size was USD 23.73 Billion in 2022 and is expected to register a revenue CAGR of 13% over the forecast period, according to the latest report by Reports and Data.
EVs are gaining popularity as a viable alternative to traditional fossil-fuel-powered automobiles. Because of their high energy density, prolonged lifespan, and rapid charging capabilities, modern batteries, notably lithium-ion batteries, are often used in EVs. The increased adoption of EVs in both developed and developing countries is expected to raise the demand for advanced batteries in the future years.
Another important driver driving revenue growth in the market for advanced batteries is rising need for dependable and eco-friendly energy storage solutions. The growing demand for renewable energy sources such as solar and wind has created a need for energy storage devices that can store and deliver electricity during periods of low generation. Because of their high efficiency, minimal maintenance needs, and prolonged lifetime, modern batteries, such as sodium-ion and flow batteries, are used in many energy storage devices.
Demand for consumer electronics such as smartphones, laptops, and tablets is predicted to expand, driving revenue growth in the market for better batteries. Consumer electronics use sophisticated batteries, such as solid-state batteries, since they have a higher energy density and are safer than regular batteries.
Additionally, the market's revenue growth is being driven by a greater emphasis on reducing carbon emissions and fostering sustainable development. Advanced batteries can help promote sustainability by lowering dependency on fossil fuels and allowing the use of renewable energy sources.
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Some of the prominent players in the global advanced battery industry include Tesla, Inc., LG Chem Ltd., Samsung SDI Co., Ltd., Panasonic Corporation, Contemporary Amperex Technology Co. Limited (CATL), BYD Company Limited, Johnson Controls International plc, EnerSys, GS Yuasa Corporation, Saft Groupe S.A., and Hitachi Chemical Co., Ltd.
Some Key Highlights from the Report
- The demand for lithium-ion polymer batteries is expected to increase significantly in the coming years due to their superior performance, longer lifespan, and high energy density, making them the leading revenue contributor. The surge in demand is primarily driven by the growing adoption of electric vehicles and the increasing need for energy storage technologies in various sectors, including renewable energy, consumer electronics, and grid storage systems.
- The consumer electronics sector is projected to contribute a substantial portion of revenue in the coming years due to the growing need for portable devices like smartphones, laptops, and tablets. These devices require high-performing batteries that offer extended lifespan and faster charging capabilities. Additionally, the usage of advanced batteries in various industrial applications, including backup power and UPS systems, as well as forklifts, is contributing to the revenue growth in this segment.
- The Asia Pacific region is expected to dominate the revenue share in the advanced battery industry due to the rising demand for renewable energy sources, electric vehicles, consumer electronics, and energy storage devices. Leading the revenue growth are countries such as China, Japan, South Korea, and India, which are also home to major battery manufacturers. The increased support from governments in promoting the use of electric cars further contributes to revenue development in this region.
- Over the forecast period, North America is expected to contribute significantly to revenue in the electric car and energy storage industries, primarily driven by an increase in demand. The United States and Canada play a significant role in this sector, with the United States being a major market for electric cars globally. Additionally, the US government's efforts to promote renewable energy sources and energy storage are also contributing to the growth in revenue in the region.
- In 2021, Tesla expressed its plan to acquire Maxwell Technologies, a manufacturer of ultracapacitors and high-end energy storage solutions. The goal of this acquisition was to enhance Tesla's advanced battery technology and improve the energy density of its batteries.
- In 2020, LG Chem declared that it would invest USD 500 million to enhance its battery production capacity in the United States. The objective of this investment was to bolster LG Chem's standing in the US market and meet the rising demand for electric vehicles and energy storage systems.
- Last year, Tesla unveiled its latest 4680 battery cell, which is projected to offer higher energy density, an extended driving range, and a reduced cost per kilowatt-hour. This advanced battery technology is expected to be integrated into Tesla's electric cars and energy storage systems.
- In 2020, LG Chem Ltd. introduced a new product called RESU Prime, which is a compact home energy storage system battery. The RESU Prime offers a high energy density and is designed to fit in small spaces, making it an excellent option for easy installation where space is limited.
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For the purpose of this report, Reports and Data has segmented the global advanced battery market on the basis of Product Outlook, Application Outlook, and Regional Outlook:
Product Outlook (Revenue, USD Billion; 2019-2032)
- Lithium Ion polymer Battery
- Sodium Sulphur Battery
- Sodium Metal Halide Battery
- Advanced Lead Acid Battery
- Smart Nano Battery
- Others
Application Outlook (Revenue, USD Billion; 2019-2032)
- Consumer Electronics
- Automotive Battery
- Energy Storage Systems
- Industrial Battery
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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