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.
Market value of batteries for industrial applications worldwide in 2023, with a forecast until 2031, by chemistry
(in million U.S. dollars)
* Forecast based on a CAGR of 8.25 percent for lithium-based batteries, 6.22 percent for lead acid batteries, and 8.30 percent for other batteries in the period from 2024 to 2031.
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Extrapolate. (February 9, 2024). Market value of batteries for industrial applications worldwide in 2023, with a forecast until 2031, by chemistry (in million U.S. dollars) [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1450798/industrial-battery-global-market-value-by-type-forecast/
Extrapolate. "Market value of batteries for industrial applications worldwide in 2023, with a forecast until 2031, by chemistry (in million U.S. dollars)." Chart. February 9, 2024. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1450798/industrial-battery-global-market-value-by-type-forecast/
Extrapolate. (2024). Market value of batteries for industrial applications worldwide in 2023, with a forecast until 2031, by chemistry (in million U.S. dollars). Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1450798/industrial-battery-global-market-value-by-type-forecast/
Extrapolate. "Market Value of Batteries for Industrial Applications Worldwide in 2023, with a Forecast until 2031, by Chemistry (in Million U.S. Dollars)." Statista, Statista Inc., 9 Feb 2024, https://www.statista.com/statistics/1450798/industrial-battery-global-market-value-by-type-forecast/
Extrapolate, Market value of batteries for industrial applications worldwide in 2023, with a forecast until 2031, by chemistry (in million U.S. dollars) Statista, https://www.statista.com/statistics/1450798/industrial-battery-global-market-value-by-type-forecast/ (last visited December 23, 2024)
Market value of batteries for industrial applications worldwide in 2023, with a forecast until 2031, by chemistry (in million U.S. dollars) [Graph], Extrapolate, February 9, 2024. [Online]. Available: https://www.statista.com/statistics/1450798/industrial-battery-global-market-value-by-type-forecast/
