Global Secondary Battery Market Is Estimated To Witness High Growth Owing To Ev Adoption
The secondary battery market is estimated to be valued at US$ 104461.1 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Secondary batteries are rechargeable batteries that can be charged, discharged into an external circuit, and recharged many times. Major applications of secondary batteries include electric vehicles, power tools, portable devices etc. Lithium-ion batteries have gained prominence as they provide high energy density compared to lead acid and nickel-based batteries.
Market Dynamics:
Growing adoption of electric vehicles is a key driver for the secondary battery market. Government initiatives to promote clean mobility solutions are fueling the demand for EVs globally. Secondary batteries such as lithium-ion batteries are integral components of EVs. Moreover, increasing penetration of consumer electronics and focus on advanced energy storage solutions are also propelling the market growth. However, high manufacturing costs and volatility in raw material supply can hinder the market growth.
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