Battery Cell Market Size (2024 - 2029)

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).