Secondary Battery Market Expected to Hit US$ 174.36 Billion by 2027 at 10.30% CAGR

IMARC Group expects the market to reach a value of US$ 174.36 Billion by 2027, exhibiting a CAGR of 10.30% during 2022-2027.


According to the latest report by IMARC Group, titled “Secondary Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global secondary battery market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global secondary battery market reached a value of US$ 95.47 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 174.36 Billion by 2027, exhibiting a CAGR of 10.30% during 2022-2027.

Secondary batteries are rechargeable batteries or accumulators that store and convert chemical energy into electrical energy, depending on the requirement. They are less expensive than primary batteries and have superior low-temperature performance, high power density, and reasonable discharge rates. Due to this, secondary batteries find extensive applications in powering electronic devices, cellular phones, and hybrid electric vehicles (HEVs). Nowadays, several leading manufacturers are developing innovative secondary batteries, such as a flow cell battery that enables large-scale (GWh) and cost-effective energy storage using wide basins at a low price.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Secondary Battery Market Trends and Drivers:

The global secondary battery market is primarily driven by the increasing sales of portable electronic devices, such as mobiles, speakers, and laptops. Moreover, the surging popularity of electric vehicles (EVs) due to the rising awareness among individuals regarding greenhouse gas (GHG) emissions produced by conventional automobiles has catalyzed market growth. Additionally, the increasing incidences of frequent power outages and the growing energy consumption due to rapid urbanization have augmented product demand.

Besides this, extensive investments in renewable energy, escalating demand for efficient energy storage systems, and low maintenance costs of secondary batteries are positively influencing the market growth. Furthermore, the surging adoption of secondary batteries in power tools, medical devices, aviation, and industrial applications, as they provide high specific energy and ultra-fast charging with minimal stress, has propelled the market growth. Other factors, including the increasing internet penetration, favorable government policies, and rising consumer disposable incomes, are also anticipated to drive the market further.

Global Secondary Battery Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these top key players include: 

  • Amperex Technology Limited (TDK Corporation)
  • Byd Company Limited
  • Duracell Inc. (Berkshire Hathaway Inc.)
  • Energizer Holdings Inc.
  • EnerSys
  • LG Chem Ltd.
  • Panasonic Corporation
  • Saft (TotalEnergies SE)
  • Samsung SDI Co. Ltd.
  • Showa Denko K. K.
  • Sony Group Corporation
  • Tianjin Lishen Battery Joint-Stock Co. Ltd.

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The report has segmented the market on the basis of region, type, application and industry vertical.

Breakup by Type:

  • Lead Acid
  • Lithium-Ion (Li-ion)
  • Nickel Metal Hydride
  • Others

Breakup by Application:

  • Electronics
  • Motor Vehicles
  • Industrial Batteries
  • Portables Devices
  • Others

The Breakup by Industry Vertical:

  • Chemical and Petrochemical
  • Oil and Gas
  • Energy and Power
  • Automotive
  • Others

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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