Product Code: PM4958
The global future of batteries market size is expected to reach 42.06 million units by 2032, according to a new study by Polaris Market Research. The report "Future of Batteries Market Share, Size, Trends, Industry Analysis Report, By Battery Type (Lithium-lon, Sodium-lon, Solid-State, Lithium-Air); By Battery Form; By Vehicle Type; By Packaging Form; By Region; Segment Forecast, 2024-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Batteries are gaining attention with the emergence of electrical vehicles around the world. The growing government initiatives to promote green mobility, aiming to reduce greenhouse gas emissions, are anticipated to create huge demand in the coming years. This trend will certainly boost the production of EVs, and thereby facilitate the need for batteries over the forecast period.
According to the International Energy Agency, over 10 Million electric cars were purchased in 2022, and the number is expected to grow by 35%, reaching 14 Million in 2023. The increasing innovations in the future of the batteries market are likely to stimulate market expansion in the long run. For instance, in April 2024, Stratton and Briggs introduced their new battery, the SimpliPHI 6.6 home battery system. It is made up of lithium-iron phosphate.
The rising prevalence of EV adoption is forcing most companies to engage in raw material production, particularly batteries, to meet global needs. For instance, In April 2024, Honda Motor Co., Ltd. disclosed its intention to establish an exhaustive electric vehicle (EV) value chain in Canada, with an estimated investment of CAD$15 billion. This strategic move, which includes contributions from mutual venture collaboration, seeks to strengthen Honda's EV supply system and capacity, positioning the company to fulfill the expected surge in the EV market across North America.
Additionally, the increasing collaborations among the companies are expected to boost battery production around the world. For instance, in April 2024, Honda Motor Co., Ltd. entered into a collaboration with Asahi Kasai to equip automotive battery separators in Canada. In the same month, Asahi Kasai announced an investment of USD 1.3 billion to establish a battery component plant in Canada. Such a significant rise in research explorations to develop batteries with unique properties and strengths is likely to drive the production of effective batteries in the next few years.
Future of Batteries Market Report Highlights
The lithium-ion segment is anticipated to witness the highest growth in the coming years due to its extensive safety, longevity, and fast charging capabilities.
In 2023, the passenger car segment accounted for the largest market share owing to the increasing demand for sustainable vehicles.
Cylindrical segment is projected to experience a significant revenue share due to its increased use in consumer electronics and electric vehicles.
APAC is projected to register the fastest growth during the forecast period, attributable to the increasing consumption of EVs.
The global players include A123 Systems, BYD Company, CATL, GS Yuasa International, Hitachi, Johnson Controls, LG Energy Solution, NEC Corporation, and more.
Polaris Market Research has segmented the future of batteries market report based on battery type, battery form, vehicle type, packaging form, and region:
Future of Batteries, Battery Type Outlook (Revenue - USD Million Units, 2019 - 2032)
- Lithium-lon
- Sodium-lon
- Solid-State
- Lithium-Air
Future of Batteries, Battery Form Outlook (Revenue - USD Million Units, 2019 - 2032)
- Prismatic
- Pouch
- Cylindrical
Future of Batteries, Vehicle Type Outlook (Revenue - USD Million Units, 2019 - 2032)
- Passenger Cars
- Commercial Vehicles
- Off-Road Vehicles
Future of Batteries, Packaging Form Outlook (Revenue - USD Million Units, 2019 - 2032)
- Cell to Module
- Cell to Pack
- Cell to Chassis/Vehicle
- Module to Chassis
Future of Batteries, Regional Outlook (Revenue - USD Million Units, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Australia
- Rest of APAC
- Latin America
- Argentina
- Brazil
- Mexico
- Rest of LA
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
- Rest of MEA
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Future of Batteries Market Insights
- 4.1. Future of Batteries - Industry Snapshot
- 4.2. Future of Batteries Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growing government support to promote electric vehicle (EV) use and infrastructure development
- 4.2.1.2. Increasing preference for e-mobility
- 4.2.2. Restraints and Challenges
- 4.2.2.1. The resistance to adopt EVs due to lower battery capacity
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Future of Batteries Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Future of Batteries Market, by Battery Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 5.3. Lithium-lon
- 5.3.1. Global Future of Batteries Market, by Lithium-lon, by Region, 2019-2032 (USD Million)
- 5.4. Sodium-lon
- 5.4.1. Global Future of Batteries Market, by Sodium-lon, by Region, 2019-2032 (USD Million)
- 5.5. Solid-State
- 5.5.1. Global Future of Batteries Market, by Solid-State, by Region, 2019-2032 (USD Million)
- 5.6. Lithium-Air
- 5.6.1. Global Future of Batteries Market, by Lithium-Air, by Region, 2019-2032 (USD Million)
6. Global Future of Batteries Market, by Battery Form
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 6.3. Prismatic
- 6.3.1. Global Future of Batteries Market, by Prismatic, by Region, 2019-2032 (USD Million)
- 6.4. Pouch
- 6.4.1. Global Future of Batteries Market, by Pouch, by Region, 2019-2032 (USD Million)
- 6.5. Cylindrical
- 6.5.1. Global Future of Batteries Market, by Cylindrical, by Region, 2019-2032 (USD Million)
7. Global Future of Batteries Market, by Vehicle Type
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 7.3. Passenger Cars
- 7.3.1. Global Future of Batteries Market, by Passenger Cars, by Region, 2019-2032 (USD Million)
- 7.4. Commercial Vehicles
- 7.4.1. Global Future of Batteries Market, by Commercial Vehicles, by Region, 2019-2032 (USD Million)
- 7.5. Off-Road Vehicles
- 7.5.1. Global Future of Batteries Market, by Off-Road Vehicles, by Region, 2019-2032 (USD Million)
8. Global Future of Batteries Market, by Packaging Form
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 8.3. Cell to Module
- 8.3.1. Global Future of Batteries Market, by Cell to Module, by Region, 2019-2032 (USD Million)
- 8.4. Cell to Pack
- 8.4.1. Global Future of Batteries Market, by Cell to Pack, by Region, 2019-2032 (USD Million)
- 8.5. Cell to Chassis/Vehicle
- 8.5.1. Global Future of Batteries Market, by Cell to Chassis/Vehicle, by Region, 2019-2032 (USD Million)
- 8.6. Module to Chassis
- 8.6.1. Global Future of Batteries Market, by Module to Chassis, by Region, 2019-2032 (USD Million)
9. Global Future of Batteries Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Future of Batteries Market Assessment, By Geography, 2019-2032 (USD Million)
- 9.3. Future of Batteries Market - North America
- 9.3.1. North America: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.3.2. North America: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.3.3. North America: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.3.4. North America: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.3.5. Future of Batteries Market - U.S.
- 9.3.5.1. U.S.: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.3.5.2. U.S.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.3.5.3. U.S.: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.3.5.4. U.S.: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.3.6. Future of Batteries Market - Canada
- 9.3.6.1. Canada: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.3.6.2. Canada: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.3.6.3. Canada: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.3.6.4. Canada: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4. Future of Batteries Market - Europe
- 9.4.1. Europe: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.2. Europe: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.3. Europe: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.4. Europe: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.5. Future of Batteries Market - UK
- 9.4.5.1. UK: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.5.2. UK: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.5.3. UK: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.5.4. UK: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.6. Future of Batteries Market - France
- 9.4.6.1. France: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.6.2. France: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.6.3. France: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.6.4. France: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.7. Future of Batteries Market - Germany
- 9.4.7.1. Germany: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.7.2. Germany: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.7.3. Germany: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.7.4. Germany: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.8. Future of Batteries Market - Italy
- 9.4.8.1. Italy: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.8.2. Italy: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.8.3. Italy: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.8.4. Italy: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.9. Future of Batteries Market - Spain
- 9.4.9.1. Spain: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.9.2. Spain: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.9.3. Spain: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.9.4. Spain: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.10. Future of Batteries Market - Netherlands
- 9.4.10.1. Netherlands: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.10.2. Netherlands: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.10.3. Netherlands: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.10.4. Netherlands: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.4.11. Future of Batteries Market - Russia
- 9.4.11.1. Russia: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.4.11.2. Russia.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.4.11.3. Russia: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.4.11.4. Russia: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5. Future of Batteries Market - Asia Pacific
- 9.5.1. Asia Pacific: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.2. Asia Pacific: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.3. Asia Pacific: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.4. Asia Pacific: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5.5. Future of Batteries Market - China
- 9.5.5.1. China: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.5.2. China.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.5.3. China: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.5.4. China: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5.6. Future of Batteries Market - India
- 9.5.6.1. India: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.6.2. India.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.6.3. India: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.6.4. India: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5.7. Future of Batteries Market - Japan
- 9.5.7.1. Japan: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.7.2. Japan.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.7.3. Japan: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.7.4. Japan: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5.8. Future of Batteries Market - Malaysia
- 9.5.8.1. Malaysia: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.8.2. Malaysia.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.8.3. Malaysia: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.8.4. Malaysia: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5.9. Future of Batteries Market - Indonesia
- 9.5.9.1. Indonesia: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.9.2. Indonesia.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.9.3. Indonesia: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.9.4. Indonesia: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.5.10. Future of Batteries Market - South Korea
- 9.5.10.1. South Korea: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.5.10.2. South Korea.: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.5.10.3. South Korea: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.5.10.4. South Korea: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.6. Future of Batteries Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.6.2. Middle East & Africa: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.6.3. Middle East & Africa: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.6.4. Middle East & Africa: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.6.5. Future of Batteries Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.6.5.2. Saudi Arabia: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.6.5.3. Saudi Arabia: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.6.5.4. Saudi Arabia: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.6.6. Future of Batteries Market - South Africa
- 9.6.6.1. South Africa: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.6.6.2. South Africa: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.6.6.3. South Africa: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.6.6.4. South Africa: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.6.7. Future of Batteries Market - Israel
- 9.6.7.1. Israel: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.6.7.2. Israel: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.6.7.3. Israel: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.6.7.4. Israel: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.6.8. Future of Batteries Market - UAE
- 9.6.8.1. UAE: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.6.8.2. UAE: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.6.8.3. UAE: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.6.8.4. UAE: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.7. Future of Batteries Market - Latin America
- 9.7.1. Latin America: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.7.2. Latin America: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.7.3. Latin America: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.7.4. Latin America: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.7.5. Future of Batteries Market - Mexico
- 9.7.5.1. Mexico: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.7.5.2. Mexico: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.7.5.3. Mexico: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.7.5.4. Mexico: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.7.6. Future of Batteries Market - Brazil
- 9.7.6.1. Brazil: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.7.6.2. Brazil: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.7.6.3. Brazil: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.7.6.4. Brazil: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
- 9.7.7. Future of Batteries Market - Argentina
- 9.7.7.1. Argentina: Future of Batteries Market, by Battery Type, 2019-2032 (USD Million)
- 9.7.7.2. Argentina: Future of Batteries Market, by Packaging Form, 2019-2032 (USD Million)
- 9.7.7.3. Argentina: Future of Batteries Market, by Battery Form, 2019-2032 (USD Million)
- 9.7.7.4. Argentina: Future of Batteries Market, by Vehicle Type, 2019-2032 (USD Million)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. A123 Systems LLC
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. BYD Company Ltd
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. CATL
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. GS Yuasa International Ltd
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. Hitachi, Ltd
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. Johnson Controls
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. LG Energy Solution Ltd
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. NEC Corporation
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. Panasonic Holdings Corporation
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. Samsung SDI Co., Ltd
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. SK Innovation Co., Ltd
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. Toshiba Corporation
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development