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Battery Market by Application, Type, and Geography - Forecast and Analysis 2023-2027

  • Published: Dec 2022
  • Pages: 169
  • SKU: IRTNTR74788
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The battery market is estimated to grow at a CAGR of 17.22% between 2022 and 2027. The size of the market is forecast to increase by USD 229.86 billion. The growth of the market depends on serval factors, including the shift in the automotive industry to EVs, the increase in demand for rechargeable batteries, and the augmented demand from consumer electronics. 

This report extensively covers market segmentation by application (portable batteries, automotive batteries, and industrial batteries), type (lithium-ion battery, lead acid battery, nickel metal hydride battery, nickel cadmium battery, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Battery Market During the Forecast Period?

Battery Market Size

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Parent Market Analysis

Technavio categorizes the global battery market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent market, the global renewable electricity market, covers companies engaged in the generation and distribution of electricity using renewable sources. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Battery Market: Key Drivers, Trends, Challenges, and Customer Landscape

The shift in the automotive industry to EVs is notably driving the market growth, although factors such as the use of counterfeit batteries may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Battery Market Driver

The shift in the automotive industry to EVs is notably driving the market growth. Electric vehicles are growing in popularity due to growing concerns about environmental pollution and a shift to a more sustainable ecosystem. Several countries have developed policies to reduce air pollution and vehicle emissions. Gasoline or conventional vehicles emit on average twice as many greenhouse gases as electric cars. Therefore, the automotive industry is shifting its focus to electrified cars to reduce emissions and carbon footprint.

Batteries are the dominant power solution for electric cars. In an electric car, the battery pack consists of tens of thousands of batteries called cells. Depending on the vehicle design, EV manufacturers use these cells to improve efficiency. Tesla, one of the largest electric car manufacturers in the world, uses batteries made by Panasonic in its cars. The proliferation of electric cars due to the factors of sustainable development will increase the sales volumes of batteries, which will contribute to the growth of the market during the forecast period.

Significant Battery Market Trend

Technological developments are a major trend in the market. Technologies such as batteries have seen rapid improvements in efficiency and cost as suppliers' R&D capabilities have increased. Batteries have numerous applications in consumer electronics due to their high energy density, which will drive the growth of the global market during the forecast period. Additionally, several vendors are also bringing technologies that are new to the market and will boost the market growth.

Wireless charging technology is gaining acceptance rapidly among consumers. It is used in battery products like smartphones and smartwatches. It provides a reliable way to charge electrical devices. Wireless charging for wearables and other devices uses AA batteries. The devices mostly use AA batteries because it makes the internal charging of the device convenient. In addition, several suppliers are launching electronic devices equipped with wireless charging technology. These factors will drive the growth of the global battery market during the forecast period.

Major Battery Market Challenge

The use of counterfeit batteries is a major challenge impeding market growth. Fake products pose a serious threat to the safety and human health worldwide. By purchasing counterfeit products, consumers risk receiving toxic ingredients, contaminated products, or defective parts. One in ten consumer electronics products sold, including electrical fuse boxes, home appliances, and mobile phone batteries, were found to be counterfeit.

Additionally, manufacturing counterfeit goods without regulations can endanger the environment. Substances such as toxic dyes and chemicals are often disposed of illegally. Environment-friendly disposal of confiscated counterfeit electronic products can be difficult. Such environmental along with safety threats will hinder the growth of the global consumer battery market during the forecast period.

Key Battery Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Battery Market Share by Geography

Global Battery Market Customer Landscape

Who are the Major Battery Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Furukawa Electric Co. Ltd. - The company operates under multiple segments including electronics and automotive systems, and functional products among others, with a high focus on electronics and automotive systems.? The company under this segment?offers solutions for automotive products. The company's key offerings include?batteries.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • A123 Systems LLC
  • Cummins Inc.
  • East Penn Manufacturing Co. Inc.
  • EnerSys
  • Exide Industries Ltd.
  • GS Yuasa Corp.
  • HBL Power Systems Ltd.
  • Hitachi Ltd.
  • Korea Battery Co. Ltd.
  • Leoch International Technology Ltd.
  • LG Chem
  • Murata Manufacturing Co. Ltd.
  • Panasonic Holdings Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Battery Market?

The market share growth by the portable batteries segment will be significant during the forecast period. A portable battery is a compact, hand-sized device that is designed to be flexible enough to accommodate the needs of the customer.

Battery Market Size

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The portable battery segment was valued at USD 46.04 billion in 2017 and continued to grow until 2021The need for portable batteries is rising in parallel with the development of technological products. The requirement to often recharge mobile phones, wireless devices, and other charging electronic devices has emerged as a crucial factor driving the growth of the portable batteries industry in recent years. Numerous home appliances, such as calculators, torches, clocks, and timepieces, among others, frequently use portable batteries. Additionally, the rising popularity of smartphones and tablets is increasing the use of portable batteries, establishing them as a separate product category within the consumer electronics industry. Hence, owing to such factors, the portable battery segment is expected to grow during the forecast period.

Which are the Key Regions for the Battery Market?

Battery Market Share by Geography

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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Batteries are mainly used in various consumer electronics, such as smartphones, laptops, and tablets. The demand for batteries is expected to increase in APAC owing to the decreasing cost of Li-ion batteries during the forecast period. Furthermore, India is expected to aggressively increase the domestic production of batteries. In addition, the increasing smartphone adoption rates have made APAC one of the largest mobile markets in the world. More than half of the world's mobile subscribers reside in this region, mostly in China and India.

In 2020-2021, the outbreak of COVID-19 slowed down the production of batteries in APAC. However, China witnessed a rise in EV sales in 2020 and 2021. Moreover, companies have been increasing their sales and investing in EV production with supportive government initiatives. Furthermore, with the initiation of large-scale vaccination drives and the resumption of end-user operations, the regional battery market started to recover in 2021, with the reopening of the consumer electronics industry. Such factors will consequently boost the growth of the batteries industry in APAC during the forecast period. 

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Battery market for Medical Devices Industry - The market share will grow steadily at a CAGR of greater than 7% by 2022.

Segment Overview

The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Portable batteries, Automotive batteries, and Industrial batteries), Type (Lithium-ion, Lead-acid, Nickel metal hydride, Nickel-cadmium, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

  • Type Outlook (USD Billion, 2017 - 2027)
    • Lithium-ion
    • Lead acid
    • Nickel metal hydride
    • Nickel-cadmium
    • Others
  • Application Outlook (USD Billion, 2017 - 2027)
    • Portable batteries
    • Automotive batteries
    • Industrial batteries
  • Region Outlook (USD Billion, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Brazil
      • Argentina

Battery Market Scope

Report Coverage

Details

Page number

169

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 17.22%

Market growth 2023-2027

USD 229.86 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

15.49

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 48%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

A123 Systems LLC, Clarios, Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Furukawa Electric Co. Ltd., GS Yuasa Corp., HBL Power Systems Ltd., Hitachi Ltd., Korea Battery Co. Ltd., Leoch International Technology Ltd., LG Chem, Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TDK Corp., and Toshiba Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Battery Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the batteries industry between 2023 and 2027
  • Precise estimation of the battery market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of battery market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global battery market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global battery market 2017 - 2021 ($ billion)
    • 4.2 Application Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Portable batteries - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Portable batteries - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Data Table on Portable batteries - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 36: Chart on Portable batteries - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Portable batteries - Year-over-year growth 2022-2027 (%)
    • 6.4 Automotive batteries - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Automotive batteries - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Data Table on Automotive batteries - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 40: Chart on Automotive batteries - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Automotive batteries - Year-over-year growth 2022-2027 (%)
    • 6.5 Industrial batteries - Market size and forecast 2022-2027
      • Exhibit 42: Chart on Industrial batteries - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 43: Data Table on Industrial batteries - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 44: Chart on Industrial batteries - Year-over-year growth 2022-2027 (%)
      • Exhibit 45: Data Table on Industrial batteries - Year-over-year growth 2022-2027 (%)
    • 6.6 Market opportunity by Application
      • Exhibit 46: Market opportunity by Application ($ billion)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 47: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 48: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 49: Chart on Comparison by Type
      • Exhibit 50: Data Table on Comparison by Type
    • 7.3 Lithium ion - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Lithium ion - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 52: Data Table on Lithium ion - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Chart on Lithium ion - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Lithium ion - Year-over-year growth 2022-2027 (%)
    • 7.4 Lead acid - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Lead acid - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 56: Data Table on Lead acid - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Chart on Lead acid - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Lead acid - Year-over-year growth 2022-2027 (%)
    • 7.5 Nickel metal hydride - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Nickel metal hydride - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 60: Data Table on Nickel metal hydride - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 61: Chart on Nickel metal hydride - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Nickel metal hydride - Year-over-year growth 2022-2027 (%)
    • 7.6 Nickel cadmium - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Nickel cadmium - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 64: Data Table on Nickel cadmium - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 65: Chart on Nickel cadmium - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Nickel cadmium - Year-over-year growth 2022-2027 (%)
    • 7.7 Others - Market size and forecast 2022-2027
      • Exhibit 67: Chart on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 68: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 69: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 7.8 Market opportunity by Type
      • Exhibit 71: Market opportunity by Type ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 73: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 74: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 75: Chart on Geographic comparison
      • Exhibit 76: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 81: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 82: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 83: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 85: Chart on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 86: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 87: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 101: Chart on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 102: Data Table on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 103: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 UK - Market size and forecast 2022-2027
      • Exhibit 109: Chart on UK - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 110: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 111: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 112: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.12 Japan - Market size and forecast 2022-2027
      • Exhibit 113: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 114: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 115: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 116: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 117: Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 118: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 119: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 120: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 121: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 122: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 123: Matrix on vendor position and classification
            • 12.3 A123 Systems LLC
              • Exhibit 124: A123 Systems LLC - Overview
              • Exhibit 125: A123 Systems LLC - Product / Service
              • Exhibit 126: A123 Systems LLC - Key offerings
            • 12.4 Clarios
              • Exhibit 127: Clarios - Overview
              • Exhibit 128: Clarios - Product / Service
              • Exhibit 129: Clarios - Key news
              • Exhibit 130: Clarios - Key offerings
            • 12.5 Cummins Inc.
              • Exhibit 131: Cummins Inc. - Overview
              • Exhibit 132: Cummins Inc. - Business segments
              • Exhibit 133: Cummins Inc. - Key offerings
              • Exhibit 134: Cummins Inc. - Segment focus
            • 12.6 EnerSys
              • Exhibit 135: EnerSys - Overview
              • Exhibit 136: EnerSys - Business segments
              • Exhibit 137: EnerSys - Key news
              • Exhibit 138: EnerSys - Key offerings
              • Exhibit 139: EnerSys - Segment focus
            • 12.7 Exide Industries Ltd.
              • Exhibit 140: Exide Industries Ltd. - Overview
              • Exhibit 141: Exide Industries Ltd. - Product / Service
              • Exhibit 142: Exide Industries Ltd. - Key offerings
            • 12.8 Furukawa Electric Co. Ltd.
              • Exhibit 143: Furukawa Electric Co. Ltd. - Overview
              • Exhibit 144: Furukawa Electric Co. Ltd. - Business segments
              • Exhibit 145: Furukawa Electric Co. Ltd. - Key news
              • Exhibit 146: Furukawa Electric Co. Ltd. - Key offerings
              • Exhibit 147: Furukawa Electric Co. Ltd. - Segment focus
            • 12.9 GS Yuasa Corp.
              • Exhibit 148: GS Yuasa Corp. - Overview
              • Exhibit 149: GS Yuasa Corp. - Business segments
              • Exhibit 150: GS Yuasa Corp. - Key news
              • Exhibit 151: GS Yuasa Corp. - Key offerings
              • Exhibit 152: GS Yuasa Corp. - Segment focus
            • 12.10 Hitachi Ltd.
              • Exhibit 153: Hitachi Ltd. - Overview
              • Exhibit 154: Hitachi Ltd. - Business segments
              • Exhibit 155: Hitachi Ltd. - Key news
              • Exhibit 156: Hitachi Ltd. - Key offerings
              • Exhibit 157: Hitachi Ltd. - Segment focus
            • 12.11 LG Chem
              • Exhibit 158: LG Chem - Overview
              • Exhibit 159: LG Chem - Business segments
              • Exhibit 160: LG Chem - Key news
              • Exhibit 161: LG Chem - Key offerings
              • Exhibit 162: LG Chem - Segment focus
            • 12.12 Murata Manufacturing Co. Ltd.
              • Exhibit 163: Murata Manufacturing Co. Ltd. - Overview
              • Exhibit 164: Murata Manufacturing Co. Ltd. - Business segments
              • Exhibit 165: Murata Manufacturing Co. Ltd. - Key news
              • Exhibit 166: Murata Manufacturing Co. Ltd. - Key offerings
              • Exhibit 167: Murata Manufacturing Co. Ltd. - Segment focus
            • 12.13 Panasonic Holdings Corp.
              • Exhibit 168: Panasonic Holdings Corp. - Overview
              • Exhibit 169: Panasonic Holdings Corp. - Business segments
              • Exhibit 170: Panasonic Holdings Corp. - Key news
              • Exhibit 171: Panasonic Holdings Corp. - Key offerings
              • Exhibit 172: Panasonic Holdings Corp. - Segment focus
            • 12.14 Robert Bosch GmbH
              • Exhibit 173: Robert Bosch GmbH - Overview
              • Exhibit 174: Robert Bosch GmbH - Business segments
              • Exhibit 175: Robert Bosch GmbH - Key news
              • Exhibit 176: Robert Bosch GmbH - Key offerings
              • Exhibit 177: Robert Bosch GmbH - Segment focus
            • 12.15 Samsung Electronics Co. Ltd.
              • Exhibit 178: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 179: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 180: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 181: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 182: Samsung Electronics Co. Ltd. - Segment focus
            • 12.16 TDK Corp.
              • Exhibit 183: TDK Corp. - Overview
              • Exhibit 184: TDK Corp. - Business segments
              • Exhibit 185: TDK Corp. - Key news
              • Exhibit 186: TDK Corp. - Key offerings
              • Exhibit 187: TDK Corp. - Segment focus
            • 12.17 Toshiba Corp.
              • Exhibit 188: Toshiba Corp. - Overview
              • Exhibit 189: Toshiba Corp. - Business segments
              • Exhibit 190: Toshiba Corp. - Key offerings
              • Exhibit 191: Toshiba Corp. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 192: Inclusions checklist
                • Exhibit 193: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 194: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 195: Research methodology
                • Exhibit 196: Validation techniques employed for market sizing
                • Exhibit 197: Information sources
              • 13.5 List of abbreviations
                • Exhibit 198: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Battery market growth will increase by $229.86 billion during 2023-2027.
              The battery market is expected to grow at a CAGR of 17.22% during 2023-2027.
              Technavio has segmented the battery market by application (Portable batteries, Automotive batteries, and Industrial batteries) ,type (Lithium ion, Lead acid, Nickel metal hydride, Nickel cadmium, and Others) , and geography (APAC, Europe, North America, South America, and Middle East and Africa).
              A123 Systems LLC, Clarios, Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Exide Industries Ltd., Furukawa Electric Co. Ltd., GS Yuasa Corp., HBL Power Systems Ltd., Hitachi Ltd., Korea Battery Co. Ltd., Leoch International Technology Ltd., LG Chem, Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TDK Corp., Toshiba Corp. are a few of the key vendors in the battery market.
              APAC will register the highest growth rate of 47.67% among the other regions. Therefore, the battery market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • China
              • Japan
              • Germany
              • UK
              The key factors driving the battery market growth are:
              • Shift in the automotive industry to EVs
              • Technological developments
              The battery market vendors should focus on grabbing business opportunities from the portable batteries segment as it accounted for the largest market share in the base year.
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