According to the latest rechargeable battery market report by IMARC Group, titled “Rechargeable Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global rechargeable battery market size is experiencing steady growth. A rechargeable battery is a sustainable replacement for the one-time use battery containing active materials that can be regenerated by charging. It produces electricity through an electrochemical reaction consisting of an anode, cathode and electrolyte. Rechargeable batteries are not only compact in size and are cost-efficient but also offer maximum runtime and long service life. Also known as secondary batteries, lead-acid, nickel-cadmium, nickel-metal-hydride and lithium-ion are some of the most commonly used rechargeable batteries.
Global Rechargeable Battery Industry Trends:
An increase in the demand for portable electronic devices on a global level is one of the major factors driving the growth of the market. Smartphones, tablets, and laptops, along with various wearable and related smart devices, have become an indispensable part of the lives of the majority of the population, which is bolstering the sales of rechargeable batteries. Furthermore, growing environmental consciousness has augmented the demand for EVs, which in turn, is propelling the sales of mid- to large-sized rechargeable lithium-ion batteries. Rechargeable battery market competitors are constantly focusing on the development of innovative variants with enhanced charging efficiency. For instance, the introduction of Absorbent Glass Mat (AGM), an advanced lead-acid battery, is gaining widespread popularity in the automotive sector as it is resistant to vibrations, has minimal acid leakage and offers superior overall performance. Other factors, including innovations in the field of material sciences, are further expected to create a positive outlook for the market. As per the rechargeable battery market forecast, the market is expected to grow at a CAGR of around 7% during 2019-2024.
- Based on the battery type, the market has been divided into lead-acid batteries, Li-ion batteries, NiMH batteries, NiCd batteries, and others. Among these, lead-acid batteries are the most preferred battery type.
- On the basis of the capacity, the market has been categorized into 150 - 1000 mAh, 1300 - 2700 mAh, 3000 - 4000 mAh, 4000 - 6000 mAh, 6000 - 10000 mAh and more than 10000 mAh.
- Based on the application, the market has been segregated into consumer electronics, industrial applications, automobile applications, defense and others, wherein automobile applications account for the majority of the total rechargeable battery market share.
- On the geographical front, Asia Pacific holds the leading positing in the market, followed by North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market, including East Penn Manufacturing Co., EnerSys, Exide Technologies, Johnson Controls, LG Chem Ltd., Saft Batteries, Samsung SDI, Panasonic Corporation, Apple Inc., STMicroelectronics, Enfucell Oy, Ultralife Corporation, Cryopak, Blue Spark Technology, and NEC Energy Solutions.
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