Press release
Secondary Batteries Market: Booming Growth, Key Drivers and Future Trends 2024-2029
Secondary Batteries Market Size
What Is The Projected Market Size Of The Global Secondary Batteries Market And Its Growth Rate?
The Secondary Batteries market is witnessing significant expansion:
• 2024 Market Size: $110.66 billion
• 2025 Market Size: $122.21 billion (10.4% CAGR)
• 2029 Market Size: $176.26 billion (9.6% CAGR)
This growth is propelled by economic growth in emerging markets, rising demand for portable electronic devices using secondary batteries, and increasing investments in lithium-ion batteries. Key trends include the manufacturing of sand-based and graphene-based batteries, automation in the manufacturing process, application of AI and machine learning techniques, and developing lightweight structural batteries for electric bikes and consumer electronics.
What Is Driving The Growth In The Secondary Batteries Market?
The burgeoning demand for electric vehicles is significantly contributing to the growth of the secondary batteries market. Secondary batteries, especially Nickel Metal Hydride (NiMH) batteries with their wide temperature ranges and rapid charging capacity, are increasingly being used in hybrid vehicles. According to the International Council on Clean Transportation, since the third quarter of 2021, quarterly electric vehicle (EV) sales have consistently risen, from around 3% in the first quarter of 2021 to over 10% by the third quarter of 2023. This increased demand for electric vehicles is predicted to further drive the growth of the secondary batteries market.
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Who Are the Key Players Driving Secondary Batteries Market Growth?
The key players in the secondary batteries market include:
• LG Chem Co. Ltd.
• Contemporary Ampere*x Technology Co., Limited
• Samsung SDI Co. Ltd.
• TDK Corporation
• Panasonic Corporation
• BYD Company Ltd.
• Murata Manufacturing Co., Ltd.
• Other major players
What Are The Key Trends In The Secondary Batteries Market?
The noteworthy trends in the market include:
• Manufacturing of sand-based batteries
• Graphene-based batteries
• Investments in automation and robotic technologies in the manufacturing process
• Employing AI and machine learning techniques
• Manufacturing & developing less weight structural batteries for super light electric bikes and consumer electronics
What Are The Segments Of The Global Secondary Batteries Market?
The market can be segmented based on:
• By Product Type: Lead Acid, Lithium-Ion (Li-Ion), Nickel Metal Hydride, Nickel-Cadmium (Ni-Cd), Other Product Type
• By Application: Electronics, Motor Vehicles, Portable Devices, Other Applications
• By End User: Automotive, Household, Industrial
Which Region Leads The Secondary Batteries Market?
Asia-Pacific was the largest region in the secondary batteries market in 2024, closely followed by North America. The regions covered in the secondary batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Secondary Batteries Market Global Market Report?
- Market Size Analysis: Analyze the Secondary Batteries Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Secondary Batteries Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Secondary Batteries Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Secondary Batteries Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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