Large and advanced batteries represented a $61.5 billion global market in 2018. The overall market is projected to grow at a compound annual growth rate (CAGR) of 11.4% between 2019 and 2024 to reach $109.9 billion, making it one of the largest and fastest-growing, technology-driven electrical/electronic sectors.

“Large and advanced battery” is an arbitrary designation developed by BCC Research to describe a market-driven battery classification. As defined in this report, large and advanced batteries must have three attributes: they must be secondary (rechargeable) electrochemical energy storage devices (batteries), “large” in terms of size and energy capacity, as well as technologically advanced. This definition excludes all primary (non-rechargeable) batteries and all lead-acid automotive batteries, as well as all A, C, and D cylindrical batteries and button cells.