April 13, 2024
Secondary Battery Market

Rising Demand for Energy Storage Propel the Growth of Secondary Battery Market

The secondary battery market is in trends by rising demand for energy storage solutions. Secondary batteries or rechargeable batteries are energy storage devices that can be charged, discharged and recharged multiple times. They are commonly used in consumer electronics and electric vehicles owing to the advantageous properties they offer, such as lightweight and compact size. Some key secondary battery chemistries include lead-acid batteries, lithium-ion batteries and nickel-metal hydride batteries. These batteries are used for power backup, energy storage, laptops, mobile phones, power tools and electric vehicles. They provide clean energy efficiently and help reduce carbon footprint.

The Global secondary battery market is estimated to be valued at US$ 120.19 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the secondary battery market size are 3M, ConvaTec Inc., Coloplast Corp., Salts Healthcare, MEDLINE, Medicareplus International, Essity Medical Solutions, Cardinal Health, Smith & Nephew Plc., Safe n Simple, B Braun Medical Inc., Hollister Inc., and DermaRite Industries, LLC. They are focusing on capacity expansion and new product launches to cater to the rising demand.
The demand for secondary batteries is increasing along with the growth of consumer electronics and electric vehicle industry. They are increasingly being used in e-bikes, power tools, electronic appliances and energy storage systems.
The secondary battery market is expanding globally led by Asia Pacific region. Countries like China, Japan, South Korea are focusing on strengthening EV infrastructure and energy storage which is fueling secondary battery deployment. North America and Europe are also witnessing significant growth in the adoption of these batteries.

Market Key Trends
Lithium-ion batteries are gaining popularity in the secondary battery market owing to their rechargeability, high energy density and longer lifespan. They have largely replaced lead-acid and nickel-metal hydride batteries in consumer electronics and EVs. Continuous R&D is underway to improve lithium-ion battery technology to increase storage capacity and charging time for building a sustainable future. The adoption of lithium-iron phosphate and lithium-titanate battery chemistries is on the rise due to their thermal stability and safety features. Overall, growing EV sales along with energy storage needs will propel the demand for secondary batteries in the coming years.

Porter’s Analysis
Threat of new entrants: Medium due to high capital requirement and economies of scale in production.

Bargaining power of buyers: High due to availability of alternatives and standardized products.

Bargaining power of suppliers: Medium due to availability of substitute materials and large number of component suppliers.

Threat of new substitutes: High as research in battery technology can lead to viable substitutes.

Competitive rivalry: Intense due to growing competition from domestic as well as international players.

Geographical Regions
Asia Pacific currently holds the highest share in the global secondary battery market in terms of value owing to strong presence of established players as well as rapidly growing electronics and energy storage industries in China and India.

Middle East and Africa is expected to witness the fastest growth during the forecast period supported by increasing adoption of batteries in renewable energy storage, transportation and portable devices. Initiatives by various governments in the region towards enhancing power infrastructure and promoting sustainable energy will further boost the secondary battery sales.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine informaation and compile it