Secondary Battery Market Trends, Analysis, Size and Growth 2022-27
Market Overview 2022-2027:
According to the global secondary battery market report by IMARC Group, the market reached a value of US$ 95.47 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 174.36 Billion by 2027, exhibiting a CAGR of 10.30% during 2022-2027.
Industry Definition and Application:
Secondary batteries are rechargeable batteries or accumulators that store chemical energy and transform it into electricity, depending on the requirement. They are embedded with electrodes made of lead grids, wherein the cathodic grid contains lead dioxide, and the anodic grid is filled with porous lead. They offer affordability, prolonged life, superior retention property, high energy density, moldability, durability, and volatility. As a result, secondary batteries are widely used to power electronic devices, cellular phones, and hybrid electric vehicles (HEVs).
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Market Trends:
The global secondary battery market is primarily driven by the surging adoption of portable devices. Additionally, the rising use of laptops and smartphones due to rapid digitization and inflating consumer disposable incomes is positively influencing the market growth.
Moreover, numerous technological advancements in manufacturing secondary batteries and the introduction of new and advanced battery chemistries are other major growth-inducing factors. Besides this, there has been a significant rise in the manufacturing and sale of electric vehicles (EVs) due to growing environmental concerns among individuals. In line with this, the surging public and private investments in promoting renewable energy sources have augmented product demand.
Furthermore, the rising adoption of secondary batteries in power tools, medical devices, aviation, and industrial applications owing to their ultra-fast charging with minimal stress and high specific energy has catalyzed the market growth. Other factors, including continuous product innovations, the introduction of hybrid batteries, ongoing research and development (R&D) activities, and rapid urbanization, are also anticipated to drive the market further.
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Report Segmentation:
The report has segmented the market on the basis of region, type, application and industry vertical.
Breakup by Type:
- Lead Acid
- Lithium-Ion (Li-ion)
- Nickel Metal Hydride
- Others
Breakup by Application:
- Electronics
- Motor Vehicles
- Industrial Batteries
- Portables Devices
- Others
Breakup by Industry Vertical:
- Chemical and Petrochemical
- Oil and Gas
- Energy and Power
- Automotive
- Others
Breakup by Geography:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Amperex Technology Limited (TDK Corporation)
- Byd Company Limited
- Duracell Inc. (Berkshire Hathaway Inc.)
- Energizer Holdings Inc.
- EnerSys
- LG Chem Ltd.
- Panasonic Corporation
- Saft (TotalEnergies SE)
- Samsung SDI Co. Ltd.
- Showa Denko K. K.
- Sony Group Corporation
- Tianjin Lishen Battery Joint-Stock Co. Ltd.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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