Low Voltage Battery Market Forecasts to 2030 – Global Analysis by Type (Primary batteries, Secondary batteries), Technology, Application, End User and By Geography

Low Voltage Battery Market Forecasts to 2030 – Global Analysis by Type (Primary batteries, Secondary batteries), Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Low Voltage Battery Market is accounted for $642.9 million in 2024 and is expected to reach $1003.4 million by 2030 growing at a CAGR of 7.7% during the forecast period. Low voltage battery is a type of rechargeable or non-rechargeable battery designed to operate at voltage levels typically below 60 volts. Commonly used in various applications, these batteries power portable electronics, electric vehicles, renewable energy systems, and medical devices. They are characterized by their compact size, lightweight design, and efficient energy storage capabilities. Low voltage batteries come in various chemistries, including lithium-ion, nickel-metal hydride, and lead-acid, each offering different advantages in terms of performance, cycle life, and environmental impact. Their versatility and adaptability make them essential in modern technology and sustainability efforts.

Market Dynamics:

Driver:

Growth of Renewable Energy

The growth of renewable energy greatly influences the market by creating a rising demand for effective energy storage solutions. As solar and wind power installations increase, batteries are crucial for storing surplus energy and ensuring reliable power supply during fluctuations. This trend drives innovation, leading to advancements in battery technologies that improve efficiency and lower costs. Consequently, manufacturers are incentivized to develop versatile and scalable battery systems, enhancing market opportunities and supporting the broader transition to sustainable energy sources. Thus, it boosts the growth of the market.

Restraint:

High Manufacturing Costs

High manufacturing costs significantly affect the market by limiting production scalability and increasing retail prices. This can reduce consumer demand, especially in price-sensitive segments. Additionally, manufacturers may struggle to invest in research and development for innovative technologies, hindering advancements. Ultimately, these costs can restrict market growth and competitiveness, especially against cheaper alternatives, thus it hampers the growth of the market.

Opportunity:

Consumer Electronics Proliferation

Consumer electronics proliferation significantly impacts the market by driving increased demand for portable and rechargeable power sources. With the rise of smartphones, tablets, wearable’s, and other gadgets, the need for efficient, high-capacity batteries has surged. This demand encourages innovation in battery technologies, leading to advancements in energy density, charging speeds, and longevity. Additionally, manufacturers face pressure to produce environmentally friendly batteries, further shaping market dynamics, thus it drives the growth of the market.

Threat:

Environmental Concerns

Environmental concerns can negatively impact the market by increasing regulatory pressures and costs associated with compliance. Manufacturers face challenges in sourcing eco-friendly materials, leading to higher production expenses. Additionally, consumer demand for sustainable products may push companies to invest heavily in green technologies, diverting resources from traditional battery development and potentially slowing market growth. Thus, it hinders the growth of the market.

Covid-19 Impact

COVID-19 disrupted the low voltage battery market through supply chain interruptions and reduced manufacturing capacity. However, increased demand for medical devices, remote work technology, and electric vehicles spurred growth in specific segments. The pandemic accelerated the shift towards renewable energy and energy storage solutions, highlighting the importance of reliable battery technology, ultimately reshaping market dynamics and fostering innovation.

The medical segment is expected to be the largest during the forecast period

The medical segment is expected to be the largest during the forecast period as the demand for portable and reliable medical devices continues to rise. Innovations in diagnostics, monitoring equipment, and wearable health technology require advanced battery solutions that ensure longer life and consistent performance. The need for compact, lightweight batteries enhances patient mobility and device usability. Moreover, regulatory requirements for safety and reliability further drive advancements in battery technology.

The automotive segment is expected to have the highest CAGR during the forecast period

The automotive segment is expected to have the highest CAGR during the forecast period owing to rising adoption of electric vehicles (EVs) and hybrid models. This demand accelerates innovation in battery technology, enhancing efficiency, lifespan, and performance. As manufacturers prioritize lightweight and compact battery solutions, the market sees increased investments in research and development. Additionally, government regulations promoting cleaner transportation further bolster this trend.

Region with largest share:

North America is projected to hold the largest market share during the forecast period because advancements in battery technology, leading to improved energy efficiency and sustainability. Government incentives and initiatives aimed at reducing carbon emissions further enhance market prospects. Additionally, the rise of smart grid technologies and energy storage systems supports infrastructure development, positioning North America as a pivotal region for innovation and leadership in the battery sector.

Region with highest CAGR:

Asia Pacific is projected to witness the highest CAGR over the forecast period due to demand for renewable energy, electric vehicles, and portable electronics. This growth fosters technological innovation, enhances energy storage solutions, and supports regional economic development. Additionally, investments in infrastructure and government policies promoting sustainability are further catalyzing market expansion, positioning Asia-Pacific as a key player in the global battery landscape.

Key players in the market

Some of the key players in Low Voltage Battery Market include C&D Technologies, Contemporary Amperex Technology Co., Ltd. (CATL), Duracell, East Penn Manufacturing Company, Energizer Holdings, Inc., Exide Technologies, Foxess, GS Yuasa Corporation, Hawker Batteries, Johnson Controls, LG Chem, Northvolt, Nuvation Research Corporation, Panasonic Corporation, QuantumScape, Rayovac, Romeo Power, Samsung SDI, Solid Power, Tesla and The Furukawa Battery.

Key Developments:

In August 2024, CATL entered into a strategic partnership agreement with Shanghai Municipal Investment (Group) Corporation (SMI) at the Shanghai Tower, to establish in-depth cooperation in the fields of battery recycling, urban smart electric vehicle charging facilities, electrification of urban sanitation vehicles and equipment, distributed low-carbon energy stations for solar, storage and charging, and pilot demonstration of carbon neutrality”.

In March 2024, Exide Technologies acquires BE-Power GmbH to further drive innovation in lithium-ion technologies and energy storage solutions.

In December 2023, Exide Technologies announced the recent strategic agreement with Juice Stored Energy Limited for the transfer of its Service Department in the Netherlands and Belgium to ensure the long-term sustainability and efficiency of service operations and customer support in the region.

Types Covered:
• Primary batteries
• Secondary batteries

Technologies Covered:
• Lead acid batteries
• Lithium ion batteries
• Nickel metal hydride (NiMH) batteries
• Nickel cadmium (NiCd) batteries
• Other Technologies

Applications Covered:
• Consumer electronics
• Automotive
• Industrial
• Medical
• Portable power tools
• Other Applications

End Users Covered:
• Residential
• Commercial
• Industrial
• Government
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements