Overview and Scope
Secondary batteries are electrical batteries that can be charged, discharged, and recharged multiple times. Secondary batteries are rechargeable batteries and are also called storage batteries. Secondary batteries are highly cost-efficient in the long term and are environmentally friendly. These are used in portable devices, electronics, and motor vehicles.
Sizing and Forecast
The secondary batteries market size has grown rapidly in recent years. It will grow from $89.32 billion in 2023 to $98.89 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid growth in the automotive industry, and long life of secondary batteries.
The secondary batteries market size is expected to see strong growth in the next few years. It will grow to $144.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to increasing demand for electric vehicles, increasing demand for portable electronic devices using secondary batteries, and increasing investments in lithium-ion batteries . Major trends in the forecast period include manufacturing of sand-based batteries, graphene-based batteries, investments in automation and robotic technologies in the manufacturing process, employing ai and machine learning techniques, and manufacturing & developing less weight structural batteries for super light electric bikes and consumer electronics.
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Segmentation & Regional Insights
The secondary batteries market covered in this report is segmented –
1) By Product Type: Lead Acid, Lithium-Ion (Li-Ion), Nickel Metal Hydride, Nickel-Cadmium (Ni-Cd), Other Product Type
2) By Application: Electronics, Motor Vehicles, Portable Devices, Other Applications
3) By End User: Automotive, Household, Industrial
Asia-Pacific was the largest region in the secondary batteries market in 2023. North America was the second-largest region in the global secondary batteries market share. The regions covered in the secondary batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for electric vehicles will positively impact the secondary batteries market. Secondary batteries are increasingly being used in hybrid vehicles. The wide temperature ranges between -30°C to +75°C and the rapid charging capacity of Nickel Metal Hybride (NiMH) batteries are ideal for the automotive sector. NiMH batteries can handle the high-power levels which are essential for electric vehicles. According to Bloomberg New Energy Finance (BNEF) report, electric vehicle sales are expected to reach 540 million by 2040, which is around 32% of the world’s passenger vehicles. Therefore, the increasing demand for electric vehicles will drive the growth of the secondary batteries market.
Key Industry Players
Major companies operating in the secondary batteries market report are LG Chem Co. Ltd., Contemporary Amperex Technology Co., Limited, Samsung SDI Co. Ltd., TDK Corporation, Panasonic Corporation, BYD Company Ltd., Murata Manufacturing Co., Ltd., Toshiba Corporation, SK Innovation Co., Ltd., Energizer Holdings Inc., Eveready, Duracell, Nippo, Kodak, Powercell, Hitachi Maxell, Johnson Controls, EnerSys, GP Batteries, Guangdong Zhenglong Battery Industry Company Limited, Guangzhou Tiger Head Battery Group, Hefei Guoxuan Hi-Tech Power Energy Co., Ltd., Tianjin Lishen Battery Co., Ltd., AVIC Lithium Battery, Sony Corporation, Shanghai White Elephant Swan Battery Co. Ltd., GBP International, Saft batteries, Varta Consumer Batteries, Monbat, Umicore, Rosatam, Panasonic Energy, A123 Systems LLC, AES Group, Ultralife Corporation, Rayovac, Exide Industries Ltd, Mobisol Kenya, Associated Battery Manufacturers (E.A) Ltd, Yuasa Battery (East Africa) Limited, ABMkenya, Potensa
The secondary batteries market report table of contents includes:
1. Executive Summary
2. Secondary Batteries Market Characteristics
3. Secondary Batteries Market Trends And Strategies
4. Secondary Batteries Market – Macro Economic Scenario
5. Global Secondary Batteries Market Size and Growth
…
32. Global Secondary Batteries Market Competitive Benchmarking
33. Global Secondary Batteries Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Secondary Batteries Market
35. Secondary Batteries Market Future Outlook and Potential Analysis
36. Appendix
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