Battery Market Size, Share & Trends Analysis Report
The global battery market was valued at USD 104.31 billion in 2022 and is projected to grow at a CAGR of 15.8% from 2023 to 2030. Increased use of UPS devices in sectors like healthcare, chemicals, and oil & gas drives market expansion. Lead acid batteries are preferred for critical applications due to their reliability and cost-effectiveness. However, lithium-ion batteries are expected to gain significant market share from lead acid batteries due to their higher energy density and lighter weight. The U.S. market is poised for substantial growth due to supportive government policies and rising sales of electric vehicles and consumer electronics.