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According to the latest rechargeable battery market report by IMARC Group, titled “Rechargeable Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global rechargeable battery market reached a value of US$ 109.5 Billion in 2022. 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 Market 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. Looking forward, IMARC Group expects the market to exhibit a CAGR of 6.93% during 2023-2028.
Market Summary:
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