According to the latest report by IMARC Group, titled "Secondary Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global secondary battery market reached a value of US$ 95.47 Billion in 2021. A secondary battery is widely used for mobile applications, such as cars, power tools and cellular phones. It is a storage device that stores chemical energy and converts it to electricity. It is integrated with electrodes that comprise lead grids, wherein the anodic grid is filled with porous lead and the cathodic grid contains lead dioxide. It is a form of rechargeable battery that can be utilized multiple times and restored to its original condition by reversing the current flow. The demand for secondary batteries is increasing across the globe due to their several benefits, including affordability, durability, superior retention property, prolonged life, high energy density, moldability and volatility.
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.
Global Secondary Battery Market Trends:
The global market is primarily driven by the widespread adoption of portable devices among the masses. This is supported by the growing utilization of laptops and smartphones due to rapid digitization and inflating disposable income levels of individuals. Along with this, the rising manufacturing and selling of electric vehicles (EVs) due to the increasing environmental concerns among the masses is creating a positive market outlook. In line with this, the growing investments by public and private agencies for promoting renewable sources of energy are providing a boost to the demand for secondary battery globally. Moreover, continual technological advancements in the manufacturing of secondary batteries and the emergence of new and advanced battery chemistries are expected to propel the demand on the global level. Other factors, including rapid urbanization, continuous product innovations, the introduction of hybrid batteries, continual developments in the telecommunication industry and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach at a value of US$ 174.36 Billion by 2027, exhibiting a CAGR of 10.30% during 2022-2027.
- On the basis of the type, the market has been segmented into lead acid, lithium-ion (li-ion), nickel metal hydride and others.
- Based on the application, the market has been segregated into electronics, motor vehicles, industrial batteries, portables devices and others.
- On the basis of the industry verticals, the market has been categorized into chemical and petrochemical, oil and gas, energy and power, automotive and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are 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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