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市場調查報告書
商品編碼
1452984
全球電池市場2024-2031Global Battery Cell Market 2024-2031 |
預計全球電池市場在預測期內複合CAGR將達到 18.4%。全球市場的成長是由汽車、電子和醫療保健等最終用戶產業對電池的高需求所推動的。
市場動態
Global Battery Cell Market Size, Share & Trends Analysis Report by Type of Battery (Primary Cells and Secondary Cells), by End-User Industry (Automotive, Electronics,Energy, Aerospace & Defense and Healthcare) Forecast Period (2024-2031)
The global battery cell market is anticipated to grow at a significant CAGR of 18.4% during the forecast period. The global market growth is driven by the high demand for battery cell among end-user industries including automotive, electronics, and healthcare among others.
Market Dynamics
The rapid growth of the global Electric Vehicle(EV) market
The expansion of the EV market is a key contributor to the growth of the battery cell market. As EV demand rises, so does the need for battery cells to power these vehicles. As per the data from the International Energy Agency(IEA),The electric car market has experienced rapid expansion, with sales surpassing 10 million in 2022. Approximately 14.0% of all new car sales in 2022 were electric, marking an increase from approximately 9.0% in 2021 and less than 5.0% in 2020.
Additionally, the growing focus on improved battery technology to enhance EV performance and range is driving innovation within the battery cell market. Government regulations promoting electric vehicle adoption further contribute to increased demand for battery cells. Overall, the growth of the EV market serves as a significant catalyst for the expansion of the battery cell market.
Global EV sales, in thousands
Source: International Energy Agency(IEA)
Volatility in raw material prices and manufacturing costs has affected overall market growth
In recent years battery cell raw material prices have seen notable volatility in prices owing to external factors such as rising geopolitical tensions, supply chain disruptions, and COVID-19 which affected the overall growth of the battery cell market. According to the data from IEA, cell production costs rose in 2022 compared to 2021, reaching levels seen in 2019. This increase can be attributed partly to rising material prices, which contribute significantly to cell prices, and electricity price hikes affecting manufacturing costs. However, efficiency improvements in pack manufacturing have countered some of these cost increases. According to Bloomberg New Energy Finance (BNEF), pack manufacturing costs are expected to decline further, by approximately 20% by 2025, while cell production costs are projected to decrease by only 10% from their 2021 lows.
Such unpredictability can disrupt supply chains, causing delays and affecting consumer demand. Additionally, smaller manufacturers may face challenges in adapting to sudden cost changes, potentially leading to market consolidation. Overall, managing these uncertainties is crucial for sustained growth in the battery cell market.
Market Segmentation
Among the types of batteries,the primary cell batteries contribute the highest share. The demand for primary battery cells is growing significantly, primarily due to growing applications of portable electronics and remote devices, such as smartphones, tablets, and wearables among others. Additionally,ongoing advancements in battery technology, mainly related to enhanced performance and efficiency in primary cells is further contributing to growing demand for primary cells.For instance, in November 2022, researchers at MIT invented an process which could enable up to a 50% increase in useful lifetime, or a corresponding decrease in size and weight for a given amount of power or energy capacity in primary cells, while also improving safety, with little or no increase in cost. According to the source, this development could help in fewer battery replacements in applications such as pacemakers and other medical devices, as well as long-distance drones and remote sensors.However, the primary cells industry has suffered considerable setbacks primarily due to its contribution to battery wastage,leading to regulatory scrutiny. But, considering recent positive developments in global battery recycling and waste management economy, the primary cells market is expected to experience growth in forecasting period.
Automotive Industry Holds Highest Share Among End-User Industries
Among end-user industries, automotive segment is expected to hold highest share primarily due to growth of global EV sector. According to the data form IEA, Global EV battery demand increased by about 65.0% in 2022, reaching around 550 GWh, about the same level as EV battery production. The lithium-ion automotive battery manufacturing capacity in 2022 was roughly 1.5 TWh for the year, implying a utilisation rate of around 35.0% compared to about 43.0% in 2021. Battery demand is set to increase significantly by 2030, reaching over 3 TWh in the STEPS and about 3.5 TWh in the APS. To meet that demand, more than 50 gigafactories (each with 35 GWh of annual production capacity) would be needed by 2030 in the Stated Policies Scenario (STEPS) in addition to today's battery production capacity. This increases to close to 65 new gigafactories to meet 2030 demand in the Announced Pledges Scenario (APS).
With growing demand, major market players and governments are investing aggressively in R&D of battery technology, increasing manufacturing capabilities to cater demand from automakers, eventually contributing to growth of battery cells market.
The global battery cell market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
Asia Pacific Holds Highest Share In Global Battery Cell Market
Asia Pacific holds the highest share of the global battery cell market share. The key factor contributing to the growth of the market presence of major battery cell manufacturers such as Panasonic, LG Chem, Samsung SDI, and CATL, a well-established supply chain and availability of low-cost labor. Additionally, Asia Pacific is leading global EV adoption, particularly in major regional economies such as China, India, Japan, and South Korea, driving demand for battery cells. According to the data from IEA, in 2022, China was leading the global electric car sales, capturing approximately 60.0% of the market share. In 2022, India, Thailand, and Indonesia experienced significant growth in electric car sales. Collectively, these countries saw sales more than triple compared to 2021, reaching a total of 80,000 units. Thailand observed electric car sales accounting for slightly over 3.0% of total sales in 2022, while India and Indonesia averaged around 1.5% each during the same period.
Additionally, favorable government policies, and the region's prominence in consumer electronics manufacturing further boost demand for battery cells used in various devices. Overall, Asia Pacific's strong manufacturing ecosystem and supportive regulatory environment position it as a key player in the global battery cell market.
China Battery Demand, 2016-2022
Source: IEA
Europe is the Fastest Growing Battery Cell market
The major companies serving the global battery cell market are Toshiba Corporation,LG Chem Ltd., Duracell Inc.,and Tesla, Inc. among others. With growing demand, market players are focusing on capitalizing on growth by adopting strategies such as collaboration, partnerships, and market expansion among others. For instance, in November 2023 Stellantis revealed its intention to construct a battery plant for EVs in Europe in collaboration with China's CATL. This venture marks the European carmaker's fourth battery plant in the region, aiming to drive down costs and enhance the affordability of EVs. The initial agreement between the two companies outlines the supply of lithium iron phosphate (LFP) battery cells and modules for Stellantis' EV manufacturing in Europe. Additionally, they are exploring the possibility of establishing a 50-50 joint venture in the region.