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Secondary Batteries Market Trends That Will Shape the Next Decade: Insights from Advancements In NiMH Battery Technology Extend Lifespan And Performance
Secondary Batteries
How Large Will the Secondary Batteries Market Size By 2025?
The market size for secondary batteries has seen a fast-paced expansion in recent periods. The projected growth is from $110.66 billion in 2024 to $122.21 billion in 2025, witnessing a compound annual growth rate (CAGR) of 10.4%. The heightened growth during the historical period could be credited to robust economic progress in rising markets, swift expansion in the automotive sector, and the durability of secondary batteries.
How Big Is the Secondary Batteries Market Size Expected to Grow by 2029?
There is projected to be significant expansion in the secondary batteries market in the coming years, with the market valuation expected to reach $176.26 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 9.6%. The projected growth over this time frame can be ascribed to the escalating demand for electric vehicles, portable electronic devices that utilize secondary batteries, and increased investment in lithium-ion batteries. Major anticipated trends for the forecasted period include the production of sand-based batteries, graphene-based batteries, investment in automation and robotic technologies for manufacturing processes, the use of AI and machine learning methods, and the manufacturing and design of lower weight structural batteries for ultra-light electric bikes and consumer electronics.
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Which Key Market Drivers Powering Secondary Batteries Market Expansion and Growth?
The surge in electric vehicle demand is set to positively affect the market for secondary batteries. These batteries are becoming more common in hybrid vehicles. Nickel Metal Hybride (NiMH) batteries, with their capacity to charge quickly and withstand temperature oscillations from -30°C to +75°C, are highly suited for the automotive industry. The high-power conditions required for electric vehicles can be efficiently handled by NiMH batteries. For example, the International Council on Clean Transportation, a non-profit organization in the US, reported in January 2024 that since the third quarter of 2021, quarterly sales of electric vehicles have seen continuous growth. The percentage of total light-duty vehicle sales contributed by these vehicles jumped from roughly 3% in the first quarter of 2021 to over 10% by the third quarter of 2023. Thus, the rising demand for electric vehicles will inspire growth in the secondary batteries market.
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Which Fast-Growing Trends Are Poised to Disrupt the Secondary Batteries Market?
The longevity of nickel-metal hydride batteries has been enhanced through recent advancements in NiMH battery production. The A-elements are easily corroded in the alkaline electrolyte used in NiMH batteries due to their electro-positivity. To increase the corrosion stability and reaction kinetics of traditional NiMH batteries, a slender protective layer is applied on alloy particles. For instance, metal hydride surface structures designed to prolong the cycle life of NiMH batteries have been developed by scientists at Stockholm University, a public university in Sweden.
What Are the Emerging 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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Who Are the Global Leaders in the Secondary Batteries Market?
Major companies operating in the secondary batteries market include LG Chem Co. Ltd., Contemporary Amper*ex 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
Which are the Top Profitable Regional Markets for the Secondary Batteries Industry?
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
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