The global secondary battery market is experiencing significant growth due to several factors, including energy storage solutions and environmental awareness, rising demand for electric vehicles (EVs) and environmental integrity projects, consumer electronics, and advancements in battery technology.
WILMINGTON, Del., Nov. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Secondary Battery Market by Type (Lead Acid, Lithium-Ion, Nickel Metal Hydrogen, and Others) by Application (Electronics, Motor Vehicles, Industrial Batteries, Portable Devices, and Others), and by Industry Vertical (Chemical and Petrochemical, Oil and Gas, Energy and Power, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global secondary battery industry generated $96.7 billion in 2022 and is estimated to reach $261.8 billion by 2032, exhibiting a CAGR of 9.8% from 2023 to 2032.
A secondary battery, also known as a rechargeable battery, is a type of battery that is capable of being charged and discharged multiple times. This type of battery is more sustainable and economical than primary batteries, which are limited to being used once and then discarded. Some of the most popular types of secondary batteries are lithium-ion batteries, Nickel-Metal Hydrogen (NMH) batteries, and Lead-Acid batteries.
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Prime Determinants of Growth:
The global secondary battery market is experiencing significant growth due to several factors, including energy storage solutions and environmental awareness, rising demand for electric vehicles (EVs) and environmental integrity projects, consumer electronics, and advancements in battery technology. On the other hand, the safety concerns, limited lifespan, environmental impact of manufacturing, and cost barriers hindered the market growth to some extent. Moreover, energy storage solutions and renewable energy integration, the increasing demand for consumer electronics such as electric vehicles (EVs), and advancements in battery technology create lucrative opportunities for market growth.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $96.7 Billion |
Market Size in 2032 | $261.8 Billion |
CAGR | 9.8 % |
No. of Pages in Report | 282 |
Segments covered | Type, Application, Industry vertical, and Region |
Drivers | Energy storage solutions and environmental awareness |
Rising demand for electric vehicles (EVs) and renewable energy integrity | |
Consumer electronics and advancements in battery technology | |
Opportunities | Energy storage solutions and renewable energy integration |
Electric vehicles (EVs) and advancements in battery technology with growing demand of consumer electronics | |
Restraints | Limited lifespan and safety concerns |
Environmental impact of manufacturing and cost barriers |
The lead acid segment to retain its dominance throughout the forecast period-
By type, the lead acid segment held the major share in 2022, contributing to nearly two-fifths of the global secondary battery market revenue, and is expected to retain its dominance throughout the forecast period. Portable electronic devices, home appliances, power tools, and electric vehicles utilize have application of lead-acid batteries that contribute to the growth of the segment. However, the lithium-ion segment is projected to grow at the fastest CAGR of 10.1% from 2023 to 2032. It is attributed to the major shift from lead-acid batteries to lithium-ion batteries and advancements in lithium-ion battery technologies. The manufacturers of electric vehicles are also opting for lithium-ion batteries. These batteries offer several benefits such as high energy density, low cost, and advanced technology. The growing electric vehicle market is also significantly impacting the demand for lithium-ion batteries and thus driving the growth of the segment.
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The motor vehicles segment to maintain its leadership status throughout the forecast period-
By application, the motor vehicles segment held the highest market share in 2022, garnering more than two-fifths of the global secondary battery market revenue, and is anticipated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 10.1% from 2023 to 2032. The continuous improvements in battery and advancing charging infrastructure have led to growth in the demand for EVs. EVs are being pushed majorly by government across the globe owing to net-zero targets committed by leaders for reducing carbon emissions globally. Several activities such as research, development, and testing on autonomous vehicles are being carried out for advancing electric vehicle technology.
The automotive segment to maintain its lead position during the forecast period-
By industry vertical, the automotive segment held the largest market share in 2022, accounting for nearly one-third of the global secondary battery market revenue, and is predicted to maintain its lead position during the forecast period. The same segment would also portray the fastest CAGR of 10.2% between 2023 and 2032. The global shift to electric vehicles from conventional fuel vehicles is speeding up and so is the demand for such batteries. Major automakers and vehicle manufacturers are announcing and implementing plans to phase out internal combustion engines (ICE)in the production. They are also heavily investing in the advancement of present electric vehicle battery technology, enhancing current driving range, and expanding charging infrastructure. Such efforts positively impact the growth of secondary battery market in automotive segment.
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Asia-Pacific garnered the major market share in 2032-
Based on region, Asia-Pacific garnered the major market share in 2022, holding two-fifths of the global secondary battery market revenue, and is anticipated to maintain its dominance throughout the forecast period. The same region would also exhibit the fastest CAGR of 10.1% from 2023 to 2032. China is one of the major economies of the region and it is also the major manufacturer and consumer of electric vehicles. Rising demand for electric vehicles boosts the demand for secondary batteries and thus fosters market growth. In other economies as well such as India, Japan, South Korea, Australia, Singapore, and Malaysia, the demand for electric vehicles and portable electronic devices have also contributed to the rising demand for secondary battery in the region. The governments in the region are also encouraging environmentally friendly transportation and aimed at reducing carbon emissions.
Leading Market Players: -
- Energizer Holdings Inc.
- LG Chem
- BTI
- Johnson Controls
- Samsung SDI Co., Ltd.
- Aquion Energy, LLC
- Panasonic Corporation
- Amperex Technologies
- BYD Company Ltd.
- Hitachi High-Tech India Private Limited.
The report provides a detailed analysis of these key players in the global secondary battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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