Secondary Battery Market Worth US$ 85,395.2 Million, Globally, by 2027 at 8.5% CAGR - Exclusive Report by The Insight Partners

According to our latest market study on "Secondary Battery Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Others)," the market was valued at US$ 52,884.4 million in 2019 and is projected to reach US$ 85,395.2 million by 2027; it is expected to grow at a CAGR of 8.5% from 2020 to 2027.The report highlights key factors driving the market growth, and prominent players with their developments in the market.

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The increasing adoption of consumer electronics devices across the globe owing to the transition of replacing the lead-acid batteries with lithium-ion batteries to save space and rising investment in EVs are some of the key factors that are expected to fuel the demand for a secondary battery in all the key geographies over the forecast period of 2020 to 2027. Europe is also an important market for the future growth of the secondary battery market during the forecast period due to the rapidly growing number of companies investing in EVs. The region is characterized by well-developed nations such as Germany, the UK, and France, which are the key markets for the adoption and growth of secondary battery.

The secondary battery market is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. Presently, APAC held the largest share of the global secondary battery market owing to the rising adoption of lithium-ion batteries in consumer electronics, energy storage systems, medical & healthcare, and EVs. In 2019, the region contributed 38% revenue share to the overall secondary battery market. In terms of market share, Europe and North America held the second and third positions in 2019.

Competitive Landscape: Secondary Battery Market:
• Amp Technology Limited
• BYD Company Ltd
• Duracell Inc.
• EnerSys
• Contemporary Amp Technology Co. Limited
• Panasonic Corporation
• Saft Groupe SA
• Samsung SDI Co., Ltd.
• GS Yuasa International Ltd.
• LG Chem

In terms of growth, APAC is anticipated to be the fastest-growing region with an impressive CAGR during 2020-2027. APAC region consists of various developing economies such as China, India, and several Southeast countries. The installation of EVs and the deployment of renewable power plants in India and China is growing swiftly, and growing urbanization and consumer spending are anticipated to offer ample growth opportunities for secondary battery market players in the APAC.

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The US is a prominent market for secondary battery especially in smartphone and internet penetration, and consumer electronic sectors. The huge increase in the number of confirmed cases and rising reported deaths in the country is affecting both manufacturing and sales of smartphones and tablets. The factory and business shutdowns across the US, Canada and Mexico are impacting the adoption of secondary battery market. North America region is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the secondary battery market growth of North America in a negative manner for the next few quarters.

Impact of COVID-19 Pandemic on Secondary Battery Market

North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world's worst affected country due to COVID-19 outbreak with more than 7,380,326 confirmed cases and more than 208,787 deaths as of October 7, 2020, WHO.

Chapter Details of Secondary Battery Market:
Part 01: Executive Summary
Part 02: Scope of The Report
Part 03: Secondary Battery Market Landscape
Part 04: Secondary Battery Market Sizing
Part 05: Secondary Battery Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis

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Contact Person: Sameer Joshi
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About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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