Battery trend analysis chart

What is a battery trend report?

Battery trend report includes a market forecast to 2028 and historical overview. Get a sample of this industry trends analysis as a free report PDF download. This section covers the major market trends shaping the Battery Market according to our research experts:

What are the key factors affecting battery market growth?

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.

How has battery quality changed over the past 30 years?

As volumes increased, battery costs plummeted and energy density — a key metric of a battery’s quality — rose steadily. Over the past 30 years, battery costs have fallen by a dramatic 99 percent; meanwhile, the density of top-tier cells has risen fivefold.

How will the battery cell market perform during the forecast period?

The Battery Cell Market is expected to register a CAGR of greater than 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.

Do battery demand forecasts underestimate the market size?

Just as analysts tend to underestimate the amount of energy generated from renewable sources, battery demand forecasts typically underestimate the market size and are regularly corrected upwards.

How does battery demand affect nickel & lithium demand?

Battery demand for lithium stood at around 140 kt in 2023, 85% of total lithium demand and up more than 30% compared to 2022; for cobalt, demand for batteries was up 15% at 150 kt, 70% of the total. To a lesser extent, battery demand growth contributes to increasing total demand for nickel, accounting for over 10% of total nickel demand.