by Secondary batteries are rechargeable batteries that can sustain energy discharge and recharge multiple times. They find widespread applications in consumer electronics such as smartphones, laptops, UPS systems, electric vehicles, and utility grids. Lithium-ion batteries are a popular type of secondary batteries owing to their high energy density, light weight, and long life cycle. The rising adoption of lithium-ion batteries in electric vehicles and energy storage systems is propelling the global secondary battery market growth. The global secondary battery market is estimated to be valued at US$ 104461.1 Mn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key growth driver for the secondary battery market is the increasing demand for electric vehicles globally. Several governments are offering subsidies and tax rebates to promote electric vehicles, which utilizes lithium-ion batteries. According to the International Energy Agency, the global electric car stock surpassed 10 million in 2020 and is anticipated to grow exponentially in the coming years. Consequently, the demand for secondary lithium-ion batteries for electric vehicles is expected to surge rapidly. The increased focus on renewable energy integration is also propelling the need for energy storage, which will boost the sales of secondary batteries in the energy storage sector over the forecast period.
Segment Analysis
The global secondary battery market is dominated by lead-acid sub segment which holds around 51% share owing to wide usage in automotive and industrial applications. Lead-acid batteries are cost effective option providing reliable backup in UPS systems, emergency lighting, forklifts etc. Emerging technologies like lithium-ion sub segment is witnessing fast adoption due to higher energy density and no memory effect. In battery energy storage systems for renewable energy lithium-ion batteries are increasingly replacing conventional lead-acid variants.
Key Takeaways
The global Secondary Battery Market Growth is expected to witness high growth over the forecast period. North America region holds the major share currently benefits from rapid development of electric vehicles and support for renewable integration in power grids. Government support for clean energy adoption and infrastructure development is boosting deployment of battery storage capacity across utilities, commercial and industrial establishments.
Regional analysis
The Asia Pacific region is projected to grow at the fastest pace during the forecast period. Countries like China, Japan, South Korea are leading consumer of batteries for industries as well as automotive sector. Favorable government policies promoting renewable energy adoption and expansion of manufacturing facilities of battery makers are strengthening the regional market.
Key players
Key players operating in the secondary battery market are TianJin Lishen Battery Joint-Stock Co. Ltd., BYD Co. Ltd., Tesla Incorporation, Contemporary Amperex Technology Co. Limited, Showa Denko K.K., Duracell Inc., Samsung SDI, EnerSys, Saft Groupe SA, GS Yuasa Corporation, Panasonic Corporation, Clarios, and LG Chem Ltd. Tesla and Contemporary Amperex are focusing on developing innovative lithium-ion battery solutions for passenger EVs, UPS systems and grid level storage applications.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
