Press release
Secondary Batteries Market on Track for Strong Growth, Estimated to Grow at 9.3% CAGR Through 2029
Secondary Batteries
What Is the Expected CAGR for the Secondary Batteries Market Through 2025?
The size of the secondary batteries market has witnessed a significant expansion in the preceding years. It is projected to escalate from $108.37 billion in 2024 to $117.72 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%. Factors contributing to the growth during the historical period include robust economic development in emerging markets, quick expansion of the automotive industry, and the extended lifespan of secondary batteries.
What's the Projected Size of the Global Secondary Batteries Market by 2029?
Expectations are high for robust growth in the secondary batteries market in the coming years. The market is projected to expand to $167.73 billion by 2029, with a compound annual growth rate (CAGR) of 9.3%. This growth for the forecasted period can be credited to the increasing demand for electric automobiles, the rise in the usage of portable electronic gadgets powered by secondary batteries, and boosted investments in lithium-ion batteries. Key trends during this period include the production of batteries based on sand and graphene, heightened investments in automation and robotic technologies for manufacturing, the application of artificial intelligence and machine learning techniques, and the creation and development of lightweight structural batteries tailored for ultra-light electric bikes and consumer electronics.
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Top Growth Drivers in the Secondary Batteries Industry: What's Accelerating the Market?
The market for secondary batteries is set to thrive due to the rising demand for electric vehicles. These batteries are becoming more prevalent in the fabrication of hybrid vehicles. The automotive industry highly prefers Nickel Metal Hybride (NiMH) batteries due to their extensive temperature tolerance ranging from -30°C to +75°C and their swift charging capabilities. These NiMH batteries exhibit the ability to endure the high-power requisite for electric vehicles. According to a January 2024 report from the US-based non-profit organization, the International Council on Clean Transportation, there has been steady growth in electric vehicle (EV) sales since the third quarter of 2021. The percentage of total light-duty vehicle sales constituted by EV sales has increased significantly from about 3% in the first quarter of 2021 to more than 10% in the third quarter of 2023. Consequently, the surging demand for electric vehicles will propound the expansion of the secondary batteries market.
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Which Emerging Trends Are Transforming the Secondary Batteries Market in 2025?
The latest advancements in NiMH battery production have positively affected the duration of nickel-metal hydride batteries' function. Because of the electro positivity of A-elements, they are prone to corrosion in the alkaline electrolyte used in NiMH batteries. To enhance the reaction kinetics and corrosion stability of conventional NiMH batteries, a slim protective layer is employed on the alloy particles. Notably, scholars at Stockholm University, a public institution in Sweden, have brought forth metal hydride surface structures for NiMH batteries with the aim of prolonging their cycle life.
What Are the Main 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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Which Top Companies are Driving Growth in the Secondary Batteries Market?
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
Which Regions Will Dominate the Secondary Batteries Market Through 2029?
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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