June 24, 2024
Secondary Battery Market

Secondary Battery Market Poised To Propelled By Increasing Adoption Of Electric Vehicles

The Secondary Battery Market Consists Of Rechargeable Batteries Used As Energy Storage Systems That Can Be Recharged Multiple Times. Secondary Batteries Or Rechargeable Batteries Are Used Majorly In Consumer Electronics, Automotive And Other Industrial Applications. With Rising Sales Of Electric Vehicles Worldwide, The Demand For Lithium-Ion Batteries Used In Evs Is Growing Significantly.

The Global Secondary Battery Market Is Estimated To Be Valued At US$ 104461.1 Mn  In 2023 And Is Expected To Exhibit A CAGR Of 4.4% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Key Trends:
Increasing Adoption Of Electric Vehicles Is A Major Trend Fueling Growth Of The Secondary Battery Market. With Stringent Emission Regulations And Push For Cleaner Vehicles, Sales Of Evs Are Rising Globally. Automakers Are Aggressively Launching New EV Models To Attract Customers. Secondary Batteries Like Lithium-Ion Variants Are Widely Used As Power Sources For Evs. Growing EV Demand Is Driving Massive Requirements For Advanced Lithium-Ion Batteries With High Capacity And Performance. Manufacturers Are Investing Heavily In Developing Improved Lithium-Ion Battery Technologies To Power New Generations Of Evs. Rapid Electrification Of Automotive Industry Is Expected To Propel The Secondary Battery Market During The Forecast Period.

SWOT Analysis

Strength: Secondary Battery Technology Has Advanced Rapidly In Recent Years, Improving Performance Metrics Like Energy Density. This Allows For Longer-Lasting Portable Devices.

Weakness: Secondary Batteries Still Lag Primary (Non-Rechargeable) Batteries In Some Areas Like Energy Density. Cost Remains Relatively High Compared To Alternate Battery Technologies As Well.

Opportunity: Growing Adoption Of Evs And Demand For Large-Scale Energy Storage Opens Massive Opportunities. Further Tech Advances Could Drive Down Costs And Improve Sustainability.

Threats: Dependence On Key Raw Materials Poses Supply Security Risks. Stiff Competition From Emerging Technologies Threatens Market Dominance.

Key Takeaways

Global Secondary Battery Market Size Is Expected To Witness High Growth Over The Forecast Period Supported By Expanding Applications In Consumer Electronics, Automotive And Energy Storage. The Global Secondary Battery Market Is Estimated To Be Valued At US$ 104461.1 Mn  In 2023 And Is Expected To Exhibit A CAGR Of 4.4% Over The Forecast Period 2023 To 2030.

The Asia Pacific Region Currently Dominates The Market And Is Expected To Continue Its Dominance Led By Countries Like China, South Korea And Japan. These Countries Are Also Leading Manufacturers Of Secondary Batteries Globally.

Key Players Operating In The Secondary Battery Market Are Samsung SDI Co. Ltd., LG Chem Ltd., Hitachi Chemical Co. Ltd., Panasonic Corporation, Automotive Energy Supply Corporation, GS Yuasa International Ltd., Johnson Controls International PLC, BYD Company Ltd., Toshiba Corporation And Tesla Inc. Growing Electric Vehicle Sales Are Driving These Companies To Increase Investements In Lithium-Ion Battery Productioncapacity.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it