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Global Battery Market: Increasing Demand for Various Battery Types to Drive Market Growth with 3.3% CAGR – News and Statistics
March 24, 2025
IndexBox has recently published an insightful report titled: World – Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer and Nickel-Iron Accumulators – Market Analysis, Forecast, Size, Trends and Insights.
The global accumulator market is witnessing a significant upturn, fueled primarily by the soaring demand for various accumulator technologies. Over the next decade, market analysts foresee sustained growth, projecting a consumption volume of approximately 10 billion units and a market valuation reaching $198.5 billion by 2035. This growth trajectory predicts a compound annual growth rate (CAGR) of around 3.3% in terms of volume and 2.0% in terms of value from 2024 to 2035.
Market Projections
The growing necessity for nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer, and nickel-iron accumulators worldwide is propelling the market toward optimistic consumption forecasts. This upward trend is expected to continue as market volume is projected to hit 10 billion units by the end of 2035, led by a CAGR of 3.3% between 2024 and 2035.
In terms of market value, an annual growth of 2.0% is forecasted, with expectations of reaching $198.5 billion in nominal wholesale prices by 2035.
Consumption Trends
Global Accumulator Consumption Analysis
After seven consecutive years of growth, the consumption of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer, and nickel-iron accumulators saw a slight decline of 0.5%, settling at 7 billion units in 2024. However, consumption rates displayed an overall upward trajectory from 2013 to 2024, reflecting a +3.7% average annual growth rate. Particularly notable is the consumption increase of 73.4% compared to 2014 figures, peaking at 7 billion units in 2023 before the drop.
The global market value for nickel and lithium accumulators slightly retracted to $160.1 billion in 2024, a 2.3% decrease from the previous year. This figure encompasses revenues for producers and importers, excluding logistics and retail costs. Despite the recent contraction, the market has shown significant growth, peaking at $163.8 billion in 2023.
Country-Specific Consumption Insights
In 2024, the highest consumer volumes of accumulators were reported in India (1.1 billion units), Vietnam (784 million units), and China (623 million units), combined accounting for 36% of global consumption. Other notable markets include Germany, the United States, and South Korea.
Between 2013 and 2024, Thailand exhibited remarkable growth in consumption with a CAGR of 15.1%, while larger markets like Germany and the U.S. saw more stable increases. In the value segment, the largest consuming markets were the U.S. ($20.4 billion), Germany ($19 billion), and Japan ($14.9 billion), representing 34% of the global market.
Global Production Overview
Production Dynamics
Global production of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer, and nickel-iron accumulators fell by 2.9% to 7.9 billion units in 2024, marking a significant shift after eleven years of growth. Despite this setback, the production scale showed a resilient increase over time, peaking at 8.2 billion units in 2023 before retracting in 2024.
In value terms, production reached $139.9 billion in 2024, reflecting a healthy overall increase although it fell short of the previous year’s milestones. The peak production year was 2022 with a valuation of $144 billion.
Country Contributions
China remained the unrivaled leader in accumulator production, generating 4.1 billion units or around 52% of total global production. This output vastly outpaced Japan (1 billion units) and Malaysia (512 million units). China’s production growth rate stood at 16.5% annually from 2013 to 2024, with Japan and Malaysia also recording positive growth rates.
Import and Export Insights
Import Trends
In 2024, global imports of nickel and lithium accumulators rebounded slightly, increasing by less than 0.1% to 6.8 billion units. The overall trend from 2013 to 2024 showed a steady rise in imports, albeit with fluctuations. The highest import volumes were seen in 2021 when they peaked at 7.7 billion. In 2024, the value of imports decreased to $116.6 billion but reflected substantial growth over the entire period.
Leading Importers
The largest importers in 2024 included India (1.076 billion units), Vietnam (850 million units), and China (848 million units), collectively responsible for 52% of total imports. Notably, the U.S. secured high-value imports, totaling $24.2 billion, indicating its strong market position.
Export Trends
Overseas shipments faced a decline in 2024, decreasing by 2.5% to 7.8 billion units, ongoing a two-year downturn. China dominated the export market, sending 4.3 billion units abroad, accounting for 56% of total global exports. Japan and Hong Kong were significant contributors as well, underscoring the global distribution dynamics.
Price Fluctuations and Forewarning
In 2024, the average import price per unit of nickel and lithium accumulators stood at $17, representing a 6.6% decrease from 2023, while export prices averaged around $15, down by 10.1% from the previous year. Interesting price differences existed, particularly between top importers like the United States and lower-cost countries like Malaysia.
The shifting patterns in pricing, alongside growth in production and consumption, imply that further monitoring of market dynamics is essential as the industry approaches 2035’s ambitious targets.
Source: IndexBox Market Intelligence Platform
