Global Secondary Battery Market Size is Projected to Reach USD 300.41 billion by 2030, Growing at a CAGR of 13.80%: Straits Research
Global Secondary Battery Market Size is Projected to Reach USD 300.41 billion by 2030, Growing at a CAGR of 13.80%: Straits Research

The secondary battery market is bolstered by the Increasing adoption of electric vehicles, decreasing prices of lithium-ion battery these factors are anticipated to driving the market growth during the forecast period.

New York, United States, Feb. 29, 2024 (GLOBE NEWSWIRE) — A secondary battery is an electrical battery that can be repeatedly charged, discharged, and recharged. Secondary batteries power electronic devices, mobile phones, and hybrid electric vehicles (HEVs). The growth of the global secondary battery market is fueled by several factors, including technological advancements, an increase in end-user industries, government policy-level support to promote energy storage infrastructure, etc. In the beginning, almost all secondary batteries were lead-acid batteries. However, as technology advanced, other types of batteries, such as lithium-ion batteries, which are more effective and powerful, entered the market.

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Increasing Adoption of Electric Vehicles Drives the Global Market

According to Straits Research, The global secondary battery market was valued at USD 93.85 billion in 2021. It is projected to reach USD 300.41 billion by 2030, growing at a CAGR of 13.80 % during the forecast period (2022–2030). Hybrid cars increasingly rely on secondary battery systems. As demand for EVs rises, EV manufacturers have become the largest buyers of lithium-ion batteries. Subsidies and other government programs are being implemented in many nations to promote the widespread adoption of EVs. Electric vehicles typically use lithium-ion batteries. Due to the decreasing price of lithium-ion batteries, the production of electric vehicles has become more affordable. NiMH batteries, which can be utilized in a wide range of temperatures and are quick to recharge, are ideally suited for automobiles.

Growing Use of Artificial Intelligence in the Research and Development Phase of Battery Manufacturing Creates Tremendous Opportunities

The battery manufacturers are investing heavily in R&D initiatives to increase battery life. The industrial sector will likely adopt batteries more frequently as their performance and cost improvements. Therefore, artificial intelligence in the R&D phase of battery production may indirectly influence the growth of the secondary market in the coming years. AI is anticipated to reduce R&D expenditures and accelerate the research process. Depending on how the battery will be used and other technical specifications, AI can make in-depth structural design recommendations that result in optimized battery performance. AI is expected to cut down on the costs of R&D and speed up the process.

Regional Analysis

Asia-Pacific secondary battery market share is expected to grow at a CAGR of 15.89% during the forecast period. The adoption of electric vehicles is accelerating in developed and developing Asia-Pacific economies. Due to increasing urbanization, rising sales of consumer electronics such as smartphones, tablets, and computers, and the number of internet users in the country is soaring. Due to the expansion of the automotive industry and the proliferation of smart devices, Japan holds a sizeable portion of the global secondary battery market. China has a secure grip on the lithium-ion battery manufacturing supply chain because of the cost advantages and convenience of having access to battery materials.

South America is expected to grow at a CAGR of 6.12% during the forecast period. The expanding demand for consumer electronics in Brazil is a significant boon for the secondary market. Vehicle production growth has increased the demand for lead-acid batteries used in SLI applications. With a growing population, vehicle demand is anticipated to grow further. Brazil has been at the forefront of developing standards for adopting electric vehicles (EVs) over internal combustion engine (ICE) vehicles to reduce greenhouse gas emissions and address climate change challenges. The government of Argentina intends to explore the country’s vast lithium reserves. It is anticipated that the large lithium reserve will provide ample opportunity for industrial lithium-ion battery manufacturers to construct a manufacturing center in Argentina and produce relatively inexpensive batteries for the market.

The government of the United Kingdom is taking many steps to improve the country’s telecommunications infrastructure. It is a good indication of the future sales of secondary batteries. In addition, Russia has started replacing lead-acid batteries with lithium-ion batteries for their Base Transceiver Station (BTS) power backup solutions, a move that will increase the need for industrial batteries in the country. Also, Germany has been victorious in luring investors worldwide to fund the construction of lithium-ion battery production facilities.

Key Highlights

  • Based on technology, the global secondary battery market is bifurcated into lead-acid batteries, lithium-ion batteries, and others. The lead acid battery segment is the highest contributor to the market and is expected to grow at a CAGR of 5.24 % during the forecast period.
  • Based on application, the global secondary battery market is bifurcated into automotive batteries, industrial batteries, portable batteries, and others. The automotive batteries segment owns the highest market share and is expected to grow at a CAGR of 18.36 % during the forecast period.
  • Asia-Pacific is the most significant shareholder in the global secondary battery market and is expected to grow at a CAGR of 15.89 % during the forecast period.

Competitive Players

The Top 10 players in the global secondary battery market are LG Chem Co. Ltd., Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd., TDK Corporation, Panasonic Corporation and BYD Co. Ltd, and EnerSys.

Market News

  • In December 2021, ABSLTM Lithium-ion (Li-ion) batteries were successfully integrated into the National Aeronautics and Space Administration (NASA) James Webb Space Telescope launch.
  • In August 2022, LG Chem, a leading global diversified chemical company, and ADM, a global leader in nutrition and biosolutions, established two joint ventures for the U.S. production of lactic acid and polylactic acid to meet the rising demand for a wide range of plant-based products, including bioplastics.
  • In August 2022, Contemporary Amperex Tech Co., Limited (CATL) announced it would invest 7.34 billion euros in constructing a 100 GWh battery plant in Debrecen, east Hungary. It will be the company’s second battery plant in Europe after its German plant.

Global Secondary Battery Market: Segmentation

By Technology

  • Lead-acid Battery
  • Lithium-ion Battery
  • Nickel Metal Hydride
  • Other

By Applications

  • Automotive Batteries
  • Industrial Batteries
  • Portable Batteries
  • Motor Vehicle
  • Electronic
  • HEV
  • NEV
  • Stationary
  • Telecom
  • UPS
  • Other

By Regions

  • North America
  • Asia-Pacific
  • Europe
  • The Middle East and Africa
  • South America

Get Detailed Market Segmentation @ https://straitsresearch.com/report/secondary-battery-market/segmentation

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Originally published at https://www.einpresswire.com/article/692308296/global-secondary-battery-market-size-is-projected-to-reach-usd-300-41-billion-by-2030-growing-at-a-cagr-of-13-80-straits-research