Accumulator Market

The global accumulator market is forecasted to experience a decline in consumption over the next eight years, with a negative CAGR of -2.5%. By 2030, the market volume is expected to decrease to 5.4B units. In 2022, electric accumulator consumption saw an increase of 25%, reaching 6.6B units. The United States leads in both consumption and production of accumulators. Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer, and nickel-iron accumulators dominate the market with 86% of total volume. China leads in accumulator production, while China and Hong Kong SAR are the main importers. Export price of accumulators experienced significant growth, with nickel and lithium accumulators showing the highest price increase.

Market Forecast

The accumulator market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -2.5% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 5.4B units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -1.6% for the period from 2022 to 2030, which is projected to bring the market value to $233.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electric Accumulators

In 2022, consumption of electric accumulators increased by 25% to 6.6B units, rising for the seventh consecutive year after three years of decline. In general, the total consumption indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +74.6% against 2015 indices. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global accumulator market value skyrocketed to $265.3B in 2022, jumping by 18% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +73.6% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The United States (1.1B units) remains the largest accumulator consuming country worldwide, comprising approx. 16% of total volume. Moreover, accumulator consumption in the United States exceeded the figures recorded by the second-largest consumer, Hungary (533M units), twofold. The third position in this ranking was held by Poland (398M units), with a 6% share.

In the United States, accumulator consumption increased at an average annual rate of +7.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Hungary (+22.9% per year) and Poland (+19.1% per year).

In value terms, the United States ($88B) led the market, alone. The second position in the ranking was taken by Indonesia ($42.5B). It was followed by Japan.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +12.9%. The remaining consuming countries recorded the following average annual rates of market growth: Indonesia (+5.0% per year) and Japan (+2.1% per year).

The countries with the highest levels of accumulator per capita consumption in 2022 were Singapore (59 units per person), Hungary (55 units per person) and the Czech Republic (20 units per person).

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +31.3%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators (5.9B units) constituted the product with the largest volume of consumption, comprising approx. 86% of total volume. Moreover, nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators exceeded the figures recorded for the second-largest type, lead-acid accumulators for starting piston engines (588M units), tenfold.

For nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, consumption increased at an average annual rate of +5.1% over the period from 2012-2022. For the other products, the average annual rates were as follows: lead-acid accumulators for starting piston engines (+1.5% per year) and lead-acid accumulators (excluding starter batteries) (+2.9% per year).

In value terms, nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators ($220.5B) led the market, alone. The second position in the ranking was held by lead-acid accumulators for starting piston engines ($26.5B).

For nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, market increased at an average annual rate of +7.7% over the period from 2012-2022. For the other products, the average annual rates were as follows: lead-acid accumulators for starting piston engines (+2.3% per year) and lead-acid accumulators (excluding starter batteries) (+2.6% per year).

Production

World Production of Electric Accumulators

In 2022, production of electric accumulators increased by 24% to 8.9B units, rising for the sixth year in a row after two years of decline. Over the period under review, production recorded a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 41% against the previous year. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the immediate term.

In value terms, accumulator production fell modestly to $3,433,021.2B in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 25% against the previous year. Over the period under review, global production attained the peak level at $3,774,111.2B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (5B units) constituted the country with the largest volume of accumulator production, accounting for 56% of total volume. Moreover, accumulator production in China exceeded the figures recorded by the second-largest producer, Singapore (613M units), eightfold. The third position in this ranking was taken by Poland (377M units), with a 4.2% share.

In China, accumulator production increased at an average annual rate of +7.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Singapore (+7.8% per year) and Poland (+27.4% per year).

Production By Type

Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators (8.1B units) constituted the product with the largest volume of production, comprising approx. 90% of total volume. Moreover, nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators exceeded the figures recorded for the second-largest type, lead-acid accumulators for starting piston engines (595M units), more than tenfold.

For nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, production expanded at an average annual rate of +7.0% over the period from 2012-2022. With regard to the other produced products, the following average annual rates of growth were recorded: lead-acid accumulators for starting piston engines (+1.2% per year) and lead-acid accumulators (excluding starter batteries) (+3.5% per year).

In value terms, nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators ($3,432,984B) led the market, alone. The second position in the ranking was held by lead-acid accumulators for starting piston engines ($27.7B).

From 2012 to 2022, the average annual growth rate of the value of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators production was relatively modest. With regard to the other produced products, the following average annual rates of growth were recorded: lead-acid accumulators for starting piston engines (+2.9% per year) and lead-acid accumulators (excluding starter batteries) (+3.7% per year).

Imports

World Imports of Electric Accumulators

In 2022, overseas purchases of electric accumulators increased by 14% to 6.5B units, rising for the seventh year in a row after two years of decline. In general, imports showed resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 28%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, accumulator imports surged to $115.9B in 2022. Over the period under review, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 41% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

Hong Kong SAR (950M units) and the United States (932M units) represented the main importers of electric accumulators in 2022, accounting for approx. 15% and 14% of total imports, respectively. It was followed by Hungary (505M units), Germany (476M units) and Poland (297M units), together creating a 20% share of total imports. The Czech Republic (262M units), Malaysia (259M units), South Korea (191M units), Singapore (188M units), China (179M units), India (163M units), the UK (135M units) and Vietnam (130M units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +27.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($17.6B), Germany ($15.9B) and South Korea ($5.8B) constituted the countries with the highest levels of imports in 2022, with a combined 34% share of global imports. The Czech Republic, Vietnam, Hong Kong SAR, China, the UK, India, Poland, Hungary, Malaysia and Singapore lagged somewhat behind, together accounting for a further 24%.

Among the main importing countries, the Czech Republic, with a CAGR of +29.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators prevails in imports structure, recording 5.9B units, which was near 91% of total imports in 2022. It was distantly followed by lead-acid accumulators (excluding starter batteries) (300M units), comprising a 4.6% share of total imports. Lead-acid accumulators for starting piston engines (291M units) took a minor share of total imports.

Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators was also the fastest-growing in terms of imports, with a CAGR of +7.5% from 2012 to 2022. At the same time, lead-acid accumulators for starting piston engines (+4.6%) and lead-acid accumulators (excluding starter batteries) (+2.5%) displayed positive paces of growth. Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators (+3.7 p.p.) significantly strengthened its position in terms of the global imports, while lead-acid accumulators (excluding starter batteries) saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators ($94.9B) constitutes the largest type of electric accumulators imported worldwide, comprising 82% of global imports. The second position in the ranking was taken by lead-acid accumulators for starting piston engines ($12B), with a 10% share of global imports.

For nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators, imports expanded at an average annual rate of +19.2% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: lead-acid accumulators for starting piston engines (+4.6% per year) and lead-acid accumulators (excluding starter batteries) (+4.8% per year).

Import Prices By Type

The average accumulator import price stood at $18 per unit in 2022, jumping by 17% against the previous year. In general, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, accumulator import price increased by +98.0% against 2012 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was lead-acid accumulators for starting piston engines ($41 per unit), while the price for nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators ($16 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by nickel and lithium accumulators (+10.9%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average accumulator import price stood at $18 per unit in 2022, increasing by 17% against the previous year. Over the period under review, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, accumulator import price increased by +98.0% against 2012 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($33 per unit), while Malaysia ($2.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+16.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electric Accumulators

In 2022, overseas shipments of electric accumulators increased by 15% to 8.8B units, rising for the sixth consecutive year after two years of decline. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 48% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, accumulator exports surged to $128B in 2022. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 41%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China represented the key exporter of electric accumulators in the world, with the volume of exports amounting to 5.2B units, which was near 59% of total exports in 2022. Hong Kong SAR (994M units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (5.2%). Germany (331M units), Poland (275M units), Thailand (197M units), Taiwan (Chinese) (159M units), Hungary (157M units) and Malaysia (132M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to accumulator exports from China stood at +8.9%. At the same time, Hungary (+40.1%), Thailand (+32.5%), Poland (+32.4%), Germany (+22.9%), Malaysia (+18.2%), Taiwan (Chinese) (+16.1%) and Singapore (+12.6%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing exporter exported in the world, with a CAGR of +40.1% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. From 2012 to 2022, the share of Poland, Germany, Thailand, China, Hungary and Singapore increased by +2.7, +2.7, +1.9, +1.7, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($55.5B) remains the largest accumulator supplier worldwide, comprising 43% of global exports. The second position in the ranking was held by Poland ($9.4B), with a 7.3% share of global exports. It was followed by Germany, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +22.2%. In the other countries, the average annual rates were as follows: Poland (+33.1% per year) and Germany (+15.4% per year).

Exports By Type

Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators prevails in exports structure, accounting for 8.2B units, which was approx. 93% of total exports in 2022. The following types - lead-acid accumulators for starting piston engines (298M units) and lead-acid accumulators (excluding starter batteries) (289M units) - each resulted at a 6.7% share of total exports.

Nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators was also the fastest-growing in terms of exports, with a CAGR of +9.1% from 2012 to 2022. At the same time, lead-acid accumulators for starting piston engines (+3.9%) and lead-acid accumulators (excluding starter batteries) (+3.1%) displayed positive paces of growth. While the share of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators (+4.1 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of lead-acid accumulators for starting piston engines (-1.9 p.p.) and lead-acid accumulators (excluding starter batteries) (-2.2 p.p.) displayed negative dynamics.

In value terms, nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators ($105.9B) remains the largest type of electric accumulators supplied worldwide, comprising 83% of global exports. The second position in the ranking was held by lead-acid accumulators for starting piston engines ($12.2B), with a 9.5% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators exports amounted to +20.1%. For the other products, the average annual rates were as follows: lead-acid accumulators for starting piston engines (+4.7% per year) and lead-acid accumulators (excluding starter batteries) (+5.3% per year).

Export Prices By Type

The average accumulator export price stood at $15 per unit in 2022, growing by 18% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, accumulator export price increased by +43.5% against 2018 indices. The pace of growth appeared the most rapid in 2015 an increase of 26%. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was lead-acid accumulators for starting piston engines ($41 per unit), while the average price for exports of nickel-cadmium, nickel metal hydride, lithium-ion, lithium polymer and nickel-iron accumulators ($13 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by nickel and lithium accumulators (+10.1%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average accumulator export price amounted to $15 per unit, with an increase of 18% against the previous year. Over the period under review, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, accumulator export price increased by +43.5% against 2018 indices. The pace of growth was the most pronounced in 2015 when the average export price increased by 26% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hungary ($45 per unit), while Thailand ($1.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform