Global Rechargeable Battery Market Size, Share, Impressive Industry Growth Report 2027

The global rechargeable battery market is anticipated to grow considerably at a CAGR of 6.5% during the forecast period (2021-2027). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, partnerships and collaborations among the major players are some of the major factors that are propelling the growth of the market. For instance, in August 2020, Contemporary Amperex Technology Ltd (CATL), China's leading electric vehicle (EV) battery manufacturer, announced that it plans to invest up to CNY19.1 billion (US$2.75 billion) in new businesses and acquisitions to assist it to keep up with the rising global competition.

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In July 2020, Contemporary Amperex Technology Co., Ltd. (CATL) and Honda have signed an agreement to form a comprehensive strategic alliance on new energy vehicle batteries to strengthen their strategic partnership and promote the popularization of e-mobility. This agreement allowed the two companies to start talking about a variety of topics, including joint development, supply stability, and battery recycling and reuse. CATL and Honda conducted joint development on NEV batteries and joint R&D into fundamental technologies, aiming for future application, by combining the two companies' technological advantages. Honda received a consistent supply of NEV batteries from CATL, primarily for battery electric vehicles (BEVs). The companies worked together to achieve global electrification by enhancing technological cooperation and developing a competitive supply system.

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Apart from it, in January 2020, in a deal worth up to $8.8 billion, Showa Denko Materials Co. Ltd., Japan's third-largest chemical company, has agreed to buy Hitachi Chemical. Following the merger of Nippon Shokhubai and Sanyo Chemical Industries in Synfomix, this was the latest consolidation to reshape Japan's industry. Showa Denko's need to scale up its lithium-ion battery and advanced materials businesses to compete with Chinese and Middle Eastern players in these rapidly growing markets is said to be driving the deal. Over three years, $825 million in synergies are expected. Thus, the major players of the market are focusing on the technological advancements in batteries, which has led to an increase in collaborations, partnerships, and investments by them are to propel the growth of the global rechargeable battery market during the forecast period.

Global Rechargeable Battery Market Report Segment

By Type

Lithium-Ion Battery
Sodium-Ion Battery
Nickel-Cadmium Battery
Nickel-Metal Hydride Battery
Zinc Nickel Battery
Others

By Application

Consumer Electronics
Industrial Applications
Automobile Applications
Aerospace & Defence
Others (Grid-Level Applications)

Global Rechargeable Battery Market Report Segment by Region

North America

United States
Canada

Europe

UK
Germany
Italy
Spain
France
Rest of Europe

Asia-Pacific

China
India
Japan
South Korea
Rest of Asia-Pacific

Rest of the World

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