The latest research study “Secondary Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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, also known as rechargeable batteries or accumulators, are designed to store chemical energy and convert it into electrical energy as needed. They are cost-effective and offer a high-power density, reasonable discharge rate, and better performance at low temperatures than primary batteries. They are commonly used to power electronic devices, mobile phones, and hybrid electric vehicles (HEVs). At present, numerous manufacturers are developing new types of secondary batteries, including flow cell batteries that enable large-scale energy storage using wide basins at a lower cost.
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Secondary Battery Market Trends:
The global secondary battery market is primarily driven by the rising use of portable electronic devices, including laptops and smartphones, due to rapid digitization and elevating consumer disposable income levels. Moreover, the increasing manufacturing and sales of electric vehicles (EVs) owing to rising environmental concerns are positively influencing the market growth. Additionally, extensive investments by public and private agencies in promoting renewable energy sources are driving the demand for secondary batteries.
Furthermore, numerous technological advancements in secondary battery manufacturing and the advent of new and advanced battery chemistries are contributing to market growth. Other factors, including ongoing research and development (R&D) activities, continuous product innovations, and the introduction of hybrid batteries, are also anticipated to propel the market growth in the coming years.
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Secondary Battery Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- Amperex Technology Limited (TDK Corporation)
- Byd Company Limited
- Duracell Inc. (Berkshire Hathaway Inc.)
- Saft (TotalEnergies SE)
- Samsung SDI Co. Ltd.
- Showa Denko K. K.
- Sony Group Corporation
- Energizer Holdings Inc.
- EnerSys
- LG Chem Ltd.
- Panasonic Corporation
- Tianjin Lishen Battery Joint-Stock Co. Ltd.
Key Market 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 Region:
- North America
- Asia Pacific
- Europe
- Latin America
- 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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