Secondary Battery Market is expected to reach US$ 85,395.2 Mn by 2027

 According to our latest market study on “Secondary Battery Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Others),” the market was valued at US$ 52,884.4 million in 2019 and is projected to reach US$ 85,395.2 million by 2027; it is expected to grow at a CAGR of 8.5% from 2020 to 2027.The report highlights key factors driving the market growth,and prominent players with their developments in the market.

The secondary battery market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Presently, APAC held the largest share of the global secondary battery market owing to the rising adoption of lithium-ion batteries in consumer electronics, energy storage systems, medical & healthcare, and EVs. In 2019, the region contributed 38% revenue share to the overall secondary battery market. In terms of market share, Europe and North America held the second and third positions in 2019.  At present, numerous initiatives have been taken place by the governments of developing countries and developed economies to adopt sustainable transportation. The market for a secondary battery is fragmented with the presence of leading as well as well-established players across the globe. Businesses are constantly investing and advancing to ramp-up economical and energy-efficient battery technology in the market. Additionally, the high adoption rate of secondary batteries in smart electronics devices in healthcare and medical is also boosting the growth of the market.

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The global battery industry is experiencing a growth in various developed and developing economies owing to its robust features, such as higher density and longer life cycle. These factors drive the growth of the battery industry in all the key regions such as North America, Europe, and APAC. Lithium-ion batteries are dominantly used secondary battery type in consumer electronics such as smartphones, iPods, laptops, and wearable devices. These rechargeable batteries are also likely to dominate the automotive, industrial, and power storage applications. At present, there is greater demand for connected and smart consumer products than conventional electronic products.

Smartphone is one of the fastest-growing segments in the consumer electronics industry, and it has an enormous impact on the secondary battery business. These battery technologies have revolutionized tablets and smartphones and are now finding applications in desktop displays, laptops, wearable devices, and PCs. Owing to tremendous competition in the , device manufacturers constantly focus on designing low-cost systems featuring high-quality displays, with easy navigation and long battery life.

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Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Secondary Battery Market’ provides the analysis on impact on Covid-19 on business segments and country markets. The reports also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

The US is a prominent market for secondary battery especially in smartphone and internet penetration, and consumer electronic sectors. The huge increase in the number of confirmed cases and rising reported deaths in the country is affecting both manufacturing and sales of smartphones and tablets. The factory and business shutdowns across the US, Canada and Mexico are impacting the adoption of secondary battery market. North America region is home to a large number of manufacturing and technology companies and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the secondary battery market growth of North America in a negative manner for the next few quarters.

The rising concerns regarding the environmental impacts of using fossil fuels and the benefits of energy grids, engineers are progressively adopting energy storage solutions. Since this solution helps address the intermittency of wind and solar power, it also responds swiftly to large fluctuations in demand, making the grid more responsive and reducing the requirement to develop backup power plants. The growing demand for energy-efficient battery-powered portable devices, increasing need of upgrading existing power infrastructure, and rising preference for renewable power sources are among the significant factors propelling the growth of the energy storage industry. Most energy storage projects developed by independent system operators (ISOs) use lithium-ion batteries that deliver sufficient energy to address the demand received by local grid.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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