Secondary Battery Market
Report ID: SQMIG20D2229
Secondary Battery Market Size, Share, Growth Analysis, By Technology (Lead-acid Battery, Lithium-ion Battery), By Application (Automotive battery, Industrial Battery), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2229 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
9
|Figures:
73
Secondary Battery Market Insights
Global Secondary Battery Market size was valued at USD 83.17 billion in 2022 and is poised to grow from USD 93.85 billion in 2023 to USD 278.36 billion by 2031, growing at a CAGR of 12.84% in the forecast period (2024-2032).
The global secondary battery marketplace has experienced considerable growth driven by using the growing demand for power garage solutions across diverse industries. Key drivers include the rising adoption of electric vehicles, the developing integration of renewable electricity sources, and the want for efficient energy garage systems in electronic devices. Lithium-ion batteries have been a dominant generation, recognised for his or her excessive strength density and flexibility.
The market has additionally witnessed advancements in battery technologies, main to advanced overall performance, longer lifespan, and value discount. Additionally, authorities’ projects promoting sustainable power solutions and the improvement of clever grids make contributions to the market's growth. However, challenges inclusive of raw fabric availability, protection concerns, and recycling problems preserve to effect the enterprise. As generation evolves, innovations in battery chemistries and manufacturing procedures are expected to shape the destiny panorama of the global secondary battery market.
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Secondary Battery Market Segmental Analysis
Global Secondary Battery Market is segmented by Technology, Application and region. Based on Technology, the market is segmented into Lead-acid Battery, Lithium-ion Battery, Others. Based on application, the market is segmented into Automotive battery (HEV, PHEV, EV), Industrial Battery, Portable Battery, others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Type
Lithium-ion batteries were anticipated to dominate the secondary battery marketplace. Lithium-ion batteries have end up the favored preference for various applications, such as electric powered vehicles, customer electronics, and renewable energy storage. Their dominance is attributed to their excessive electricity density, light-weight nature, and long cycle lifestyles. Moreover, ongoing improvements in lithium-ion technology, inclusive of improvements in strength density and cost reduction, contribute to their vast adoption throughout industries.
The fastest-developing battery type became anticipated to be Solid-State Batteries. Solid-kingdom batteries offer benefits over traditional lithium-ion batteries, including higher strength density, stronger safety capabilities, and doubtlessly longer lifespan. As technological trends deal with production demanding situations and improve value-effectiveness, stable-nation batteries are expected to gain prominence, especially in electric cars and digital devices. Their appeal lies in overcoming protection concerns associated with liquid electrolytes and supplying opportunities for better overall performance and energy garage abilities.
Analysis by Application
The electric powered motors (EVs) software segment changed into predicted to dominate the secondary battery market. The increasing worldwide emphasis on sustainable transportation and the growing adoption of electric cars make a contribution to the good sized call for for excessive-capability batteries. As governments worldwide enforce stricter emissions rules and clients embrace electric powered mobility, the EV segment is poised for giant growth. Lithium-ion batteries had been fundamental to the fulfillment of electric motors, presenting the necessary electricity density, range, and performance.
The fastest-growing software section changed into predicted to be the Renewable Energy Storage zone. With the increasing integration of renewable electricity assets like solar and wind into strength grids, there's a developing want for efficient strength storage answers. Batteries play a critical position in storing extra electricity generated for the duration of top production intervals to be used throughout low production or excessive demand times. This application phase is pushed through international efforts to transition to renewable electricity and the increasing deployment of energy garage structures for grid balance. The versatility of batteries in storing and liberating power aligns with the intermittent nature of renewable assets, making this segment a key boom place.
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Secondary Battery Market Regional Insights
Asia-Pacific, especially China, was predicted to dominate the secondary battery marketplace. China has been a prime player in battery production and is a key hub for electric powered car production. The u . S .'s strong attention on easy energy initiatives, significant investments in renewable strength tasks, and a strong electronics production zone make contributions to its dominance. Additionally, supportive authorities policies and incentives aimed toward promoting electric powered mobility and renewable energy packages similarly solidify China's position within the global secondary battery marketplace.
The fastest-developing location become anticipated to be Europe. The European Union's formidable objectives for lowering carbon emissions and transitioning to sustainable energy answers have led to a surge in demand for electric automobiles and renewable electricity garage. Government tasks, stringent environmental guidelines, and a growing emphasis on green technology create a conducive environment for the growth of the secondary battery market. European nations, which includes Germany, the United Kingdom, and others, had been investing appreciably in battery manufacturing facilities and infrastructure to assist the electrical mobility transition, making Europe a key increase place for secondary batteries.
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Secondary Battery Market Dynamics
Drivers
Increasing Demand for Electric Vehicles (EVs) Worldwide
- The escalating call for for electric powered automobiles (EVs) global, as countries an increasing number of shift towards sustainable transportation to lessen emissions. Additionally, the combination of renewable power assets into power grids fuels the call for for secondary batteries to save extra power at some point of height manufacturing for later use. The proliferation of transportable digital devices, coupled with improvements in electricity garage technology, further stimulates market growth.
Increasing Push Towards Renewable Energy Sources
- The push in the direction of renewable power sources and the want for efficient electricity garage solutions similarly gasoline the call for secondary batteries, supporting the worldwide market's growth. Moreover, government tasks and regulations promoting sustainable energy practices and electric powered mobility contribute to the nice momentum in the secondary battery marketplace.
Restraints
High Dependency on Raw Materials Like Lithium, Cobalt, And Nickel
- One of the main marketplace restraints is the dependency on uncooked materials like lithium, cobalt, and nickel, leading to deliver chain vulnerabilities and fluctuations in material fees. Recycling and sustainability concerns, especially regarding the disposal of used batteries, pose environmental challenges. Additionally, protection troubles related to battery technologies, along with the capability for overheating and fireplace dangers, stay a essential restraint, requiring continuous advancements in protection capabilities.
High Safety Concerns, Including the Risk of Thermal Runaway
- High protection concerns, together with the risk of thermal runaway and hearth risks, present challenges within the adoption of secondary batteries, in particular in applications in which protection is paramount, such as aerospace. Furthermore, regulatory complexities and compliance necessities in distinct regions can gradual down the marketplace's development, affecting the development and deployment of secondary battery technologies.
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Secondary Battery Market Competitive Landscape
The aggressive surroundings of the Secondary Battery market is dynamic and characterized through the presence of key gamers vying for marketplace proportion and technological management. The companies often have interaction in strategic partnerships, collaborations, and mergers to decorate their product portfolios and expand their international reach. Additionally, the market sees active participation from rising players and startups specializing in technological advancements, along with solid-country batteries and other modern chemistries.
Top Player’s Company Profiles
- Panasonic Corporation
- BYD Co., Ltd.
- Contemporary Amperex Technology Co., Ltd. (CATL)
- LG Chem Ltd.
- Samsung SDI Co., Ltd.
- Tesla, Inc.
- SK Innovation
- GS Yuasa Corporation
- Hitachi Zosen Corporation
- Johnson Controls International plc
- AESC Corporation
- Coslight Group Co., Ltd.
- Amprius Technologies Inc.
- Tarox Technology Inc.
- Qingtao Tamin Lithium Battery Co., Ltd.
- EVE Energy Co., Ltd.
- CALB Co., Ltd.
- Sonnen GmbH
- LionVolt GmbH
- Northvolt AB
Recent Developments
- February 2024: The industry's most significant disclosed deal was the $366 million minority acquisition of Pilbara Minerals by way of AustralianSuper. For the modern insights into Mining Industry M and A transactions, GlobalData's Mining Industry Mergers and Acquisitions Deals file for 2023 is a valuable resource.
- December 2023: Arcadium Lithium % (NYSE: ALTM, ASX: LTM, "Arcadium Lithium") has launched the economic effects for the fourth area and full yr of 2023 concerning Livent Corporation ("Livent") and has shared unique findings for Allkem Limited ("Allkem"). It's vital to notice that the 2023 Form 10-K, to be issued by Arcadium Lithium, will completely encompass Livent's historical effects, given that the merger concluded after December 31, 2023.
- March 2023: Exide Industries announced that the boards of its lithium commercial enterprise subsidiaries have authorised the merger of the devices, pending regulatory approvals. The choice to merge Exide Leclanche Energy Private Limited and Exide Energy Solutions Limited turned into first of all disclosed in December of the preceding year.
Secondary Battery Key Market Trends
- Rising Adoption of Lithium-Ion Batteries: The multiplied adoption of lithium-ion batteries, pushed by means of their high energy density and flexibility across numerous applications, in particular in electric cars and client electronics. Another sizeable trend is the surge in demand for energy garage answers, as renewable strength sources come to be greater imperative to energy era. The marketplace is likewise experiencing a shift toward advanced technology like stable-country batteries, promising advanced safety and performance.
Secondary Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Secondary Battery marketplace analysis well-knownshows a dynamic marketplace with several standout developments and difficulties. The marketplace is propelled through the escalating demand for electric powered vehicles and the integration of renewable power sources. However, deliver chain vulnerabilities, recycling demanding situations, and protection issues pose restraints. Key product types like lithium-ion batteries dominate the market, driven via their high strength density. Regionally, Asia-Pacific, especially China, leads the market because of strong electric vehicle production. Key tendencies encompass the increasing adoption of lithium-ion technology, the emergence of stable-kingdom batteries, and a growing emphasis on sustainable practices, reflecting a dynamic landscape addressing the evolving power desires globally.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 83.17 billion |
| Market size value in 2031 | USD 278.36 billion |
| Growth Rate | 12.84% |
| Base year | 2023 |
| Forecast period | 2024-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Secondary Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Secondary Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Secondary Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Secondary Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Secondary Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Secondary Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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