The secondary batteries market consists of sales of secondary batteries and related services that are used in portable devices, electronics, and motor vehicles. Secondary batteries are electrical batteries which can be charged, discharged and recharged multiple times. Secondary batteries include Lithium-ion, lead-acid, Nickel Metal Hydride (NiMH) based secondary batteries. Secondary batteries are highly cost-efficient in the long term and are environment friendly.
The global secondary batteries market was worth $57.77 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 12.3% and reach $91.88 billion by 2023.