by Secondary Batteries Are Rechargeable Batteries That Are Ubiquitous In Today’s World Powering A Variety Of Portable Electronics, Electric Vehicles, Grid Storage Systems And More. Secondary Batteries Provide A Reliable Source Of Portable Power Throughout The Day For Smartphones, Laptops, Tablets And More. They Are Also A Crucial Component Of Electric Vehicles Providing Power For Electric Motors To Run Vehicles Without Reliance On Fossil Fuels. Secondary Batteries Enable Fully Electric Vehicles To Travel For Hundreds Of Kilometers On A Single Charge And Plug-In Hybrids To Utilize Electricity For Short Commutes Before Switching To Gasoline. The Global Secondary Battery Market Will Continue Growing In Demand Driven By Increasing Electric Vehicle Adoption To Reduce Emissions. Secondary Batteries Are At The Core Of Decarbonizing Transport Which Is A Major Contributor Of Greenhouse Gases.
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 4.4% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Key Trends:
One Of The Key Trends Witnessed In The Secondary Battery Market Is The Shift Towards Lithium-Ion Batteries. Lithium-Ion Batteries Are Currently The Most Common Type Of Rechargeable Battery Used In Consumer Electronics And Electric Vehicles Due To Their High Energy Density, Lack Of Memory Effect, And Slow Loss Of Charge When Not In Use. Traditionally Lithium-Ion Batteries Used Lithium Cobalt Oxide As The Cathode Material. However, Cobalt Is Expensive And Raises Ethical Sourcing Issues. This Has Led Battery Manufacturers To Invest In Developing Lithium-Ion Batteries With Alternative Cathode Chemistries Such As Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt Oxide, And Lithium Nickel Cobalt Aluminum Oxide Which Use Cheaper And More Sustainable Materials. Battery Makers Are Also Working On Solid-State Lithium Batteries With Solid Electrolytes That Promise Higher Energy Density And Safety.
Porter’s Analysis
Threat Of New Entrants: The Threat Of New Entrants Is Moderate As The Secondary Battery Market Requires High Initial Investments In R&D And Production Facilities. However, Growing Demand Provides Opportunities For New Players.
Bargaining Power Of Buyers: The Bargaining Power Of Buyers Is High Given The Presence Of Multiple Product Options And Established Players. Buyers Can Negotiate On Price And Quality.
Bargaining Power Of Suppliers: The Bargaining Power Of Suppliers Is Moderate As Raw Material Prices Fluctuate And A Few Suppliers Dominate The Market. Suppliers Leverage Their Production Capacities.
Threat Of New Substitutes: The Threat Of Substitutes Is Low As Secondary Batteries Have Few Direct Substitutes And Are Continuously Improving Their Performance.
Competitive Rivalry: Competition Is High Among Established Players To Gain Market Share Through New Product Launches, Partnerships And Acquisitions.
Key Takeaways
The Global Secondary Battery Market Size Is Expected To Witness High Growth Over The Forecast Period Supported By Increasing Demand For Electric Vehicles And Focus On Renewable Energy Sources. 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 4.4% Over The Forecast Period 2023 To 2030.
Regional Analysis
Asia Pacific Dominates The Market Currently Due To Presence Of Major Battery Manufacturers In China, Japan And South Korea. The Region Is Expected To Continue Its Leadership Driven By EV Push And Manufacturing Clusters. Europe And North America Are Also Anticipated To Showcase Significant Growth On Account Of Stringent Emission Norms Spurring EV Adoption.
Key Players Operating In The Secondary Battery Market Are Samsung SDI Co. Ltd., LG Chem Ltd., BYD Company Ltd., Panasonic Corporation, Contemporary Amperex Technology Co. Limited. Key Players Are Focusing On Developing Advanced Battery Chemistries To Deliver Higher Energy Density And Longer Life Cycles.
*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.
