Clean Tech Battery Market Q2 2024

Market Introduction

The battery market is experiencing unprecedented growth driven by increasing demand for energy storage solutions across the globe. The rapid adoption of electric vehicles, the integration of renewable energy sources into the power grid, and the rising demand for the supporting infrastructure has pushed the industry into overdrive. 

Demand for batteries with higher energy density, faster charging capabilities, and enhanced safety features is driving intense research and development efforts. Innovations in materials science, manufacturing processes and battery management systems, are continuously pushing the boundaries of battery technology.

According to Statista, the market for batteries is projected to grow more than four-fold between 2021 and 2030. While the market was sized at nearly 112 billion U.S. dollars in 2021, it is expected to reach the size of almost 424 billion U.S. dollars in 2030, with the dominant segment continuing to be lithium-ion battery.

CATL continues to lead the way in manufacturing with a 36.7% market share and holds the title as China’s largest independent battery supplier. BYD and LG Energy solutions follow closely behind with 15.8%  and 13.8% market shares respectively.

Volta Foundation’s 2023 report highlights the economic potential the battery market can bring, and with the anticipated growth, it’s pretty exciting figures. From active materials, battery cell, battery pack and battery application, to battery repair, recycling and storage, and not to forget grid charging and e-mobility, the scope is huge.