According to the latest report by IMARC Group, title “Secondary Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, 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.

A secondary battery, also known as a rechargeable battery, stores chemical energy and converts it into electrical energy as per the requirement. It is economical and offers high power density, low-temperature performance, and a reasonable discharge rate compared to primary batteries. It can also be utilized multiple times and restored to the original condition by reversing the current flow. Owing to these properties, secondary batteries are widely used to power cellular phones, electronic devices, and hybrid electric vehicles (HEVs).

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Secondary Battery Market Trends: 

The market is primarily driven by the surging sales of portable electronic devices, such as speakers, laptops, and mobiles, due to the rising internet penetration and increasing disposable incomes of consumers. In addition, the growing manufacturing and selling of electric vehicles (EVs) due to the growing environmental concerns among the masses represents another major growth-inducing factor. Besides this, secondary batteries allow ultra-fast charging with high specific energy, which is accelerating their adoption in medical devices, aviation, and industrial applications.

This, coupled with the rising investments in renewable energy and the escalating demand for efficient energy storage devices, is positively influencing the market growth. Moreover, various technological advancements in the manufacturing processes and the emergence of advanced secondary batteries are also creating a positive market outlook across the globe.

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

List of Key Companies Covered in this Market Report:

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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About IMARC Group:

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.

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