Secondary Batteries Global Market Report 2024

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.