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Battery Cell Market Size (2024 - 2029)

The battery cell market is projected to experience significant growth, driven by increasing demand and the rapid adoption of electric vehicles, particularly due to the decreasing costs of lithium-ion batteries. Despite challenges such as limited access to battery metals, technological advancements are anticipated to create further opportunities for expansion. The Asia-Pacific region, led by countries like China and India, is expected to dominate the market and exhibit the highest growth rate during the forecast period.

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Market Size of Battery Cell Industry

Battery Cell Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR > 14.32 %
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Battery Cell Market Major Players

*Disclaimer: Major Players sorted in no particular order

Battery Cell Market Analysis

The battery cell market is expected to reach USD 42.08 billion in 2022, registering a CAGR of 14.32% during the forecast period.

Although the market studied was affected by the COVID-19 pandemic in 2020, it recovered and reached pre-pandemic levels. The growing demand for battery cells is expected to boost the market's growth during the forecast period. The rapid adoption of electric vehicles, mainly fostered by the declining price of lithium-ion batteries, is also expected to drive the growth of the market studied. However, the lack of direct access to battery metals is restraining the market's growth. With technological advancements, the price of smart gadgets is expected to decline, making them more affordable to the public, which is expected to provide growth opportunities during the forecast period.

Asia-Pacific dominates the market and is expected to witness the highest CAGR during the forecast period. The majority of the demand comes from countries like China and India.

Battery Cell Industry Segmentation

A battery can be defined as an electrochemical device (consisting of one or more electrochemical cells) that can be charged with an electric current and discharged whenever required. Batteries are usually devices made up of multiple electrochemical cells connected to external inputs and outputs. 

The battery cell market is segmented by type, application, and geography. By application, the market is segmented into automotive batteries (HEV, PHEV, EV), industrial batteries (motive, stationary (telecom, UPS, energy storage systems (ESS), etc.), portable batteries (consumer electronics, etc.), power tools batteries, SLI batteries, and other applications. By type, the market is segmented into prismatic, cylindrical, and pouch. The report also covers the market size and forecasts across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

By Type
Prismatic
Cylindrical
Pouch
By Application
Automotive Batteries (HEV, PHEV, EV)
Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)
Portable Batteries (Consumer Electronics etc.)
Power Tools Batteries
SLI Batteries
Other Applications
By Geography
North America
Asia-Pacific
Europe
Middle East and Africa
South America
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Battery Cell Market Size Summary

The battery cell market is poised for substantial growth, driven by the increasing demand for electric vehicles and the declining costs of lithium-ion batteries. Despite initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels and is expected to continue expanding. The Asia-Pacific region, particularly China and India, is a dominant force in this market, benefiting from its robust consumer electronics manufacturing sector. The region's growth is further supported by advancements in battery technology, such as the development of prismatic cells, which offer advantages in space utilization and energy density, making them ideal for energy-intensive applications like electric vehicles and energy storage systems.

The prismatic cell segment is anticipated to experience significant growth, with major players like LG Energy Solution Ltd, Samsung SDI, and SK On investing in this technology to meet the rising demand from electric vehicle manufacturers such as Tesla and Volkswagen. The global battery cell market remains fragmented, with key players including LG Chem Ltd, Contemporary Amperex Technology Co. Limited, BYD Company Limited, GS Yuasa Corporation, and Panasonic Corporation. These companies are actively expanding their production capabilities to cater to the growing market needs, as evidenced by Panasonic's new factory in Kansas and SK Innovation's introduction of pouch cells. Such developments underscore the dynamic nature of the battery cell market and its potential for continued expansion in the coming years.

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Battery Cell Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Prismatic

      2. 2.1.2 Cylindrical

      3. 2.1.3 Pouch

    2. 2.2 By Application

      1. 2.2.1 Automotive Batteries (HEV, PHEV, EV)

      2. 2.2.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)

      3. 2.2.3 Portable Batteries (Consumer Electronics etc.)

      4. 2.2.4 Power Tools Batteries

      5. 2.2.5 SLI Batteries

      6. 2.2.6 Other Applications

    3. 2.3 By Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 Middle East and Africa

      5. 2.3.5 South America

Battery Cell Market Size FAQs

The Battery Cell Market is projected to register a CAGR of greater than 14.32% during the forecast period (2024-2029)

LG Chem Ltd, Contemporary Amperex Technology Co. Limited, BYD Company Limited, GS Yuasa Corporation and Panasonic Corporation are the major companies operating in the Battery Cell Market.

Battery Cell Market Report Snapshots

Battery Cell Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)