Press release
Strong Growth Ahead: Secondary Batteries Market Size To Grow At Arecord 9.6% Cagr By 2029
Secondary Batteries Market Size
What Is the Secondary Batteries Market Size and Projected Growth Rate?
The market size for secondary batteries has seen a swift expansion in the recent past. Expected to rise from $110.66 billion in 2024, it is predicted to reach $122.21 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.4%. The notable growth during the historic period is due to robust economic development in burgeoning markets, quick progress in the automobile industry, and the extended lifespan of secondary batteries.
Over the coming years, the secondary batteries market is anticipated to witness robust growth, expanding to a valuation of $176.26 billion by 2029 at a compound annual growth rate (CAGR) of 9.6%. This growth during the forecast period can be linked to the rising demand for electric vehicles and portable electronic gadgets that use secondary batteries, as well as increased investment in lithium-ion batteries. The forecast period is also expected to see key developments such as the production of sand-based and graphene-based batteries, increased investment in automation and robotic technologies for manufacturing, the application of artificial intelligence and machine learning techniques, and the creation and development of lighter structural batteries suitable for ultra-light electric bikes and consumer electronics.
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What Are the Major Segments in the Secondary Batteries Market?
The secondary batteries market covered in this report is segmented -
1) By Product Type: Lead Acid, Lithium-Ion (Li-Ion), Nickel Metal Hydride, Nickel-Cadmium (Ni-Cd), Other Product Type
2) By Application: Electronics, Motor Vehicles, Portable Devices, Other Applications
3) By End User: Automotive, Household, Industrial
Subsegments:
1) By Lead Acid: Flooded Lead Acid Batteries, Absorbent Glass Mat (AGM) Batteries, Gel Lead Acid Batteries
2) By Lithium-Ion (Li-Ion): Lithium Iron Phosphate (LiFePO4), Lithium Polymer (LiPo), Lithium Nickel Manganese Cobalt Oxide (NMC)
3) By Nickel Metal Hydride: High-Capacity NiMH Batteries, Rechargeable NiMH Batteries For Consumer Electronics
4) By Nickel-Cadmium (Ni-Cd): Standard Ni-Cd Batteries, Rechargeable Ni-Cd Batteries For Power Tools And Emergency Lighting
5) By Other Product Types: Sodium-Sulfur Batteries, Flow Batteries, Zinc-Air Batteries
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What Are The Driving Secondary Batteries Market Evolution?
The secondary batteries market will significantly benefit from the growing demand for electric vehicles. The expanded usage of secondary batteries in hybrid cars underscores this positive impact. Nickel Metal Hybride (NiMH) batteries, operating effectively in vast temperature variances from -30°C to +75°C and possessing quick charging capabilities, are particularly well-suited for vehicular applications. This type of battery is capable of managing the high power levels that electric vehicles require. For illustration, the International Council on Clean Transportation, a non-profit based in the US, reported in January 2024 that quarterly EV sales have consistently gone up since the third quarter of 2021, with the proportion of overall light-duty vehicle sales surging from around 3% in the beginning of 2021 to more than 10% by the third quarter of 2023. As such, the sustained increase in the demand for electric vehicles is expected to catalyze the growth of the secondary batteries market.
Which Firms Dominate The Secondary Batteries Market Segments?
Major companies operating in the secondary batteries market include LG Chem Co. Ltd., Contemporary Amp Technology Co., Limited, Samsung SDI Co. Ltd., TDK Corporation, Panasonic Corporation, BYD Company Ltd., Murata Manufacturing Co., Ltd., Toshiba Corporation, SK Innovation Co., Ltd., Energizer Holdings Inc., Eveready, Duracell, Nippo, Kodak, Powercell, Hitachi Maxell, Johnson Controls, EnerSys, GP Batteries, Guangdong Zhenglong Battery Industry Company Limited, Guangzhou Tiger Head Battery Group, Hefei Guoxuan Hi-Tech Power Energy Co., Ltd., Tianjin Lishen Battery Co., Ltd., AVIC Lithium Battery, Sony Corporation, Shanghai White Elephant Swan Battery Co. Ltd., GBP International, Saft batteries, Varta Consumer Batteries, Monbat, Umicore, A123 Systems LLC, AES Group, Ultralife Corporation, Rayovac, Exide Industries Ltd, Mobisol Kenya, Associated Battery Manufacturers (E.A) Ltd, Yuasa Battery Limited, ABMkenya, Potensa
What Are the Major Trends Shaping the Secondary Batteries Market?
The manufacturing of NiMH batteries has recently advanced, leading to extended longevity of nickel-metal hydride batteries. The high electro-positivity of A-elements makes them susceptible to corrosion in the alkaline electrolyte that NiMH batteries utilize. To enhance the reaction kinetics and the stability against corrosion of traditional NiMH batteries, a slim protective coating is applied to alloy particles. Specifically, scientists at Stockholm University, a public institution in Sweden, have engineered metal hydride surface formations for NiMH batteries to prolong their cycle life.
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Which Is The Largest Region In The Secondary Batteries Market?
Asia-Pacific was the largest region in the secondary batteries market in 2024. North America was the second-largest region in the global secondary batteries market share. The regions covered in the secondary batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Secondary Batteries Market?
2. What is the CAGR expected in the Secondary Batteries Market?
3. What Are the Key Innovations Transforming the Secondary Batteries Industry?
4. Which Region Is Leading the Secondary Batteries Market?
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