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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Market Trends:

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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Key Market Segmentation:

The report has been segmented the market into following categories:

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

Competitive Landscape with Key Player:

• Amperex Technology Limited (TDK Corporation)
• Byd Company Limited
• Panasonic Corporation
• Saft (TotalEnergies SE)
• Samsung SDI Co. Ltd.
• Duracell Inc. (Berkshire Hathaway Inc.)
• Energizer Holdings Inc.
• EnerSys
• LG Chem Ltd.
• Showa Denko K. K.
• Sony Group Corporation

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Media Contact:

Company Name: IMARC Group
Contact Person: Elena Anderson
Phone: +1-631-791-1145
Address: 30 N Gould St Ste R
City: Sheridan
State: WY
Country: United States
Website: https://www.imarcgroup.com

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