What Has Been the Growth Trajectory for the Secondary Batteries Market in Recent Years?
The secondary batteries market has seen considerable growth due to a variety of factors.
• The size of the secondary batteries market has been expanding swiftly in the past few years. Predictions indicate a rise from $110.66 billion in 2024 to $122.21 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.4%.
This historical period of growth can be linked to robust economic expansion in developing markets, swift development in the automotive sector, and the prolonged lifespan of secondary batteries.
What Does Future Hold for The Secondary Batteries Market Size?
The secondary batteries market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the secondary batteries market size in the coming years. The market is predicted to escalate to a size of $176.26 billion in 2029, displaying a compound annual growth rate (CAGR) of 9.6%.
Factors contributing to this growth during the forecast period include a heightened demand for electric vehicles, a growing need for secondary batteries in portable electronic devices, and a surge in investments towards lithium-ion batteries. The anticipated trends for this period involve the production of sand-based and graphene-based batteries, capital allocation towards automation and robotic technologies for manufacturing, application of artificial intelligence and machine learning techniques, and the creation and development of lightweight structural batteries for ultra-light electric bikes and consumer electronics.
What Are the Critical Driver Fuelling the Secondary Batteries Market's Growth?
The secondary batteries market is set to benefit from the surge in demand for electric vehicles. Secondary batteries are finding increasing utility in hybrid vehicles. Thanks to their ability to operate in a broad temperature spectrum, ranging from -30°C to +75°C, and their fast charging capabilities, Nickel Metal Hydride (NiMH) batteries are a perfect fit for the automobile industry. They're capable of managing the high power levels necessary for electric vehicles. As evidence, the International Council on Clean Transportation, a non-profit organization based in the US, stated in January 2024 that since the third quarter of 2021, electric vehicle (EV) sales have consistently increased quarter-on-quarter, with its proportion of overall light-duty vehicle sales escalating from roughly 3% in the first quarter of 2021 to more than 10% by the third quarter of 2023. Hence, the growing demand for electric vehicles would be a major contributor to the expansion of the secondary batteries market.
What Is The Segmentation Of The Global Secondary Batteries Market?
The secondary batteries market covered in this report is segmented –
1) By Product Type: Lead Acid, Lithium-Ion (Li-Ion), Nickel Metal Hydride, Nickel-Cadmium (Ni-Cd), Other Product Type
2) By Application: Electronics, Motor Vehicles, Portable Devices, Other Applications
3) By End User: Automotive, Household, Industrial
Subsegments:
1) By Lead Acid: Flooded Lead Acid Batteries, Absorbent Glass Mat (AGM) Batteries, Gel Lead Acid Batteries
2) By Lithium-Ion (Li-Ion): Lithium Iron Phosphate (LiFePO4), Lithium Polymer (LiPo), Lithium Nickel Manganese Cobalt Oxide (NMC)
3) By Nickel Metal Hydride: High-Capacity NiMH Batteries, Rechargeable NiMH Batteries For Consumer Electronics
4) By Nickel-Cadmium (Ni-Cd): Standard Ni-Cd Batteries, Rechargeable Ni-Cd Batteries For Power Tools And Emergency Lighting
5) By Other Product Types: Sodium-Sulfur Batteries, Flow Batteries, Zinc-Air Batteries
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What Emerging Trends Are Shaping The Secondary Batteries Market?
The latest advancements in the production of NiMH batteries have enhanced their longevity. The electro positivity of the A-elements tends to cause corrosion in the alkaline electrolyte that is utilized in NiMH batteries. To bolster the reaction kinetics and corrosion stability in traditional NiMH batteries, a slight protective layer is employed on the alloy particles. For example, scientists at Stockholm University, a renowned public university in Sweden, have engineered metal hydride surface structures for NiMH batteries to prolong their cycling life.
Who Are the Key Players in the Secondary Batteries Market?
Major companies operating in the secondary batteries market include:
• LG Chem Co. Ltd.
• Contemporary Amperex Technology Co.
• Limited
• Samsung SDI Co. Ltd.
• TDK Corporation
• Panasonic Corporation
• BYD Company Ltd.
• Murata Manufacturing Co. Ltd.
• Toshiba Corporation
• SK Innovation Co. Ltd.
• Energizer Holdings Inc.
• Eveready
• Duracell
• Nippo
• Kodak
• Powercell
• Hitachi Maxell
• Johnson Controls
• EnerSys
• GP Batteries
• Guangdong Zhenglong Battery Industry Company Limited
• Guangzhou Tiger Head Battery Group
• Hefei Guoxuan Hi-Tech Power Energy Co. Ltd.
• Tianjin Lishen Battery Co. Ltd.
• AVIC Lithium Battery
• Sony Corporation
• Shanghai White Elephant Swan Battery Co. Ltd.
• GBP International
• Saft batteries
• Varta Consumer Batteries
• Monbat
• Umicore
• A123 Systems LLC
• AES Group
• Ultralife Corporation
• Rayovac
• Exide Industries Ltd
• Mobisol Kenya
• Associated Battery Manufacturers (E.A) Ltd
• Yuasa Battery Limited
• ABMkenya
• Potensa
What are the Regional Insights into the Secondary Batteries Market?
Asia-Pacific was the largest region in the secondary batteries market in 2024. North America was the second-largest region in the global secondary batteries market share. The regions covered in the secondary batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
