Secondary Battery Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

Secondary Battery Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Other Applications), and Geography

  • Report Code : TIPRE00014996
  • Category : Electronics and Semiconductor
  • Status : Data Released
  • No. of Pages : 150
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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

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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 Regional Insights

The regional trends and factors influencing the Secondary Battery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Secondary Battery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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Secondary Battery Market Market Report Scope

Report Attribute Details
Market size in 2023 US$ 66.32 Billion
Market Size by 2031 US$ 134.10 Billion
Global CAGR (2023 - 2031) 9.2%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Technology
  • Lead-acid Secondary Battery
  • Lithium-ion Secondary Battery
  • Other Technologies
By Application
  • Automotive
  • Industrial
  • Portable Batteries
  • Medical Device
  • Forklift
  • Other Applications
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Amperex Technology Limited
  • BYD Company Ltd
  • Duracell Inc
  • EnerSys
  • Contemporary Amperex Technology Co. Limited
  • Panasonic Corporation
  • SaftGroupe SA
  • Samsung SDI Co., Ltd.
  • GS Yuasa International Ltd.
  • LG Chem
  • Market Players Density: Understanding Its Impact on Business Dynamics

    The Secondary Battery Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Secondary Battery Market are:

    1. Amperex Technology Limited
    2. BYD Company Ltd
    3. Duracell Inc
    4. EnerSys
    5. Contemporary Amperex Technology Co. Limited
    6. Panasonic Corporation

    Disclaimer: The companies listed above are not ranked in any particular order.


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    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
    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset
    Report Coverage

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered

    Segment Covered

    Technology ; Application

    Regional Scope

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope

    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


    What is the estimated market size for the global secondary battery market in 2023?

    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.

    What are the driving factors impacting the global secondary battery market?

    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.

    What are the future trends of the global secondary battery market?

    The increasing adoption of electric vehicles is likely to remain a key secondary battery market trends.

    Which are the key players holding the major market share of the global secondary battery market?

    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.

    What will be the market size of the global secondary battery market by 2031?

    The global secondary battery market is expected to reach US$ 134.10 billion by 2031.

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