The global secondary battery market size is estimated to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing adoption of electric vehicles.
Secondary batteries, often known as store batteries or charge accumulators, are rechargeable batteries. It's a cell or a combination of cells with reversible cell responses. By flowing current through the cell or charging it from an external source, the original chemical conditions inside the cell can be restored effectively. Lead-acid, lithium-ion, and nickel metal hydride are three types of secondary batteries. These secondary battery components are both cost-effective and environmentally in the long term.
Secondary batteries and associated services are sold in portable gadgets, electronics, emergency lighting sources, and motor vehicles in the secondary battery market. However, many businesses have been badly impacted by the COVID-19 epidemic. It has brought the manufacturing process to a standstill and resulted in a lack of raw resources. Even though the electric car industry is a major driver of the market, the automotive sector has been stifled by the pandemic's drop in disposable income.
Market Trends, Drivers, Restraints, and Opportunities
- Ongoing technological developments are estimated to drive the market growth.
- Rising electric vehicles market is anticipated the global secondary battery market expansion during forecast period.
- The demand and supply mismatch of raw materials can hamper the market growth.
- Increasing utilization of artificial intelligence in the R&D of battery production is providing lucrative opportunities for the global secondary battery market.
Scope of Secondary Battery Market Report
The report on the global secondary battery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Secondary Battery Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Secondary Battery Market by Technologies (Lead-acid Battery, Lithium-ion Battery, and Others [NiMh & NiCD]), Applications (Automotive Batteries [HEV, PHEV, and EV], Industrial Batteries [Motive, and Stationary {Telecom, UPS, and Energy Storage Systems (ESS)}], Portable Batteries [Consumer Electronics], and Others [Power Tools Batteries, and SLI Batteries])
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Duracell Inc.; Tesla Inc.; BYD Co. Ltd; Contemporary Amperex Technology Co. Limited; and EnerSys
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Secondary Battery Market Segment Insights
Lithium-Ion Battery segment is expected to grow at a rapid pace
Based on technologies, the market is divided into lead-acid battery, lithium-ion battery, and others. The others segment bifurcated into NIMH and NICD The lithium-ion battery segment is expected to grow at a rapid pace during the forecast period due to its favorable capacity-to-weight ratio.
Industrial batteries segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segregated into automotive batteries, industrial batteries, portable batteries, and others. The automotive batteries segment is divided into HEV, PHEV, and EV. The industrial batteries segment is classified as motive and stationary. The stationary segment is further divided telecom, UPS, and energy storage systems (ESS). The portable batteries segment includes consumer electronics. The others segment is classified as power tools batteries and SLI batteries. The industrial batteries segment is projected to expand at a considerable CAGR during the forecast period owing to presence of different types of battery technologies.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the global secondary battery market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to government subsidies for both renewable and EVs, as well as an increasing applications for consumer electronics. Moreover, EV manufacturers in the country are considering lithium-ion batteries as a feasible alternative to lead-acid batteries. This is due to the fact that lithium-ion batteries are more expensive than lead-acid batteries.
Segments
The global secondary battery market has been segmented on the basis of
Technologies
- Lead-acid Battery
- Lithium-ion Battery
- Others
Applications
- Automotive Batteries
- Industrial Batteries
- Motive
- Stationary
- Telecom
- UPS
- Energy Storage Systems (ESS)
- Portable Batteries
- Others
- Power Tools Batteries
- SLI Batteries
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
The global secondary battery market is highly fragmented and Key players competing in the global secondary battery market are Duracell Inc.; Tesla Inc.; BYD Co. Ltd Contemporary Amperex Technology Co.; Limited; and EnerSys
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