Market Overview 2022-2027
The latest research study “Secondary Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global secondary battery market size reached US$ 95.47 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 174.36 Billion by 2027, exhibiting a CAGR of 10.30% during 2022-2027.
Industry Definition and Application:
Secondary batteries are rechargeable batteries or accumulators that store chemical energy and transform it into electricity, depending on the requirement. They are embedded with electrodes made of lead grids, wherein the cathodic grid contains lead dioxide, and the anodic grid is filled with porous lead. They offer affordability, prolonged life, superior retention property, high energy density, moldability, durability, and volatility. As a result, secondary batteries are widely used to power electronic devices, cellular phones, and hybrid electric vehicles (HEVs).
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Secondary Battery Market Trends and Drivers:
The global secondary battery market is primarily driven by the surging adoption of portable devices. Additionally, the rising use of laptops and smartphones due to rapid digitization and inflating consumer disposable incomes is positively influencing the market growth. Moreover, numerous technological advancements in manufacturing secondary batteries and the introduction of new and advanced battery chemistries are other major growth-inducing factors.
Besides this, there has been a significant rise in the manufacturing and sale of electric vehicles (EVs) due to growing environmental concerns among individuals. In line with this, the surging public and private investments in promoting renewable energy sources have augmented product demand. Furthermore, the rising adoption of secondary batteries in power tools, medical devices, aviation, and industrial applications owing to their ultra-fast charging with minimal stress and high specific energy has catalyzed the market growth. Other factors, including continuous product innovations, the introduction of hybrid batteries, ongoing research and development (R&D) activities, and rapid urbanization, are also anticipated to drive the market further.
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List of Major Key Players:
- Amperex Technology Limited (TDK Corporation)
- Byd Company Limited
- Samsung SDI Co. Ltd.
- Showa Denko K. K.
- Sony Group Corporation
- Duracell Inc. (Berkshire Hathaway Inc.)
- Energizer Holdings Inc.
- LG Chem Ltd.
- Panasonic Corporation
- Saft (TotalEnergies SE)
- Tianjin Lishen Battery Joint-Stock Co. Ltd.
The report has segmented the market on the basis of region, type, application and industry vertical.
Breakup by Type:
- Lead Acid
- Lithium-Ion (Li-ion)
- Nickel Metal Hydride
Breakup by Application:
- Motor Vehicles
- Industrial Batteries
- Portables Devices
Breakup by Industry Vertical:
- Chemical and Petrochemical
- Oil and Gas
- Energy and Power
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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