The Global Advanced Batteries Market Size accounted for USD 82.0 Billion in 2022 and is estimated to achieve a market size of USD 175.7 Billion by 2032 growing at a CAGR of 8.2% from 2023 to 2032. Factors such as government support for the adoption of electric vehicles and the increasing demand for energy storage systems in various industries are driving the advanced batteries market growth. Additionally, the development of new technologies such as solid-state batteries and lithium-sulfur batteries is expected to further boost the advanced batteries market value in the coming years.
Advanced Batteries Market Report Key Highlights
Advanced batteries possess lower emissions, and longer life spans and can easily be installed in a power grid to store electricity. Advanced battery systems reduce the overall cost of electricity and aid in lowering the emission of greenhouse gases. The introduction of advanced batteries with next-generation inherent features such as efficiency, improved safety, and low cost has helped in the large-scale storage of energy for an electrical distribution network. Moreover, advanced batteries are rechargeable poly lithium-ion batteries and find a wide number of applications in the electric and automotive industries along with smartphones, laptops, tablets, and other electrical products.
Global Advanced Batteries Market Trends
Advanced Batteries Market Report Coverage
|Market||Advanced Batteries Market|
|Advanced Batteries Market Size 2022||USD 82.0 Billion|
|Advanced Batteries Market Forecast 2032||USD 175.7 Billion|
|Advanced Batteries Market CAGR During 2023 - 2032||8.2%|
|Advanced Batteries Market Analysis Period||2018 - 2032|
|Advanced Batteries Market Base Year||2022|
|Advanced Batteries Market Forecast Data||2023 - 2032|
|Segments Covered||By Type, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||GS Yuasa Corp., Siemens, Pathion, Inc., LG Chem Ltd., Oxis Energy Ltd., Sion Power Corp., Samsung SDI Co. Ltd., Saft Groupe SA, PolyPlus Battery Company Inc., and Enerdel, Inc.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Advanced batteries carry unique properties such as compactness and a light weight due to which they are gaining importance and popularity over conventional batteries. The increasing commercialization and adoption of electric vehicles have fuelled the growth of the global advanced batteries market. Apart from this, the path towards commercialization of new battery chemistries continues owing to the progress in making lithium-ion, molten salt batteries, and advanced lead-acid flow batteries. Various new battery chemistries are expected to penetrate the global grid-tied stationary energy storage and transportation markets in the foreseeable years, especially in Western Europe, North America, and Asia Pacific. The lithium-ion battery is currently the basic chemistry adopted for grid-tied stationary energy storage and transportation applications which require next-generation batteries. Li-S, next-generation flow, Li-SS, and others reflect the potential competitors that may start to encroach on the Li-ion market as the world’s most flexible battery market.
Increased carbon emissions from automobiles as well as the scarcity of fuel are some key factors bolstering the demand for electric vehicles across the globe. Thus, increasing demand for electric vehicles, especially in developed economies, is one of the key factors driving the growth of the global advanced battery market. Moreover, ongoing development in terms of technology in battery chemistry is another key factor fuelling the growth of the global advanced battery market. Also, the growing market of laptops and mobile phones is one of the major factors driving the demand for advanced batteries, thus fuelling the overall market growth. Furthermore, rising awareness of the use of energy-efficient batteries, especially in developed economies including Europe and the U.S. is expected to impel the growth of the advanced batteries market, globally. It is observed that the U.S. government is expected to offer funds for the development of durable, affordable, and lightweight advanced battery options for various applications across different segments. Increasing initiatives by governments such as tax rebates and subsidies on the adoption of advanced batteries have shown positive effects on the global advanced battery market. Moreover, countries such as India, China, and Japan, are also anticipated to follow a similar trend.
Advanced Batteries Market Segmentation
The global advanced batteries market segmentation is based on type, application, and geography.
Advanced Batteries Market By Type
According to the advanced batteries industry analysis, the lithium-ion polymer battery type segment dominates the global market in 2021. This growth is due to the increasing demand for electric vehicles (EVs) and consumer electronics. The growth in the EV market is driven by the increasing concern for the environment and the need to reduce carbon emissions. Governments around the world are promoting the use of EVs by offering various incentives and subsidies, which is further driving market growth. Moreover, the growth of the consumer electronics market is also driving the demand for lithium-ion polymer batteries. These batteries are widely used in smartphones, laptops, tablets, and other portable electronic devices, owing to their high energy density, long cycle life, and low self-discharge rate.
Advanced Batteries Market By Application
According to the advanced batteries market forecast, the consumer electronics application segment is expected to grow rapidly in the industry over the next several years. This growth is due to the increasing adoption of smartphones, laptops, and other portable electronic devices. Advanced batteries such as lithium-ion and lithium-ion polymer batteries are commonly used in consumer electronics due to their high energy density, long service life, and low self-discharge rate. The growing demand for smartphones and other portable electronic devices, as well as the increasing trend of miniaturization of electronic devices, is driving the market growth. Additionally, the development of new technologies such as fast-charging batteries and wireless charging batteries is expected to further boost the market growth in consumer electronics.
Advanced Batteries Market Regional Outlook
The Middle East & Africa
Geographically, the Asia-Pacific region is expected to lead the advanced batteries market. This growth is due to the increasing adoption of electric vehicles and the growth of the renewable energy sector in countries such as China and Japan. These countries are heavily investing in the development of advanced battery technologies and electric vehicles, which is driving market growth in the region. Additionally, the growing population, urbanization, and rising disposable income in the region are also driving the demand for consumer electronics, further boosting market growth. China, in particular, has become a major player in the advanced batteries market. It has a huge domestic market for electric vehicles, with the government providing support for the industry through subsidies and policies aimed at promoting the use of electric vehicles. This has led to the development of a large number of battery manufacturers and suppliers in the country, making it a significant market for advanced batteries.
Advanced Batteries Market Players
Some of the top advanced batteries market companies offered in the professional report include GS Yuasa Corp., Siemens, Pathion, Inc., LG Chem Ltd., Oxis Energy Ltd., Sion Power Corp., Samsung SDI Co. Ltd., Saft Groupe SA, PolyPlus Battery Company Inc., and Enerdel, Inc.
The market size of advanced batteries was USD 82.0 Billion in 2022.
The CAGR of advanced batteries market is 8.2% during the analysis period of 2023 to 2032.
The key players operating in the global advanced batteries market are GS Yuasa Corp., Siemens, Pathion, Inc., LG Chem Ltd., Oxis Energy Ltd., Sion Power Corp., Samsung SDI Co. Ltd., Saft Groupe SA, PolyPlus Battery Company Inc., and Enerdel, Inc.
Asia-Pacific held the dominating position in advanced batteries market during the analysis period of 2023 to 2032.
North America region exhibited fastest growing CAGR for advanced batteries market during the analysis period of 2023 to 2032.
The current trends and dynamics in the advanced batteries industry include the increasing demand for electric vehicles and rising demand for energy storage systems.
The consumer electronics application held the maximum share of the advanced batteries market.