Press release
Competitive Analysis: Key Market Leaders and Rising Companies in the Secondary Batteries Sector
Secondary Batteries Market
Projected Growth and Market Value Forecast for Secondary Batteries
The secondary batteries market is anticipated to reach a value of $184.24 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.6%. This upward trajectory is primarily fueled by the rising need for electric vehicle batteries, heightened demand for energy storage solutions with higher densities, and the expansion of renewable energy storage systems. Additionally, the growing incorporation of batteries in smart devices, along with the development of advanced battery chemistries such as solid-state batteries, contributes to this sustained growth. Key trends shaping the market include the adoption of environmentally friendly manufacturing processes, increased focus on electric vehicle battery innovations, advancements in automated production techniques, the proliferation of IoT-enabled smart battery systems, and enhanced digital battery monitoring technologies.
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Primary Factors Contributing to Secondary Batteries Market Expansion
The surge in electric vehicle adoption worldwide is one of the main drivers behind the secondary batteries market growth. With stricter emission norms and government incentives promoting EV use, the demand for reliable and efficient battery systems has escalated significantly.
Simultaneously, the rising deployment of renewable energy infrastructures such as solar and wind power plants requires efficient energy storage solutions to address intermittency and ensure consistent power supply. This need further accelerates the uptake of secondary batteries globally.
Top Companies Leading the Secondary Batteries Sector
The secondary batteries industry features several prominent players including LG Chem Co. Ltd., Contemporary ere*x 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, ABM Kenya, and Potensa.
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Strategic Acquisition Strengthening Market Position
In December 2023, Komatsu Ltd., a Japan-based provider specializing in construction, mining, forestry, and industrial equipment, acquired American Battery Solutions, Inc. Although the financial details were not disclosed, this acquisition aims to bolster Komatsu's capabilities in electrifying construction and mining machinery. American Battery Solutions, Inc., headquartered in the United States, offers lithium-ion battery packs and energy storage solutions tailored for commercial and industrial sectors, making it a valuable addition to Komatsu's portfolio.
Emerging Innovations Shaping the Secondary Batteries Market
Leading companies are placing a strong emphasis on developing cutting-edge battery technologies like sodium-ion batteries to improve energy density, lower costs, and enhance sustainability for electric vehicles and large-scale energy storage. Sodium-ion batteries operate on a concept similar to lithium-ion batteries but use sodium ions as charge carriers instead of lithium ions.
For example, in April 2025, Contemporary ere*x Technology Co., Limited (CATL), a China-based battery manufacturer, introduced the "Naxtra" sodium-ion battery brand, designed for mass production. The Naxtra line includes a sodium-ion battery for passenger electric vehicles and a 24-volt version for heavy-duty truck start/stop applications. The EV battery offers an energy density near 175 Wh/kg, retains 90% usable capacity at temperatures as low as -40 °C, supports over 10,000 charge cycles, and enables an approximate driving range of 500 kilometers. This technology aims to reduce reliance on lithium, improve thermal safety, and maintain performance under extreme conditions, thereby broadening the adoption of EV and heavy vehicle batteries in challenging environments.
Detailed Breakdown of Secondary Batteries Market Segments
This report segments the secondary batteries market into various categories:
1) By Product Type:
- Lead Acid
- Lithium-Ion (Li-Ion)
- Nickel Metal Hydride
- Nickel-Cadmium (Ni-Cd)
- Other Product Types
2) By Application:
- Electronics
- Motor Vehicles
- Portable Devices
- Other Applications
3) By End User:
- Automotive
- Household
- Industrial
Subcategories include:
- Lead Acid variations like Flooded Lead Acid Batteries, Absorbent Glass Mat (AGM) Batteries, and Gel Lead Acid Batteries
- Lithium-Ion types such as Lithium Iron Phosphate (LiFePO4), Lithium Polymer (LiPo), and Lithium Nickel Manganese Cobalt Oxide (NMC)
- Nickel Metal Hydride batteries including High-Capacity NiMH and rechargeable NiMH for consumer electronics
- Nickel-Cadmium options like Standard Ni-Cd and rechargeable Ni-Cd for power tools and emergency lighting
- Other types comprising Sodium-Sulfur Batteries, Flow Batteries, and Zinc-Air Batteries
Regional Market Insights and Future Growth Outlook
As of 2024, North America holds the largest share of the secondary batteries market. However, the Asia-Pacific region is expected to witness the fastest growth in the coming years due to increasing industrialization, government initiatives favoring clean energy, and rising electric vehicle adoption in countries like China and India. The market overview includes a global perspective covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa, providing a comprehensive understanding of worldwide trends and opportunities.
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