Battery Market is Forecasted to Reach US$ 8.9 Billion in 2028, Says Stratview Research

/EIN News/ -- Detroit, Feb. 14, 2025 (GLOBE NEWSWIRE) -- The global battery market is projected to witness a growth rate of 2.7% annually from 2023 to 2028, with an anticipated size of US$ 8.9 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global battery market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/3019/battery-market.html#form

Report Highlights

Market Size in 2028 (billion US$)	8.9
Growth (CAGR)	2.7% during 2023-2028
Forecast Period	2023-2028
Trend Period	2017-2021
Base Year	2022
Number of Segments Covered	3
Number of Tables & Graphs	100+
Country-Level Market Assessment	20

Segment Insights on the Battery Market:

The global battery market is segmented based on battery type, industry type, and region.

Based on battery type - The battery market is segmented into lead-acid, lithium-ion, and nickel-cadmium batteries. Lead-acid is expected to remain the largest battery type in the market as it held a revenue share of more than 60% in 2022. Despite taking a huge plunge in double digits during the pandemic, lithium-ion is expected to remain the fastest-growing battery type in the market, owing to a plethora of advantages offered by li-ion technology such as high energy density, low self-discharge, and low to minimal maintenance. In addition to that, increased bandwidth requirements and the growing wireless market are expected to give additional impetus to the market growth during the forecast period.

Based on the industry type - The market is segmented into marine, railway, defense, aviation, and telecom. Telecom is expected to remain the key demand generator in the market, and it held a revenue share of more than 50% in 2022. Telecom batteries are primarily used in backup power applications. With the growing use of cloud computing and data streaming, high-performance reliable backup power is essential now more than ever. Aviation is expected to be the fastest-growing market segment, owing to an expected rebound in aircraft deliveries and a push towards electric aircraft development.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest and fastest-growing region in the battery market. This growth outlook is majorly attributed to the following:

• This region has a presence of robust and booming telecom industry and has also witnessed rapid growth in digitalization in a short period, promoting fast adoption of next-generation networks like 5G and IoT.
• Also, the presence of most of the lithium-ion battery manufacturing in China will further drive industry growth.

Likewise, North America is likely to create sizeable opportunities in the coming five years, driven by the thriving aviation industry and the presence of key players such as EnerSys, East Penn Manufacturing Co., and C&D Technologies Inc.

Battery Market Drivers:

Some of the key drivers listed in the report are given below.

• The growing electric vehicle (EV) market is driving massive demand for high-capacity batteries.
• Increased deployment of solar and wind power requires efficient battery storage solutions for grid stability.
• Innovations in lithium-ion, solid-state, and next-gen batteries are improving efficiency, safety, and lifespan.
• Supportive regulations, subsidies, and sustainability initiatives are accelerating battery market expansion.
• Rising demand for smartphones, laptops, and IoT devices is fueling the need for compact, high-performance batteries.

Top 10 Companies in the Battery Market:

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. Most of the major players are providing both lead-acid and lithium-ion batteries in their portfolio. Stratview Research has identified the following companies as the top market players:

• Amara Raja Batteries Ltd.
• C&D Technologies, Inc.
• East Penn Manufacturing Co.
• EnerSys
• Exide Technologies, LLC
• GS Yuasa Corporation
• Leoch International Technology Ltd.
• Saft
• Toshiba Corporation
• Zhejiang Narada Power Source Co., Ltd.

What Deliverables Will You Get in this Report?

Key questions this report answers	Relevant contents in the report
How big is the sales opportunity?	In-depth analysis of the Battery Market
How lucrative is the future?	Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?	Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?	Market segment analysis and forecast
Who are the top players and their market positioning?	Competitive landscape analysis, Market share analysis
How complex is the business environment?	Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?	Drivers & challenges
Will I get the information on my specific requirements?	10% free customization

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:

• Lithium-ion Battery Separator Market
• Defense Battery Market

About us:

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

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