Secondary Battery Market by Technology and Geography - Forecast and Analysis 2020-2024
- Published: Apr 2020
- Pages: 120
- SKU: IRTNTR40336
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The secondary battery market size has the potential to grow by USD 55.62 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by technology (lead-acid, lithium-ion, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BYD Co. Ltd., Clarios, Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., Exide Technologies, GS Yuasa Corp., LG Chem Ltd., Panasonic Corp., Samsung SDI Co. Ltd., and Tesla Inc.
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Market Competitive Analysis
The secondary battery market is fragmented. Market vendors are offering batteries based on different chemistries, such as lithium-ion, lead-acid, NiMH, and NiCd. GS Yuasa Corp., LG Chem Ltd., Panasonic Corp., Samsung SDI Co. Ltd., and Tesla Inc. are some of the major market participants. Although the decline in lithium-ion battery costs will offer immense growth opportunities, shortfalls of lead-acid batteries will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this secondary battery market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this secondary battery market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- BYD Co. Ltd.
- Contemporary Amperex Technology Co. Ltd.
- East Penn Manufacturing Co. Inc.
- Exide Technologies
- GS Yuasa Corp.
- LG Chem Ltd.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
- Tesla Inc.
Secondary Battery Market: Segmentation by Region
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APAC was the largest secondary battery market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising adoption of both ICE vehicles and EVs and an increase in the demand for ESSs in utility and motive applications will significantly influence secondary battery market growth in this region.
Almost 64% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for secondary batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Secondary Battery Market: Segmentation by Technology
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Lead-acid batteries are cost-effective compared to other battery technologies. The increase in industrial and construction activities, high adoption of battery technology in the automotive industry and UPS applications, and growing adoption of EVs are some of the factors driving the growth of the secondary battery market in this segment.
Market growth in this segment will be slower than the growth of the market in the lithium-ion segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the secondary battery market size.
Secondary Battery Market: Key Drivers and Trends
Lithium-ion batteries are preferred over other batteries because of their several advantages, such as higher current density, longer power-holding capacity, and longer shelf life. These batteries are also less costly than lead-acid batteries or NiMH batteries. The improved production scale and development of cost-effective production methods by vendors have resulted in a decline in the manufacturing cost of lithium-ion batteries. The high adoption of battery technology in the automotive industry has also contributed to the decline in lithium-ion battery prices. The increasing focus on technological advances by market vendors will further help in reducing the price of lithium-ion batteries. Such cost reductions, coupled with the enhanced performance of lithium-ion batteries, will boost the sales of these batteries and, subsequently, drive the growth of the global secondary battery market during the forecast period.
With the continuous rise in global energy demand, clean energy initiatives, and subsidies for power generation using sustainable, the use of renewable energy sources such as solar and wind energy has also increased. Renewable energy sources are clean, inexhaustive, less carbon-intensive, and more sustainable than fossil fuels. The increase in GHG emissions due to the burning of fossil fuels has compelled governments to focus on the usage of sustainable and renewable energy resources. Many countries have introduced benefits such as incentives, feed-in tariffs, and tax credits to boost the installations of renewable energy-based power plants and reduce the emissions of hazardous gases that have an adverse impact on the environment. The intermittent power generation from renewable sources of energy will increase the need for solutions such as battery energy storage in both grid and off-grid locations. Thus, the rise in the use of renewable energy will fuel the demand for secondary batteries during the forecast period.
Secondary Battery Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive secondary battery market growth during the next five years
- Precise estimation of the secondary battery market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the secondary battery market industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of secondary battery market vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Decline in lithium-ion battery costs
- Development of advanced lead-acid battery
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