According to the latest report by IMARC Group, “Global Secondary Battery Market Growth, Share, Size, Industry Trends, Opportunity and Forecast 2022-2027“, the global secondary battery 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.
Secondary batteries are the accumulators or rechargeable batteries that store chemical energy and convert it to electrical energy depending on the requirements. They are economical and offer high power density, reasonable discharge rates, low-temperature performance, etc. As a result, secondary batteries are used to power electronic devices, cellular phones, hybrid electric vehicles (HEVs), etc. At present, various manufacturers are developing novel secondary batteries, such as flow cell batteries that allow large-scale energy storage using wide basins at low prices.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Secondary Battery Market Trends and Drivers:
The inflating sales of portable electronic devices, including mobiles, speakers, laptops, etc., are among the primary factors driving the secondary battery market. In addition to this, the emerging trend of electric vehicles (EVs), on account of the widespread awareness among individuals towards the high levels of greenhouse gas (GHG) emissions associated with conventional fuel automobiles, is further catalyzing the market growth.
In line with this, the increasing investments in renewable energy by government bodies and the rising need for efficient energy storage devices with low maintenance costs are also augmenting the global market.
Moreover, the growing energy consumption across countries and the expanding instances of power supply interruptions are propelling the product demand as power backup options. Besides this, the escalating need for ultra-fast charging solutions and the elevating product adoption in medical, aviation, and industrial applications are projected to bolster the secondary battery market in the coming years.
Global Secondary Battery Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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 and Tianjin Lishen Battery Joint-Stock Co. Ltd.
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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
Breakup by Application:
- Motor Vehicles
- Industrial Batteries
- Portables Devices
Breakup by Industry Vertical:
- Chemical and Petrochemical
- Oil and Gas
- Energy and Power
Breakup by Region:
- 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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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