Industrial Batteries Market Summary
As per Market Research Future Analysis, the Global Industrial Batteries Market was valued at 19.28 USD Billion in 2023 and is projected to grow to 44.81 USD Billion by 2035, reflecting a CAGR of 7.19% from 2025 to 2035. The market is driven by the increasing demand for energy storage solutions, particularly in renewable energy and electric vehicle sectors. Key players are focusing on technological advancements and sustainability to enhance their competitive edge.
Key Market Trends & Highlights
The Industrial Batteries Market is witnessing significant trends driven by technological advancements and sustainability efforts.
- The market is expected to reach 20.9 USD Billion in 2024, growing to 44.81 USD Billion by 2035.
- Power Storage application is projected to grow from 6.3 USD Billion in 2024 to 13.92 USD Billion by 2035.
- Electric Vehicles sales reached 10 million units in 2022, indicating a 60% year-on-year increase.
- North America is expected to lead the market with a valuation of 5.21 USD Billion in 2024, doubling to 11.18 USD Billion by 2035.
Market Size & Forecast
2023 Market Size | USD 19.28 Billion |
2024 Market Size | USD 20.9 Billion |
2035 Market Size | USD 44.81 Billion |
CAGR (2025-2035) | 7.19% |
Major Players
Key Companies include Enersys, Exide Technologies, Yuasa Battery, LG Energy Solution, and Panasonic.