The secondary batteries market size has grown rapidly in recent years. It will grow from $89.32 billion in 2023 to $98.89 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The historical growth of secondary batteries can be credited to robust economic expansion in emerging markets, the rapid growth of the automotive industry, and the prolonged lifespan of these rechargeable batteries.
The secondary batteries market size is expected to see strong growth in the next few years. It will grow to $144.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The projected growth in the upcoming period can be ascribed to the rising demand for electric vehicles, a surge in the use of secondary batteries in portable electronic devices, and escalating investments in lithium-ion batteries. Noteworthy trends in the forecast period encompass the production of sand-based batteries, graphene-based batteries, increased investments in automation and robotic technologies within the manufacturing process, the incorporation of AI and machine learning techniques, as well as the manufacturing and development of lightweight structural batteries for exceptionally light electric bikes and consumer electronics.
The secondary batteries market is anticipated to experience a positive impact from the increasing demand for electric vehicles. These batteries are finding growing applications in hybrid vehicles, particularly Nickel Metal Hydride (NiMH) batteries due to their favorable features, including a wide temperature range (-30°C to +75°C) and rapid charging capacity. NiMH batteries can efficiently handle the high-power levels crucial for electric vehicles. As indicated by a report from Bloomberg New Energy Finance (BNEF), global electric vehicle sales are projected to reach 540 million by 2040, constituting approximately 32% of the world's passenger vehicles. Hence, the surge in demand for electric vehicles is poised to propel the growth of the secondary batteries market.
An escalating emphasis on renewable energy sources is expected to drive the expansion of the secondary battery market in the future. Renewable energy, derived from natural sources such as sunlight and wind, relies on efficient energy storage methods, with secondary batteries playing a crucial role. By offering reliable and cost-effective energy storage solutions, secondary batteries contribute to the increased adoption of renewable energy, thereby reducing dependence on fossil fuels. As per the International Energy Agency's 2021 report, renewable electricity generation is anticipated to grow by over 8%, reaching 8,300 Terawatt hours. Therefore, the growing focus on renewable energy sources is likely to foster the growth of the secondary battery market.
Recent advancements in NiMH battery manufacturing have led to enhancements in the longevity of nickel-metal hydride batteries. The inherent electro-positivity of A-elements, prone to corrosion in the alkaline electrolyte of NiMH batteries, has prompted the development of innovative solutions. One notable approach involves applying a thin protective layer to alloy particles, which serves to enhance the reaction kinetics and corrosion stability of conventional NiMH batteries. For instance, researchers at Stockholm University, a Swedish public university, have devised metal hydride surface structures for NiMH batteries, contributing to an extended cycle life.
Key players in the secondary battery market are strategically focusing on the development of batteries with superior charge capabilities to secure a competitive advantage. Batteries endowed with higher charge capacities offer increased power for applications with high demands, ensuring reliable performance as needed. In January 2022, American Battery Solutions Inc., a US-based manufacturer of industrial and commercial lithium-ion batteries, introduced the Alliance I48-3.0 lithium-ion battery. This rechargeable battery, designed in an industry-standard GC2 size, stands out for its ability to withstand high power, featuring 350-amp pulse and 120-amp continuous discharge capabilities. The Alliance I48-3.0 offers up to 75% more power compared to other standard-sized lithium-ion batteries, emphasizing its unique discharge capabilities.
In January 2022, Honda Motor Co Ltd., a Japan-based manufacturer of automobiles, motorcycles, and power products, entered into a partnership with SES Holdings Pte Ltd. for an undisclosed amount. This collaboration aims to advance the development of Lithium-Metal secondary batteries, facilitating Honda's acceleration of electrification across its product portfolio. SES Holdings Pte Ltd. is a US-based battery research and development company.
Major companies operating in the secondary batteries market report are 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, Rosatam, Panasonic Energy, A123 Systems LLC, AES Group, Ultralife Corporation, Rayovac, Exide Industries Ltd., Mobisol Kenya, Associated Battery Manufacturers (E.A) Ltd., Yuasa Battery (East Africa) Limited, ABMkenya, Potensa.
Asia-Pacific was the largest region in the secondary batteries market in 2023. 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. The countries covered in the secondary batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The primary product types of secondary batteries include lead-acid, lithium-ion (Li-ion), and nickel-metal hydride. The nickel-metal hydride (NiMH) battery, a prominent rechargeable variant, sees widespread use in various electronic devices such as laptop computers, mobile phones, and camcorders. The negative electrode of a NiMH battery is typically composed of a hydrogen-absorbing alloy and, in some instances, various intermetallic compounds, while the positive electrode is made using nickel-oxide hydroxide. NiMH batteries are utilized in diverse applications across electronics, motor vehicles, portable devices, and other sectors, catering to end-users in automotive, household, and industrial domains.
The secondary batteries market research report is one of a series of new reports that provides secondary batteries market statistics, including secondary batteries industry global market size, regional shares, competitors with a secondary batteries market share, detailed secondary batteries market segments, market trends and opportunities, and any further data you may need to thrive in the secondary batteries industry. These secondary batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The secondary batteries market consists of sales of lithium nickel magnesium cobalt (LI-NMC), lithium ferro phosphate (LFP), lithium cobalt oxide (LCO), lithium titanate oxide (LTO), lithium manganese oxide (LMO), D-battery, C battery, A battery, AA battery, AAA battery, small-sized Ni-MH battery for consumer electronics and large-sized Ni-MH battery for HEV, motive lead-acid batteries, stationary lead-acid batteries, carbon batteries, flow batteries, glass air batteries, and other secondary batteries. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The secondary batteries market size is expected to see strong growth in the next few years. It will grow to $144.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The projected growth in the upcoming period can be ascribed to the rising demand for electric vehicles, a surge in the use of secondary batteries in portable electronic devices, and escalating investments in lithium-ion batteries. Noteworthy trends in the forecast period encompass the production of sand-based batteries, graphene-based batteries, increased investments in automation and robotic technologies within the manufacturing process, the incorporation of AI and machine learning techniques, as well as the manufacturing and development of lightweight structural batteries for exceptionally light electric bikes and consumer electronics.
The secondary batteries market is anticipated to experience a positive impact from the increasing demand for electric vehicles. These batteries are finding growing applications in hybrid vehicles, particularly Nickel Metal Hydride (NiMH) batteries due to their favorable features, including a wide temperature range (-30°C to +75°C) and rapid charging capacity. NiMH batteries can efficiently handle the high-power levels crucial for electric vehicles. As indicated by a report from Bloomberg New Energy Finance (BNEF), global electric vehicle sales are projected to reach 540 million by 2040, constituting approximately 32% of the world's passenger vehicles. Hence, the surge in demand for electric vehicles is poised to propel the growth of the secondary batteries market.
An escalating emphasis on renewable energy sources is expected to drive the expansion of the secondary battery market in the future. Renewable energy, derived from natural sources such as sunlight and wind, relies on efficient energy storage methods, with secondary batteries playing a crucial role. By offering reliable and cost-effective energy storage solutions, secondary batteries contribute to the increased adoption of renewable energy, thereby reducing dependence on fossil fuels. As per the International Energy Agency's 2021 report, renewable electricity generation is anticipated to grow by over 8%, reaching 8,300 Terawatt hours. Therefore, the growing focus on renewable energy sources is likely to foster the growth of the secondary battery market.
Recent advancements in NiMH battery manufacturing have led to enhancements in the longevity of nickel-metal hydride batteries. The inherent electro-positivity of A-elements, prone to corrosion in the alkaline electrolyte of NiMH batteries, has prompted the development of innovative solutions. One notable approach involves applying a thin protective layer to alloy particles, which serves to enhance the reaction kinetics and corrosion stability of conventional NiMH batteries. For instance, researchers at Stockholm University, a Swedish public university, have devised metal hydride surface structures for NiMH batteries, contributing to an extended cycle life.
Key players in the secondary battery market are strategically focusing on the development of batteries with superior charge capabilities to secure a competitive advantage. Batteries endowed with higher charge capacities offer increased power for applications with high demands, ensuring reliable performance as needed. In January 2022, American Battery Solutions Inc., a US-based manufacturer of industrial and commercial lithium-ion batteries, introduced the Alliance I48-3.0 lithium-ion battery. This rechargeable battery, designed in an industry-standard GC2 size, stands out for its ability to withstand high power, featuring 350-amp pulse and 120-amp continuous discharge capabilities. The Alliance I48-3.0 offers up to 75% more power compared to other standard-sized lithium-ion batteries, emphasizing its unique discharge capabilities.
In January 2022, Honda Motor Co Ltd., a Japan-based manufacturer of automobiles, motorcycles, and power products, entered into a partnership with SES Holdings Pte Ltd. for an undisclosed amount. This collaboration aims to advance the development of Lithium-Metal secondary batteries, facilitating Honda's acceleration of electrification across its product portfolio. SES Holdings Pte Ltd. is a US-based battery research and development company.
Major companies operating in the secondary batteries market report are 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, Rosatam, Panasonic Energy, A123 Systems LLC, AES Group, Ultralife Corporation, Rayovac, Exide Industries Ltd., Mobisol Kenya, Associated Battery Manufacturers (E.A) Ltd., Yuasa Battery (East Africa) Limited, ABMkenya, Potensa.
Asia-Pacific was the largest region in the secondary batteries market in 2023. 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. The countries covered in the secondary batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The primary product types of secondary batteries include lead-acid, lithium-ion (Li-ion), and nickel-metal hydride. The nickel-metal hydride (NiMH) battery, a prominent rechargeable variant, sees widespread use in various electronic devices such as laptop computers, mobile phones, and camcorders. The negative electrode of a NiMH battery is typically composed of a hydrogen-absorbing alloy and, in some instances, various intermetallic compounds, while the positive electrode is made using nickel-oxide hydroxide. NiMH batteries are utilized in diverse applications across electronics, motor vehicles, portable devices, and other sectors, catering to end-users in automotive, household, and industrial domains.
The secondary batteries market research report is one of a series of new reports that provides secondary batteries market statistics, including secondary batteries industry global market size, regional shares, competitors with a secondary batteries market share, detailed secondary batteries market segments, market trends and opportunities, and any further data you may need to thrive in the secondary batteries industry. These secondary batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The secondary batteries market consists of sales of lithium nickel magnesium cobalt (LI-NMC), lithium ferro phosphate (LFP), lithium cobalt oxide (LCO), lithium titanate oxide (LTO), lithium manganese oxide (LMO), D-battery, C battery, A battery, AA battery, AAA battery, small-sized Ni-MH battery for consumer electronics and large-sized Ni-MH battery for HEV, motive lead-acid batteries, stationary lead-acid batteries, carbon batteries, flow batteries, glass air batteries, and other secondary batteries. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Secondary Batteries Market Characteristics3. Secondary Batteries Market Trends and Strategies32. Global Secondary Batteries Market Competitive Benchmarking33. Global Secondary Batteries Market Competitive Dashboard34. Key Mergers and Acquisitions in the Secondary Batteries Market
4. Secondary Batteries Market - Macro Economic Scenario
5. Global Secondary Batteries Market Size and Growth
6. Secondary Batteries Market Segmentation
7. Secondary Batteries Market Regional and Country Analysis
8. Asia-Pacific Secondary Batteries Market
9. China Secondary Batteries Market
10. India Secondary Batteries Market
11. Japan Secondary Batteries Market
12. Australia Secondary Batteries Market
13. Indonesia Secondary Batteries Market
14. South Korea Secondary Batteries Market
15. Western Europe Secondary Batteries Market
16. UK Secondary Batteries Market
17. Germany Secondary Batteries Market
18. France Secondary Batteries Market
19. Italy Secondary Batteries Market
20. Spain Secondary Batteries Market
21. Eastern Europe Secondary Batteries Market
22. Russia Secondary Batteries Market
23. North America Secondary Batteries Market
24. USA Secondary Batteries Market
25. Canada Secondary Batteries Market
26. South America Secondary Batteries Market
27. Brazil Secondary Batteries Market
28. Middle East Secondary Batteries Market
29. Africa Secondary Batteries Market
30. Secondary Batteries Market Competitive Landscape and Company Profiles
31. Secondary Batteries Market Other Major and Innovative Companies
35. Secondary Batteries Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Secondary Batteries Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on secondary batteries market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for secondary batteries? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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
Key Companies Mentioned: LG Chem Co. Ltd.; Contemporary Amperex Technology Co., Limited; Samsung SDI Co. Ltd.; TDK Corporation; Panasonic Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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
- Rosatam
- Panasonic Energy
- A123 Systems LLC
- AES Group
- Ultralife Corporation
- Rayovac
- Exide Industries Ltd
- Mobisol Kenya
- Associated Battery Manufacturers (E.A) Ltd
- Yuasa Battery (East Africa) Limited
- ABMkenya
- Potensa
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 98.89 Billion |
| Forecasted Market Value ( USD | $ 144.77 Billion |
| Compound Annual Growth Rate | 10.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 43 |
