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The global battery market was valued at $14,950 million in 2018, and is anticipated to surpass $21,072.6 million by 2026, at a CAGR of 4.3%.
In the previous years, the battery market has witnessed significant growth due to exponential demand across all industrial sectors. In 2020, the market is projected to observer a slight dip due to viral outbreak of Covid-19. However, the market will eventually restore due to vast usability and demand for batteries.
| CAGR Pre COVID-19 | 4.4% |
| CAGR Post COVID-19 | 4.3% |
| Recovery By | Q1/Q2 2022 |
| Realtime BPS | 13 |
| *Estimated market Size, 2020, Pre COVID | USD 16,486.8 Million |
| **Real Time market Size, 2020, Post COVID | USD 13,519.2 Million |
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
Growing emphasis on utilization of electric vehicles due to environmental concerns and aspiring concept of sustainable energy use is prominently anticipated to drive the adoption of electric vehicles, which will eventually drive the growth of the battery market during the forecast period. This aspect, combined with government initiatives and policies, is also likely to accelerate the growth of the battery market during 2020-2027.
Exponential growth for the product demand among all other industries such as healthcare, aerospace, electronics, information technology, and heavy machinery generated a lucrative environment for the growth of the battery market. For instance, as per publications of Benchmark Mineral Intelligence, by 2028, it is expected that lithium-ion battery production capacity will see a 399% of noteworthy growth, across the globe.
The COVID-19 pandemic is having impact on manufacturing of lithium ion batteries as majority of the manufacturing plants are located in Asian countries. This has hampered the manufacturing sector, and further led to the disruption in the supply chain. This will consequently lead to to a decline in the product distribution. Moreover, apart from the Li-Ion Ion batteries, lead acid battery manufacturing sector is also witnessing a huge impact of covid-19. Majority of the market players are engaged in knowledge sharing in order to assess the impact and fin the appropriate solutions.
For instance, in April 2020, India Energy Storage Alliance conducted a webinar with industrial experts to discuss some important aspects related to the battery market. During the meet, Dash, one of the prominent players in battery market, suggested the government of India to offer relaxation in taxation for a certain period of time in order to deal with this critical condition. Implementation of such strategic steps indicates significant re-establishment of the market even after this great pandemic.
In addition, according to Research Dive, the global battery market is anticipated to continue its significant growth in the upcoming years, post the COVID-19 pandemic. Due to the downfall in 2020, the market shall foresee profitability by Q1/Q2 2022. Increasing number of strategic collaborations, expected growth, and reinstatement of various industries & economies, along with the projected financial packages are predicted to represent considerable growth of the battery market after the end of pandemic stress.
For instance, in April the India Electronics and Semiconductor Association (IESA) advised the government to promote and provide a lucrative environment for the manufacturing of indigenous batteries with an aim to prevent the impact of such outbreaks on manufacturing. Furthermore, extensively increasing number of research and developments for sustainable use are also projected to drive the growth of the battery market during the forecast period.
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