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 Overview:
Secondary batteries are rechargeable batteries that can be charged, discharged and recharged multiple times using external power sources. Common types of secondary batteries include lead-acid batteries, lithium-ion batteries and nickel-metal hydride batteries. Secondary batteries are used extensively in portable consumer electronics such as mobile phones, tablets and laptops due to their high energy density and lightweight properties. They also power electric vehicles as an alternative to gasoline/diesel powered vehicles due to the environmental benefits. Secondary batteries offer advantages like longer shelf life, high power discharge and flexibility of use over primary batteries. The growing demand for consumer electronics and electric vehicles is expected to drive the growth of the global secondary battery market during the forecast period.
Market key trends:
One of the key trends in the secondary battery market is increasing adoption of lithium-ion batteries. Lithium-ion batteries have higher energy density compared to lead-acid and nickel-metal hydride batteries. This allows them to store more power in smaller and lighter packs. For this reason, lithium-ion batteries are increasingly being used in electric vehicles and numerous consumer electronic devices. Continuous research and development is improving lithium-ion battery technologies which is further enhancing their energy storage capabilities. This growing use of advanced lithium-ion batteries is expected to significantly contribute to the expansion of the secondary battery market over the next few years.
Porter’s Analysis:
Threat of new entrants: The secondary battery market requires high capital investment for setting up manufacturing plants and also has regulations related to battery safety which makes the threat of new entrants moderate.
Bargaining power of buyers: The presence of numerous established players make buyers have high bargaining power over prices in the secondary battery market.
Bargaining power of suppliers: The raw materials required for secondary batteries such as lithium, cobalt etc. are limited in sources which gives suppliers moderate bargaining power.
Threat of new substitutes: Investment in renewable sources of energy has increased the threat of new substitutes like fuel cells in the secondary battery market.
Competitive rivalry: The secondary battery market has high competitive rivalry due to the presence of numerous global and local players continuously improving their products.
Key Takeaways
The Global Secondary Battery Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for electric vehicles. Asia Pacific dominated the global market in 2023, owing to presence of key players and growing automotive industry in the region.
Regional analysis
Asia Pacific dominated the global secondary battery market in 2023 with a share of over 35%, due to presence of manufacturing plants of major players such as BYD Co. Ltd. and Contemporary Amperex Technology Co. Limited in China. Moreover, growing adoption of electric vehicles and increasing automotive production in the region is also driving the 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. BYD Co. Ltd. and Contemporary Amperex Technology Co. Limited are recognized as the market leaders due to their innovative product portfolio and high production capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
