Global Battery Market Summary 2024: Trends, Growth, and Competitive Landscape

Discover comprehensive insights into the global batteries market landscape. This highlight delves into The Business Research Company's report on the Batteries Global Market Competitor Briefing 2024, offering valuable intelligence for industry stakeholders.

Report published: July 2024
Pages: 27
Publisher: The Business Research Company

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Market Overview

The global batteries market reached $116.3 billion in 2023, representing 7.3% of the electrical equipment market. With a strong compound annual growth rate (CAGR) of 9.6%, the market is projected to expand to $183.67 billion by 2028.

Key Market Trends

1. Batteries for Clean Energy: The increasing global focus on clean energy solutions is driving demand for batteries in renewable energy systems. This trend is particularly evident in the growing adoption of lithium-ion batteries for electric vehicles and energy storage applications.
2. Absorbent Glass Mat (AGM) Batteries: AGM batteries are gaining popularity due to their eco-friendly properties and ability to improve fuel economy. These batteries are particularly useful in start-stop vehicles, which can improve fuel efficiency by up to 5%.
3. Technological Advances in Mobile Batteries: The mobile phone industry is witnessing significant advancements in battery technology. Manufacturers are developing batteries with longer life spans and faster charging capabilities to meet consumer demands.
4. Growth of Graphene Batteries: Graphene-based batteries are emerging as a promising technology, offering faster charging times and improved battery life cycles compared to traditional lithium-ion batteries.
5. Emergence of Flow Batteries: Flow batteries are gaining traction for large-scale energy storage applications. These batteries offer the advantage of storing large amounts of renewable energy, making them suitable for grid-scale storage solutions.
6. Robotics in Manufacturing: Battery manufacturers are increasingly employing robots to complement human workers on factory floors. This "cobotics" approach aims to improve productivity, enhance safety, and reduce manufacturing costs.

Competitive Landscape

The market is highly fragmented, with the top ten competitors holding 77,6% market share in 2023:

1. LG Chem Ltd 
2. Samsung SDI 
3. TDK Corp 
4. BYD Electronic (International) Co Ltd 
5. SK Inc.
6. SK Innovation Co 
7. Brookfield Corporation 
8. Panasonic Corporation 
9. GS Yuasa 
10. Chaowei Power Holdings Ltd 

Key Player Profiles

LG Chem Ltd

• Revenue (2022): $47.20 billion
• Key divisions: Petrochemicals, LG Energy Solution (batteries), Advanced Materials, Life Sciences

Samsung SDI

• Revenue (2022): $18.31 billion
• Key divisions: Energy Solutions (batteries), Electronic Materials

TDK Corp

• Revenue (2022): $19.76 billion
• Key divisions: Passive Components, Sensor Application Products, Magnetic Application Products, Energy Application Products

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