Home Semiconductor & Electronics IoT Battery Market Size, Share and Forecast to 2032

IoT Battery Market

IoT Battery Market Size, Share & Trends Analysis Report By Battery Type (Lithium-Ion, Lithium-Sulfur, Solid-State, Others), By Rechargeability (Primary Batteries, Secondary Batteries), By Applications (Consumer Electronics, Healthcare, Automotive, Industrial, Retail, BFSI, Agriculture, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRSE56212DR
Study Period 2020-2032 CAGR 9.64%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 10.53 billion
Forecast Year 2032 Forecast Year Market Size USD 24.10 billion
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

The global IoT battery market size was valued at USD 10.53 billion in 2023. It is estimated to reach USD 24.10 billion by 2032, growing at a CAGR of 9.64% during the forecast period (2024–2032). In recent years, there has been a rapid proliferation of IoT devices worldwide, owing to a surge in digitization and exponential Internet penetration, thereby driving the global market. There has also been rapid innovation and advancement in battery technologies like the development of solid-state batteries, lithium-sulfur, and graphene-based batteries, which are estimated to create opportunities for the market players to innovate and launch novel products.

An IoT battery refers to a rechargeable power source designed for Internet of Things (IoT) devices connected to the Internet and exchanging data without direct human intervention. These batteries are typically compact, lightweight, and optimized for energy efficiency to prolong the operational lifespan of IoT devices. They provide the necessary power for sensors, actuators, and other components within IoT ecosystems, enabling seamless communication and functionality. IoT batteries often integrate smart features like power management systems to maximize efficiency and ensure reliable performance. Given the diverse range of IoT applications, batteries may vary in capacity, voltage, and charging methods to suit specific device requirements while balancing energy consumption for extended use without frequent replacements or recharge.


  • North America is the highest shareholder in the global market

Market Dynamics

Global IoT Battery Market Drivers

Growing Adoption of IoT Devices 

The growing adoption of IoT devices is a key driver for the IoT battery market. As per Statista, the number of IoT-connected devices is expected to reach 30.91 billion by 2025, driven by their increasing deployment in various sectors such as smart homes, healthcare, automotive, and industrial automation. IoT devices rely heavily on batteries for power, necessitating reliable, efficient, and long-lasting battery solutions. Smart home devices, including thermostats, security cameras, and lighting systems, require constant power to function seamlessly.

Similarly, industrial IoT applications use sensors and actuators for real-time monitoring and automation, demanding batteries that can operate over extended periods without frequent replacements. The rise of smart cities, incorporating IoT for efficient urban management, further amplifies the demand. As IoT technology advances, incorporating features like edge computing and AI, the requirement for high-performance batteries that can support these functionalities becomes even more critical, fueling market growth.

Global IoT Battery Market Restraint

Limited Energy Density and Lifespan of Batteries 

Despite advancements in battery technology, energy density, and lifespan limitations pose significant restraints for the IoT battery market. Many IoT applications require batteries that can function reliably for several years without the need for replacement, which current battery technologies struggle to provide. Traditional lithium-ion batteries, while popular, face issues such as gradual capacity loss, leakage, and safety concerns like overheating and potential fire hazards. These limitations become critical in applications like remote sensors and medical implants, where battery replacement is not feasible or cost-effective. Moreover, the environmental impact of battery disposal and the need for frequent replacements add to the challenges. Such factors are estimated to restrict global market growth.

Global IoT Battery Market Opportunities

Technological Advancements in Battery Chemistry

Technological advancements in battery chemistry are significantly driving the IoT battery market. Innovations such as solid-state batteries, lithium-sulfur, and graphene-based batteries offer superior performance characteristics compared to traditional lithium-ion batteries. These advanced batteries provide higher energy densities, allowing IoT devices to operate longer without frequent recharging. They also exhibit improved safety profiles, reducing risks of overheating and leakage. Solid-state batteries, for instance, use a solid electrolyte, which enhances stability and longevity.

Lithium-sulfur batteries offer the potential for lower costs and greater capacity. Meanwhile, graphene-based batteries are known for their fast-charging capabilities and durability. These advancements enable IoT devices to become more efficient and reliable, supporting their continuous operation in diverse applications, from wearable technology to industrial sensors. The push towards miniaturization and enhanced battery performance is crucial for the expanding IoT ecosystem, ensuring sustained growth in the market. Such advancements are anticipated to create opportunities for market growth.

Regional Analysis

North America Dominates the Global Market

Based on region, the global IoT battery market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America is the most significant global IoT battery market shareholder and is expected to expand substantially during the forecast period. North America is a leading region in the IoT battery market, driven by technological innovation and high adoption rates of IoT devices. The U.S. and Canada are dominating, with substantial investments in smart city projects and industrial IoT applications. The region's robust technological infrastructure and supportive regulatory environment further boost market growth. North America also benefits from a strong presence of key industry players and advanced R&D facilities, contributing to the development and commercialization of innovative battery technologies.

The United States IoT battery market is driven by its rapid adoption of IoT technologies across various sectors, such as healthcare, smart homes, and industrial automation. According to Statista, there is currently a significant growth in demand for IoT devices in the United States, as customers are enthusiastically adopting smart home technologies to enhance convenience and energy efficiency. In 2021, approximately 41.9% of households in the U.S. had a smart home device, and this figure is projected to rise to 48.4% by 2025, thereby driving the demand for IoT batteries in this region. Moreover, the country's robust technological infrastructure and high consumer demand for advanced electronics contribute significantly to this market. For instance, the rise in smartphone sales from USD 33.7 billion in 2012 to about USD 74.7 billion in 2022 highlights the growing reliance on battery-powered devices. 

Canada's IoT batteries market is also witnessing a growing demand, fueled by the country's focus on technological innovation and smart city initiatives. Canadian cities like Toronto and Vancouver invest heavily in IoT infrastructure to improve urban management and public services. The country's strong emphasis on sustainability and environmental conservation drives the adoption of green battery technologies. Canada's vast industrial sector also increasingly integrates IoT solutions for enhanced operational efficiency, necessitating robust and long-lasting battery solutions. Moreover, the Canadian government's support for research and development in advanced battery technologies and IoT applications further stimulates market growth. Collaborative efforts between Canadian universities, research centers, and industry players are pivotal in developing cutting-edge battery solutions tailored to the unique demands of IoT devices.

Consequently, all these factors are estimated to drive the North American IoT battery market growth.

The Asia-Pacific region is witnessing rapid expansion in the IoT battery market, driven by large-scale industrialization and the increasing demand for consumer electronics. The region's burgeoning technological advancements and massive consumer base present significant opportunities for market growth. Key countries contributing to this growth include China, Japan, South Korea, and India.

China's IoT battery market is a dominant player in the Asia-Pacific, leveraging its substantial manufacturing capabilities and robust technological infrastructure. The Chinese government has been actively promoting the development and adoption of IoT technologies through policies like the "Made in China 2025" initiative, which aims to enhance the country's global manufacturing prowess. China's large-scale implementation of smart city projects, such as the one in Xiong'an New Area, showcases the extensive use of IoT devices, which drives the demand for efficient battery solutions. Moreover, China's strong electronics manufacturing industry supports the production of various IoT devices, further bolstering the market for IoT batteries. 

India's IoT batteries market is emerging as a significant market, supported by rapid urbanization, digital transformation initiatives, and a growing tech-savvy population. The Indian government's push towards smart cities, through the Smart Cities Mission, aims to develop 100 smart cities, integrating IoT solutions for better urban management and improved quality of life. This initiative drives substantial demand for IoT devices and, consequently, IoT batteries. The proliferation of affordable smartphones and wearable devices in India also contributes to the demand for advanced battery technologies. With ongoing improvements in infrastructure and increasing investments in IoT, India is poised to become a crucial market for IoT batteries in the coming years.

Thus, the factors above are anticipated to expedite the Asia-Pacific IoT battery market expansion.

Report Scope

Report Metric Details
By Battery Type
  1. Lithium-Ion
  2. Lithium-Sulfur
  3. Solid-State
  4. Others
By Rechargeability
  1. Primary Batteries
  2. Secondary Batteries
By Applications
  1. Consumer Electronics
  2. Healthcare
  3. Automotive
  4. Industrial
  5. Retail
  6. BFSI
  7. Agriculture
  8. Others
Company Profiles Panasonic Corporation Samsung SDI Co., Ltd. LG Chem Ltd. Sony Corporation Cymbet Corporation Enfucell OY Rocket Electric Co. Ltd. AFT Groupe SA Saft Groupe S.A.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global IoT battery market is bifurcated into battery type, rechargeability, and application.

Based on battery type, the global market is segmented into lithium-ion, lithium-sulfur, solid-state, and others. 

Solid-state batteries represent a significant advancement in battery technology, offering numerous benefits over traditional lithium-ion batteries. These batteries use a solid electrolyte instead of a liquid one, which enhances safety by reducing the risk of leaks and fires. They also provide higher energy density, which translates to longer battery life and more power in a smaller package. Moreover, solid-state batteries are crucial for the IoT market as they can operate efficiently at higher temperatures and offer faster charging times. Their longevity and stability make them ideal for IoT applications that require reliable, long-term power solutions, such as medical devices, wearable technology, and industrial sensors.

Based on rechargeability, the global market is bifurcated into primary batteries and secondary batteries. 

Primary batteries, also called non-rechargeable batteries, play a significant role in the IoT battery market. These batteries, such as alkaline, lithium primary, and zinc-air, are preferred in applications where battery replacement is feasible and where devices require a reliable power source over extended periods without the need for recharging infrastructure. They offer higher initial energy density and longer shelf life, making them ideal for low-power IoT devices like remote sensors, medical implants, and security devices. Their simplicity and cost-effectiveness for certain applications contribute to their widespread use. Despite their limited lifespan compared to rechargeable batteries, non-rechargeable batteries are crucial for specific IoT applications where maintenance-free, long-term power is essential.

Based on application, the global market is bifurcated into consumer electronics, healthcare, automotive, retail, BFSI, agriculture, industrial, and others. 

The healthcare application segment is a crucial driver for the IoT battery market. IoT-enabled healthcare devices, such as wearable health monitors, remote patient monitoring systems, and smart medical implants, rely heavily on efficient and reliable battery solutions. These devices require long-lasting batteries to ensure continuous operation without frequent recharges or replacements, which is critical for patient safety and convenience. Advanced battery technologies, like lithium-ion and solid-state batteries, are increasingly used in these applications due to their high energy density and durability. The growing trend of telemedicine and the integration of IoT in healthcare for real-time health tracking and diagnostics are further propelling the demand for robust and long-lasting batteries, ensuring uninterrupted functionality and improved patient outcomes.

Market Size By Battery Type

Market Size By Battery Type
  • Lithium-Ion
  • Lithium-Sulfur
  • Solid-State
  • Others
  • Recent Developments

    • April 2024- Qualcomm, the leading manufacturer of Wi-Fi chipsets, introduced a range of products featuring a new Wi-Fi System-on-Chip (SoC) called QCC730, which boasts ultra-low power consumption as its standout feature. Qualcomm asserts that the new Wi-Fi SoC introduces a novel class of silicon platforms that will likely engage in intense competition with Bluetooth to become the leading technology for battery-powered IoT devices in various market sectors.
    • August 2023- Digital Matter, a prominent company in low-power Internet of Things (IoT) asset tracking, announced the enhancement of its battery-powered IoT asset monitoring range. This extension includes the incorporation of 4G Cat 1bis and 2G connectivity, which enables global visibility of assets.

    Analyst’s Perspective

    As per our research analyst, IoT batteries are absolutely a cornerstone of the consumer electronics sector, enabling the functionality and convenience that modern consumers expect from their devices. As the industry continues to evolve, the focus on battery innovation, sustainability, and efficiency will remain paramount. Stakeholders must collaborate to overcome challenges and leverage emerging opportunities, ensuring that IoT batteries can meet the demands of an increasingly connected world. The future of consumer electronics is linked to the advancements in battery technology, making it a dynamic and exciting field for ongoing research and development.

    Top Key Players

    IoT Battery Market Share of Key Players

    IoT Battery Market Share of Key Players
    Panasonic Corporation Samsung SDI Co., Ltd. LG Chem Ltd. Sony Corporation Cymbet Corporation Enfucell OY Rocket Electric Co. Ltd. AFT Groupe SA Saft Groupe S.A. Others

    Frequently Asked Questions (FAQs)

    What is the estimated growth rate (CAGR) of the global IoT Battery Market?
    The global IoT Battery Market size is growing at a CAGR of 9.64% from 2024 to 2032.
    North America has the largest share of the market.
    The growing adoption of IoT devices is the key driver for the growth of the market.
    Technological advancements in battery chemistry is one of the upcoming trend in the market.
    The key players in the global market include Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Ltd., Sony Corporation, Cymbet Corporation, Enfucell OY, Rocket Electric Co. Ltd., AFT Groupe SA, Saft Groupe S.A.

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