Enjoy complimentary customisation on priority with our Enterprise License!
The secondary battery market is projected to grow by USD 71.02 billion with a CAGR of 12.51% during the forecast period 2021 to 2026.
This secondary battery market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the secondary battery market segmentation by technology (lead-acid, lithium-ion, and others) and geography (APAC, Europe, North America, the Middle East and Africa, and South America). The secondary battery market report also offers information on several market vendors, including Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, BYD Co. Ltd., Clarios, Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., EEMB, EnerSys, Exide Technologies, Furukawa Electric Co. Ltd., GS Yuasa Corp., Hitachi Ltd., Leoch International Technology Ltd., LG Corp., Morimura Bros Inc., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Saft Groupe SAS, Samsung SDI Co. Ltd., Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd. among others.
Download Report Sample to Unlock the Secondary Battery Market Size for the Forecast Period and Other Important Statistics
The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the secondary battery market.
Key Secondary Battery Market Driver
The decline in lithium-ion battery costs is notably driving the secondary battery market growth. Lithium-ion batteries offer several advantages, such as higher current density, longer power-holding capacity, and longer shelf life than other battery chemistries. Such benefits make them preferred among end-users. Other than the best performance, the cost is a vital factor that differentiates lithium-ion batteries from other battery technologies. Lithium-ion batteries are comparatively costlier than lead-acid batteries and NiMH batteries. However, the manufacturing cost of lithium-ion batteries and the cost of battery packs have declined substantially in the past few years, owing to improved production scale and manufacturing efficiency of vendors. The cost of lithium-ion batteries has declined globally owing to the higher adoption of this battery technology in the automotive industry and the development of cost-effective production methods by vendors. The leading manufacturers of lithium-ion batteries are focusing on technological advances and are trying to reduce the prices of battery packs further. Lithium-ion batteries account for a major share of the cost structure of the end products in which they are used. A decline in their prices will lower the total cost of ownership of these end products and will make these batteries more competitive than alternative battery technologies, such as lead-acid batteries and NiMH batteries. The prices of lithium-ion batteries are expected to decline further in the coming years as the production capacity of vendors is continuously rising owing to the strong demand for EVs. Such reduction in cost, coupled with the overall performance of lithium-ion batteries, will increase the sales of these batteries, which will tend to drive the growth of the global secondary battery market during the forecast period.
Key Secondary Battery Market Trend
The development of advanced lead-acid batteries is the primary trend driving the secondary battery market growth. The tremendous advantage of lead-acid batteries over other different battery and energy storage technologies is their cost, as lead-based batteries cost much less than lithium-ion batteries and NiMH batteries. Advanced lead-acid batteries are an upgrade over ordinary lead-acid batteries as they offer the most desirable overall performance and eliminate the drawbacks of common lead-acid batteries, such as a decline in the performance of the battery due to sulfation. Advanced lead-acid batteries employ several technologies, of which the most prominent ones are EFBs, AGM batteries, and lead-carbon batteries. Advanced lead acid batteries are majorly used for both on-grid and off-grid energy storage to provide a continuous electricity supply. In automobiles, advanced lead-acid batteries are used primarily in start/stop applications in micro-hybrid vehicles and EVs. The increasing need for industrial batteries and energy storage applications in electrical grids, off-grid, and microgrids is driving the demand for advanced lead-acid batteries. In the industrial sector, different types of material handling equipment utilize advanced lead-acid battery storage systems. Lead-acid battery manufacturers are focusing on developing advanced lead-acid batteries to retain their market share in the global secondary battery market and to compete with lithium-ion battery manufacturers. For this, several vendors are increasingly collaborating among themselves and investing in the R&D of advanced lead-acid batteries. For instance, in March 2022, Exide Industries entered into a long-year technical collaboration agreement with Chinese lithium-ion battery maker SVOLT Energy Technology Co. Ltd to set up a GW scale li-ion cell manufacturing facility. Such collaborations will result in improved performance and demand for advanced lead-acid batteries, which will drive the growth of the global secondary battery market during the forecast period.
Key Secondary Battery Market Challenge
Drawbacks of lead-acid batteries are the major challenge impeding the secondary battery market growth. Lead-acid batteries are widely used across the globe. Lead-acid batteries hold a cost advantage over other battery technologies and, as a result, are preferred in a number of applications. However, they are heavier and less durable than substitute batteries, such as lithium-ion or nickel batteries. The life expectancy of lead-acid batteries under continuous charge depends on multiple factors, such as charging frequency, charging voltage, and depth of discharge, as high temperatures reduce the lifespan of these batteries. Compared with lithium-ion batteries, lead-acid batteries have lower strength density and lose the ability to accept a charge when discharged for too long due to sulfation (formation of lead sulfate crystals in the pores and the floor of the lead plates of batteries). The growth of the automotive and other related industries has increased the demand for lead-acid batteries, which are used as a power source. Moreover, owing to the low availability of substitutes at the same cost, many industries continue to use lead-acid batteries. However, lead-acid batteries contain high levels of toxic lead oxide, a hazardous material that poses risks to the environment and human health. Therefore, the increased production of these batteries has resulted in the emissions of lead, which are often mixed with discharge fumes from manufacturing plants, causing air pollution and health issues in people. An increase in lead emissions in the air due to the incorrect disposal of lead is limiting the use of lead in batteries. Several lead-acid battery manufacturers have been ordered to close their plants due to issues over lead poisoning/pollution. Exide Technologies had to permanently close its lead-acid battery recycling plant in California, US, because of lead contamination. China, one of the largest manufacturers of lead-acid batteries globally, was compelled to shut down many of its lead-acid battery manufacturing plants way back in 2011, following which it enforced stringent regulations and standards for lead-acid battery production and disposal. Thus, the disadvantages of lead-acid batteries will restrict their demand and use across the globe. This, in turn, will hamper the growth of the global secondary battery market during the forecast period.
This secondary battery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global secondary battery market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the secondary battery market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the secondary battery market encompasses successful business strategies deployed by the key vendors. The secondary battery market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The secondary battery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the secondary battery market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
For more insights on the market share of various regions Request PDF Sample now!
56% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the secondary battery market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising adoption of both ICE vehicles and EVs will facilitate the secondary battery market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The global secondary battery market in APAC has witnessed certain challenges since early 2020, owing to the COVID-19 outbreak. The outbreak of COVID-19 affected many nations in the region, such as China, India, South Korea, and Japan. In 2020, many countries imposed stringent nationwide lockdowns to prevent the community spread of COVID-19. The outbreak affected the universal economic systems in the region, as well as supply chains and industrial sectors in 2020 and early 2021. The rapid rise in the number of COVID-19 cases in APAC hampered supply chains and related activities and, subsequently, the demand for secondary batteries in the region until early 2021. However, the lifting of travel restrictions, the resumption of operations in the manufacturing sector, and the initiation of large-scale COVID-19 vaccination drives conducted in many countries have driven the growth of the regional market from the second half of 2021, which will continue to grow during the forecast period.
To gain further insights on the market contribution of various segments Request a PDF Sample
The secondary battery market share growth in the lead-acid segment will be significant during the forecast period. Lead-acid batteries are one of the oldest battery chemistries that are used to supply power in automotive applications and energy storage and UPS in stationary applications. These batteries are used instead of lithium-ion or other battery technologies due to their low-cost, mature technology, and easy availability. Lead-acid batteries are very cost-effective when compared with other battery technologies.
This report provides an accurate prediction of the contribution of all the segments to the growth of the secondary battery market size and actionable market insights on the post-COVID-19 impact on each segment.
|
Secondary Battery Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 12.51% |
|
Market growth 2022-2026 |
$71.02 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
12.01 |
|
Regional analysis |
APAC, Europe, North America, the Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 56% |
|
Key consumer countries |
US, China, Japan, Germany, and UK |
|
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
|
Key companies profiled |
Accumulatorenwerke HOPPECKE Carl Zoellner & Sohn GmbH, BYD Co. Ltd., Clarios, Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., EEMB, EnerSys, Exide Technologies, Furukawa Electric Co. Ltd., GS Yuasa Corp., Hitachi Ltd., Leoch International Technology Ltd., LG Corp., Morimura Bros Inc., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Saft Groupe SAS, Samsung SDI Co. Ltd., Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
