Secondary Battery Market, By Technology (Lead-acid Battery, Lithium-ion Battery, Other Technologies (NiMh, NiCD, etc.)), By Application (Automotive Batteries (HEV, PHEV, and EV), Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.), Portable Batteries (Consumer Electronics, etc.), and Other Applications (Power Tools Batteries, SLI Batteries, etc.)), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) – Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.
Market Overview:
A secondary battery, also known as a rechargeable battery or accumulator, is a type of battery that can be recharged multiple times by reversing the electrochemical reactions that occur during discharge. Unlike primary batteries, which are single-use and cannot be recharged, secondary batteries offer the advantage of being reusable and more cost-effective in the long run.
Competitive Landscape:
Major players operating in the global Secondary Battery Market include LG Chem Ltd., Clarios, Panasonic Corporation, GS Yuasa Corporation, Saft Groupe SA, EnerSys, Samsung SDI, Duracell Inc., Showa Denko K.K., Contemporary Amperex Technology Co. Limited, Tesla Incorporation, BYD Co. Ltd., and TianJin Lishen Battery Joint-Stock Co. Ltd.
Key Market Drivers:
The rising demand for smartphones, tablets, laptops, and wearable devices has fueled the demand for secondary batteries. Consumers seek longer battery life and the convenience of rechargeable batteries. This is expected to augment the growth of the global secondary battery market. For instance, in August 2022, the National Aeronautics and Space Administration (NASA) James Webb Space Telescope launched integrated ABSLTM Lithium-ion (Li-ion) batteries.
The increasing adoption of electric vehicles as a sustainable transportation solution has significantly contributed to the growth of the secondary battery market. EVs rely on high-capacity secondary batteries for energy storage, creating a substantial demand for lithium-ion batteries.
The integration of renewable energy sources, such as solar and wind power, requires effective energy storage solutions. Secondary batteries play a vital role in energy storage systems, enabling the efficient utilization and management of renewable energy resources. This is estimated to enhance the growth of the global secondary battery market.
Continuous advancements in battery technologies, such as lithium-ion, solid-state, and flow batteries, have improved the energy density, efficiency, and lifespan of secondary batteries. These advancements have expanded the range of applications and increased the overall market demand.
Covid-19 Impact Analysis:
During the COVID-19 pandemic, there was an increased reliance on digital devices, remote working, and online activities, leading to higher demand for portable electronics. This drove the need for secondary batteries, as consumers sought devices with longer battery life to support their remote lifestyles. This boosted the growth of the global secondary battery market.
Key Takeaways:
- The Asia Pacific is expected to dominate the growth of the global secondary battery market, primarily led by China, Japan, and South Korea. These countries have emerged as major manufacturing hubs for batteries and electric vehicles. The region benefits from strong government support, robust infrastructure, and a large consumer base. For instance, in December 2021, Reliance New Energy Solar Limited partnered with Faradion, in order to acquire 100% of equity shares.
- North America is estimated to witness high growth in the global secondary battery market. The region is driven by the presence of major electric vehicle manufacturers, favorable government initiatives, and increasing investments in renewable energy. The United States is a key market within the region. For instance, according to Experian, there are currently 1.7 million electric cars in the United States.
