Global market value of batteries for industrial applications 2023-2031, by chemistry

With a market value of some 9.9 billion U.S. dollars, lead acid batteries dominated the global industrial battery market in 2023. Lithium-based batteries followed, with a market of 5.6 billion U.S. dollars that year. The market value of both battery types is expected to grow in the upcoming years, reaching 15.9 and 10.5 billion U.S. dollars by 2031, respectively. The European industrial battery market is forecast to follow a similar trend over the same period of time.

More information on the global industrial battery market can be found here.