Secondary Battery Market Size, Share, Trends & Analysis 2027

[Research Report] The secondary battery 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% during 2020–2027.

The global battery industry is experiencing a growth in various developed and developing economies owing to its robust features, such as higher density and longer life cycle. These factors drive the growth of the battery industry in all the key regions such as North America, Europe, and APAC. Lithium-ion batteries are dominantly used secondary battery type in consumer electronics such as smartphones, iPods, laptops, and wearable devices. These rechargeable batteries are also likely to dominate the automotive, industrial, and power storage applications. At present, there is greater demand for connected and smart consumer products than conventional electronic products.

Smartphone is one of the fastest-growing segments in the consumer electronics industry, and it has an enormous impact on the secondary battery business. These battery technologies have revolutionized tablets and smartphones and are now finding applications in desktop displays, laptops, wearable devices, and PCs. Owing to tremendous competition in the  , device manufacturers constantly focus on designing low-cost systems featuring high-quality displays, with easy navigation and long battery life.

Impact of COVID-19 Pandemic on Secondary battery Market

Coronavirus outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. According to the latest WHO figures, there are 35,659,007 confirmed cases and 1,044,269 total deaths globally. The coronavirus outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global electronics and semiconductor industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. as a result of this outbreak. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various electronic goods. Companies such as Apple and Microsoft have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the electronic and semiconductor industry in a negative manner and thus act as restraining factor for the growth of various Secondary Battery market related to this industry in the coming months

Lucrative Regions of Secondary battery Market

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Market Insights–Secondary battery Market

Increasing Demand for Secondary Battery in Energy Storage Technology

The rising concerns regarding the environmental impacts of using fossil fuels and the benefits of energy grids, engineers are progressively adopting energy storage solutions. Since this solution helps address the intermittency of wind and solar power, it also responds swiftly to large fluctuations in demand, making the grid more responsive and reducing the requirement to develop backup power plants. The growing demand for energy-efficient battery-powered portable devices, increasing need of upgrading existing power infrastructure, and rising preference for renewable power sources are among the significant factors propelling the growth of the energy storage industry. Most energy storage projects developed by independent system operators (ISOs) use lithium-ion batteries that deliver sufficient energy to address the demand received by local grid.

Technology Type-Based Insights

The secondary battery market, based on technology, is segmented into the lead-acid secondary battery, lithium-ion secondary battery, and other technologies. The lead-acid secondary battery is the oldest battery system. These robust batteries can be used for emergency lighting and uninterruptible power supply (UPS). The lithium-ion secondary battery is considered as an optimal choice for the portable energy storage devices used in the consumer electronics industry. These batteries are expensive than other batteries; however, high cycle count and low maintenance requirements mitigate the cost factor. The growing adoption of these technologies in various industrial applications is expected to boom the market in the coming years

Secondary battery Market, by Ink Type(% Share)

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Application-Based Insights

On the basis of application, the secondary battery market is segmented into automotive, industrial, portable batteries, medical devices, forklift, and others. The automotive application is a prominent segment in the market, accounting for enormous demand for secondary batteries, especially lithium-ion batteries. The automotive sector is focusing on reducing environmental impact of its products; hence, the demand for these batteries is increasing constantly. In addition, the consumer electronics industry has significantly adopted secondary batteries owing to their features such as low weight, energy-saving capacity, and high performance. Further, the medical sector is also procuring huge amounts of secondary batteries, with an objective to optimize their products and solutions with innovative technologies.

Strategic Insights

The secondary battery market players are mainly focusing on the development of advanced and efficient products.

• In 2020, GS Yuasa Corporation announced that its automotive lithium-ion battery EHW4S has been adopted for the first time in the Hybrid Synergy Drive system of Toyota Motor Corporation and has been installed in the new Harrier hybrid model launched on June 17, 2020
• In 2020, GS Yuasa Corporation announced that consolidated subsidiary GS Yuasa International Ltd. has signed a share transfer agreement with Sanken Electric Co., Ltd. regarding GS Yuasa’s acquisition of the Infrastructure business of Sanken Electric.     

The global secondary battery market has been segmented as follows:

Secondary Battery Market – by Technology

• Lead-acid Secondary Battery
• Lithium-ion Secondary Battery
• Other Technologies

Secondary Battery Market – by Application

• Automotive
• Industrial
• Portable Batteries
• Medical Device
• Forklift
• Others Applications

Secondary Battery Market – by Region

• North America

  • US
  • Canada
  • Mexico

• Europe

  • Germany
  • France
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC

• Middle East and Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Secondary battery Market –CompanyProfiles

• Amperex Technology Limited
• BYD Company Ltd
• Duracell Inc.
• EnerSys
• Contemporary Amperex Technology Co. Limited
• Panasonic Corporation
• Saft Groupe SA
• Samsung SDI Co., Ltd.
• GS Yuasa International Ltd.
• LG Chem