Report : Secondary Battery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Others Applications)
Rising Penetration of SmartphonesSupport Secondary BatteryMarket Growth
According to our latest market study on “Secondary Battery Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Others),” the market was valued at US$ 52,884.4 million in 2019 and is projected to reach US$ 85,395.2 million by 2027; it is expected to grow at a CAGR of 8.5% from 2020 to 2027.The report highlightskey factors driving the market growth,and prominentplayers withtheir developments inthe market.
The secondary battery market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Presently, APAC held the largest share of the global secondary battery market owing to the rising adoption of lithium-ion batteries in consumer electronics, energy storage systems, medical & healthcare, and EVs. In 2019, the region contributed 38% revenue share to the overall secondary battery market. In terms of market share, Europe and North America held the second and third positions in 2019. At present, numerous initiatives have been taken place by the governments of developing countries and developed economies to adopt sustainable transportation. The market for a secondary battery is fragmented with the presence of leading as well as well-established players across the globe. Businesses are constantly investing and advancing to ramp-up economical and energy-efficient battery technology in the market. Additionally, the high adoption rate of secondary batteries in smart electronics devices in healthcare and medical is also boosting the growth of the market.
The increasing adoption of consumer electronics devices across the globe owing to the transition of replacing the lead-acid batteries with lithium-ion batteries to save space and rising investment in EVs are some of the key factors that are expected to fuel the demand for a secondary battery in all the key geographies over the forecast period of 2020 to 2027. Europe is also an important market for the future growth of the secondary battery market during the forecast period due to the rapidly growing number of companies investing in EVs. The region is characterized by well-developed nations such as Germany, the UK, and France, which are the key markets for the adoption and growth of secondary battery.
In terms of growth, APAC is anticipated to be the fastest-growing region with an impressive CAGR during 2020–2027. APAC region consists of various developing economies such as China, India, and several Southeast countries. The installation of EVs and the deployment of renewable power plants in India and China is growing swiftly, and growing urbanization and consumer spending are anticipated to offer ample growth opportunities for secondary battery market players in the APAC.
Impact of COVID–19 Pandemic on Secondary BatteryMarket
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak with more than 7,380,326 confirmed cases and more than 208,787 deaths as of October 7, 2020, WHO.
The US is a prominent market for secondary battery especially in smartphone and internet penetration, and consumer electronic sectors. The huge increase in the number of confirmed cases and rising reported deaths in the country is affecting both manufacturing and sales of smartphones and tablets. The factory and business shutdowns across the US, Canada and Mexico are impacting the adoption of secondary battery market. North America region is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the secondary battery market growth of North America in a negative manner for the next few quarters.
Secondary Battery Market Breakdown —by Region, 2019 (%)
The global secondary battery market has been segmented as follows:
Secondary Battery Market – by Technology
Secondary Battery Market – by Application
Secondary Battery Market – by Region