According to our latest market study on “Secondary Battery Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Others),” the market was valued at US$ 52,884.4million in 2019 and is projected to reach US$ 85,395.25million by 2027; it is expected to grow at a CAGR of 8.50% from 2020 to 2027.The report highlightskey factors driving the market growth,and prominentplayers withtheir developments inthe market.
The secondary battery market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Presently, APAC held the largest share of the global secondary battery market owing to the rising adoption of lithium-ion batteries in consumer electronics, energy storage systems, medical & healthcare, and EVs. In 2019, the region contributed 38% revenue share to the overall secondary battery market. In terms of market share, Europe and North America held the second and third positions in 2019. At present, numerous initiatives have been taken place by the governments of developing countries and developed economies to adopt sustainable transportation. The market for a secondary battery is fragmented with the presence of leading as well as well-established players across the globe. Businesses are constantly investing and advancing to ramp-up economical and energy-efficient battery technology in the market. Additionally, the high adoption rate of secondary batteries in smart electronics devices in healthcare and medical is also boosting the growth of the market.
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The increasing adoption of consumer electronics devices across the globe owing to the transition of replacing the lead-acid batteries with lithium-ion batteries to save space and rising investment in EVs are some of the key factors that are expected to fuel the demand for a secondary battery in all the key geographies over the forecast period of 2020 to 2027. Europe is also an important market for the future growth of the secondary battery market during the forecast period due to the rapidly growing number of companies investing in EVs. The region is characterized by well-developed nations such as Germany, the UK, and France, which are the key markets for the adoption and growth of secondary battery.
In terms of growth, APAC is anticipated to be the fastest-growing region with an impressive CAGR during 2020–2027. APAC region consists of various developing economies such as China, India, and several Southeast countries. The installation of EVs and the deployment of renewable power plants in India and China is growing swiftly, and growing urbanization and consumer spending are anticipated to offer ample growth opportunities for secondary battery market players in the APAC.
The List of Companies – Secondary Battery Market
- Amperex Technology Limited
- BYD Company Ltd
- Duracell Inc
- Contemporary Amperex Technology Co. Limited
- Panasonic Corporation
- SaftGroupe SA
- Samsung SDI Co., Ltd.
- GS Yuasa International Ltd.
- LG Chem
Increasing Demand for Secondary Battery in Energy Storage Technology
The rising concerns regarding the environmental impacts of using fossil fuels and the benefits of energy grids, engineers are progressively adopting energy storage solutions. Since this solution helps address the intermittency of wind and solar power, it also responds swiftly to large fluctuations in demand, making the grid more responsive and reducing the requirement to develop backup power plants. The growing demand for energy-efficient battery-powered portable devices, increasing need of upgrading existing power infrastructure, and rising preference for renewable power sources are among the significant factors propelling the growth of the energy storage industry. Most energy storage projects developed by independent system operators (ISOs) use lithium-ion batteries that deliver sufficient energy to address the demand received by local grid.
The Global Secondary Battery Market Has Been Segmented As Follows:
Secondary Battery Market – by Technology
- Lead-acid Secondary Battery
- Lithium-ion Secondary Battery
- Other Technologies
Secondary Battery Market – by Application
- Portable Batteries
- Medical Device
- Others Applications
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The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at the global and regional level in our final reports.
This research provides detailed information regarding the major factors influencing the growth of the Secondary Battery Market at the Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths, and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
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