Secondary Battery Market Forecast, Trends, Scope by 2031
The global secondary battery market size is expected to grow from US$ 66.32 billion in 2023 to US$ 134.10 billion by 2031; it is anticipated to expand at a CAGR of 9.2% from 2024 to 2031. The increasing adoption of electric vehicles is likely to remain a key secondary battery market trends.
Secondary Battery Market Analysis
The growth of the global market can be attributed to factors including technological advancements, a surge in end-user industries, and government policy-level support to promote energy storage infrastructure.
Secondary Battery Market Overview
A rechargeable battery, storage battery, or secondary cell (officially known as an energy accumulator) is a type of electrical battery that may be charged, discharged into a load, and recharged several times, as opposed to a disposable or main battery, which is delivered fully charged and discarded after use. It consists of one or more electrochemical cells. The term "accumulator" refers to something that gathers and stores energy via a reversible electrochemical process. Rechargeable batteries come in a variety of forms and capacities, from button cells to megawatt systems used to stabilize an electrical distribution network. Various electrode materials and electrolytes are utilized, including lead-acid, zinc-air, nickel-cadmium (NiCd), nickel-metal hydride (NiMH), lithium-ion (Li-ion), lithium iron phosphate (LiFePO4), and lithium-ion polymer.
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Secondary Battery Market: Strategic Insights
Market Size Value in US$ 52,884.4 Million in 2019 Market Size Value by US$ 85,395.2 Million by 2027 Growth rate CAGR of 8.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Secondary Battery Market: Strategic Insights
| Market Size Value in | US$ 52,884.4 Million in 2019 |
| Market Size Value by | US$ 85,395.2 Million by 2027 |
| Growth rate | CAGR of 8.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Secondary Battery Market Drivers and Opportunities
Rising Focus on Renewable Power to Favor Market
Renewable power generation is becoming more popular throughout the world, with Germany and France leading the way in the deployment of renewable energy technology. However, these countries continue to rely on net electricity imports. Emerging nations, on the other hand, are adopting renewable energy while becoming net power importers due to rising energy consumption and insufficient grid infrastructure. This circumstance highlights the vital necessity for energy storage technologies, particularly secondary batteries, to provide a steady supply of electricity. As a consequence, the worldwide secondary battery market is projected to expand significantly in the approaching years.
Growing demand for Data Processing
The growing demand for data processing is indeed fuelling the demand for the secondary battery market. This is due to several factors, including technological advancements, increasing demand for portable electronics, and the shift towards renewable energy sources. The demand for secondary batteries is driven by technological advancements and the increasing demand for portable electronics such as smartphones, tablets, and wearable devices. These devices require reliable and efficient power sources, and secondary batteries provide the necessary energy storage.
Secondary Battery Market Report Segmentation Analysis
Key segments that contributed to the derivation of the secondary battery market analysis technology and application.
- Based on technology, the market is bifurcated into lead-acid secondary battery, lithium-ion secondary battery, and other technologies. The lead-acid secondary battery segment held a larger market share in 2023.
- Based on application, the market is bifurcated into automotive, industrial, portable batteries, medical device, forklift, and other applications. The industrial segment held a larger market share in 2023.
Secondary Battery Market Share Analysis by Geography
The geographic scope of the secondary battery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the secondary battery market in 2023. The battery market in the North American region, which includes the United States, Canada, and Mexico, is experiencing significant growth due to factors such as a strong focus on sustainable development and increased awareness of the negative effects of traditional automobiles. The rising levels of global pollution and the diminishing availability of fossil fuels have created a demand for environmentally friendly transportation solutions. In response to these concerns, automotive manufacturers are adopting advanced technologies and incorporating lithium-ion batteries in hybrid and electric vehicles (EVs) to address the pressing need for environmental preservation.
Secondary Battery Market Report Scope
Secondary Battery Market News and Recent Developments
The secondary battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In April 2024, BYD, a Chinese car manufacturer, is set to introduce its second-generation 'blade' battery pack in August 2024. This new battery technology is expected to have enough range to drive an electric car from Sydney to Melbourne on a single charge. The second-generation blade battery pack will be based on BYD's proprietary lithium-ion phosphate (LFP) battery technology. It is worth noting that this technology will surpass the introduction of solid-state batteries with a similar claimed range by Toyota, which is currently planned for 2026 at the earliest.
(Source: BYD, Press Release, 2024)
Secondary Battery Market Report Coverage and Deliverables
The "Secondary Battery Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The secondary battery market size is expected to grow from US$ 66.32 billion in 2023 to US$ 134.10 billion by 2031; it is anticipated to expand at a CAGR of 9.2% from 2024 to 2031.
The growth of the global market can be attributed to several factors that have contributed to its expansion. These factors include technological advancements, a surge in end-user industries, and government policy-level support to promote energy storage infrastructure.
The increasing adoption of electric vehicles is likely to remain a key secondary battery market trends.
The key players holding the majority of shares in the global secondary battery are Panasonic Corporation, SaftGroupe SA, Samsung SDI Co., Ltd., GS Yuasa International Ltd., and LG Chem.
The global secondary battery market is expected to reach US$ 134.10 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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