Press release
Rechargeable Battery Market Increasing Demand and Dynamic Growth with Forecast 2030
Demand for rechargeable battery has witnessed tremendous growth driven by increasing penetration in applications such as automobile, industrial, and consumer electronics. All industry players are investing heavily to find new commercial avenues for their product segments via strategic production, new product launch, and business expansion. Some of the major factors that drive the demand for rechargeable battery include surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for electric vehicles, and growing need for battery-operated material-handling equipment in industries due to automation.However, safety issues related to storage and transportation of spent batteries and low-cost alternatives in energy storage space are expected to hamper the rechargeable battery market growth during the forecast period. Furthermore, expanding data center infrastructure and declining prices of lithium-ion batteries is expected to provide growth opportunities for the rechargeable battery market during the forecast period.
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Global rechargeable battery market is projected to reach $150.0 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Rechargeable battery, also known as storage battery or secondary cell, is a type of electrical battery that can be charged or recharged many times. It is composed of one or more electrochemical cells, and is produced in different shapes and sizes. These rechargeable batteries are lightweight, flexible, and easy to use in products with limited internal space. They offer multiple uses for its cell and long-term investments in terms of money spent on devices. These are the most reliable, natural, and sustainable form of batteries.
By battery type, the global rechargeable batteries market size is studied across lead-acid battery, Li-ion battery, NiMH battery, NiCd battery, and others. The lead acid battery segment accounted for the largest market share in 2020, owing to rapid growth of automotive industry across the developing countries such as China and India and increasing adoption of lead-acid batteries in commercial vehicle, motorcycle, and passenger car manufacturing industries. The lead-acid battery segment dominated the global rechargeable batteries market with more than half of the total market share in 2020.
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By application, the global rechargeable battery market is studied across consumer electronics, industrial, automobile, defense, and others. The automobile segment emerged as the leader in 2020, owing to growing consumption of rechargeable batteries in electric vehicles. The automobile segment dominated the global rechargeable battery market with two-fifths of the total market share in 2020.
Region-wise, the global rechargeable battery market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerged as the leader in 2020, owing to growing automotive and consumer electronics industry and surge in consumption of rechargeable batteries across these industries. Asia-Pacific accounted for a major rechargeable batterymarket share in 2020, and dominated the global market with one-third of the total market share in 2020.
The major players studied and profiled in the global rechargeable battery industry are East Penn Manufacturing, EnerSysl, Exide Technologies, Johnson Controls, LG Chem, Saft, Samsung SDI, Panasonic Corporation, Apple Inc., and STMicroelectronics N.V.
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COVID-19 scenario-
• The outbreak of the pandemic gave way to disrupted supply chain, thereby impacting the global rechargeable batteries market negatively.
• However, the global situation is getting ameliorated and the market is projected to recoup soon.
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