Global Secondary Battery Market 2022-2027 | Share, Size and Forecast
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 reached a value of 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.
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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).
What are the major market drivers in the secondary battery market?
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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| Secondary Battery Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 95.47 Billion |
| Market forecast in 2027 | US$ 174.36 Billion |
| Growth Rate | CAGR of 10.30% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, Industry Vertical and Region |
| Regional scope | North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
| Key companies profiled | Amperex Technology Limited (TDK Corporation), Byd Company Limited, Duracell Inc. (Berkshire Hathaway Inc.), Energizer Holdings Inc., EnerSys, LG Chem Ltd., Panasonic Corporation, Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Showa Denko K. K., Sony Group Corporation and Tianjin Lishen Battery Joint-Stock Co. Ltd. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization preview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
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
- Others
Breakup by Application:
- Electronics
- Motor Vehicles
- Industrial Batteries
- Portables Devices
- Others
Breakup by Industry Vertical:
- Chemical and Petrochemical
- Oil and Gas
- Energy and Power
- Automotive
- Others
Breakup By Geography:
- 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
List of Major Key Players:
The major players in the market are Amperex Technology Limited (TDK Corporation), Byd Company Limited, Duracell Inc. (Berkshire Hathaway Inc.), Energizer Holdings Inc., EnerSys, LG Chem Ltd., Panasonic Corporation, Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Showa Denko K. K., Sony Group Corporation and Tianjin Lishen Battery Joint-Stock Co. Ltd.
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