The global battery market size was valued at USD 108.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13% from 2020 to 2027. The market growth is attributed to high demand from the automotive application. The automotive application includes rechargeable batteries used in non-rechargeable batteries and electric vehicles. The increasing popularity of consumer electronics on a global scale is projected to result in the usage of the lithium-ion battery as a product type over the forecast period. High demand for portable electronics, including LCD displays, smartphones, tablets, and wearable devices such as fitness bands, is boosting the market growth. The market is expected to observe substantial growth on account of technological advancements in terms of enhanced efficiency, cost-effectiveness, and product innovation. Strict emission norms by the government authorities of developed countries, such as the United States and the United Kingdom, coupled with growing attention towards fuel efficiency, are expected to drive battery demand.
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Battery Technology Market Segments
By Technology Type
• Lithium-Ion Battery
• Lead Acid Battery
• Nickel Metal Hydride Battery
• Other Battery Technology Type
By Application
• Power & Utilities
• Transportation
• Industrial
• Commercial & Residential
• Consumer Electronics
• Medical
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