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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Secondary batteries are rechargeable batteries that can be reused multiple times by recharging them through an external electric current. They are used in various electronic devices such as smartphones, laptops, electric vehicles, etc. Secondary batteries provide advantages such as safety, high energy density, long life cycle, and environmental friendliness.
Market key trends:
One of the key trends gaining traction in the secondary battery market is 3D battery printing. 3D battery printing technology allows fabrication of precise battery designs with intricate geometries that are not possible through traditional manufacturing methods. This facilitates fabrication of customizable secondary batteries for various applications. 3D printing also enables fabrication of solid-state batteries and functional lithium-metal batteries that offer higher energy density. With continued advancements and reduction in costs, 3D battery printing is expected to transform secondary battery manufacturing.
Segment Analysis
The global secondary battery market is segmented by type into lead-acid batteries, lithium-ion batteries, nickel-metal hydride batteries, and others. Among these, the lithium-ion batteries segment dominated the market and accounted for over 50% share of the global market in 2023. Lithium-ion batteries are dominating the market due to properties such as high energy density, lighter weight, high power capacity and low self-discharge rate.
Key Takeaways
The Global Secondary Battery Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing demand for consumer electronics such as smartphones, laptops, and tablets which use secondary batteries.
Regional analysis
Regionally, Asia Pacific dominated the global secondary battery market in 2023 and accounted for over 45% share of the global market. China and Japan are the major markets for secondary batteries in the region. The Asia Pacific region is expected to maintain its dominance during the forecast period due to rapid industrialization and increasing demand for electric vehicles in countries such as China, Japan, and South Korea.
Key players
Key players operating in the secondary battery market are TianJin Lishen Battery Joint-Stock Co. Ltd., BYD Co. Ltd., Tesla Incorporation, Contemporary Amperex Technology Co. Limited, Showa Denko K.K., Duracell Inc., Samsung SDI, EnerSys, Saft Groupe SA, GS Yuassa Corporation, Panasonic Corporation, Clarios, and LG Chem Ltd. BYD Co. Ltd. and Contemporary Amperex Technology Co. Limited are the leaders in the global secondary battery market.
