Secondary Battery Market is Anticipated to Witness High Growth Owing to Rising Adoption of Electric Vehicles

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The secondary battery market comprises rechargeable batteries that can be charged, discharged into an external circuit, and recharged many times, unlike primary batteries which are typically discarded once discharged. Secondary batteries such as lead-acid batteries are extensively used in automotive start-stop applications & motive power batteries for electric vehicles, electric bikes, etc. Lithium-ion batteries are gaining traction owing to their high energy density and are widely adopted in consumer electronics and stationary energy storage. The global secondary battery market is estimated to be valued at US$ 120.19 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period of 2024 to 2030.


Key Takeaways
Key players operating in the secondary battery market are 3M, ConvaTec Inc., Coloplast Corp., Salts Healthcare, MEDLINE, Medicareplus International, Essity Medical Solutions, Cardinal Health, Smith & Nephew Plc., Safe n Simple, B Braun Medical Inc., Hollister Inc., and DermaRite Industries, LLC. These players are focusing on new product development and geographic expansion to strengthen their market position.

The key opportunities in the secondary battery market size include rising demand for battery-powered material handling equipment and growing need for grid-level energy storage solutions. Market players can leverage these opportunities by developing large format lithium-ion batteries suitable for electric vehicle and grid storage applications.

Globally, the secondary battery market is anticipated to witness high growth in the Asia Pacific region owing to the increasing sales of electric vehicles in China. Manufacturers are expanding their production capacities in various Asia Pacific countries to tap the growing demand from the region. North America and Europe are also expected to present lucrative opportunities for secondary battery manufacturers over the coming years.

Market Drivers
The rising adoption of electric vehicles across the globe is a major factor driving the growth of the secondary battery market. Various governments are offering subsidies and tax rebates to promote electric mobility, which is increasing the demand for high-performance rechargeable batteries for electric vehicles. Moreover, the deployment of smart grids and integration of renewable energy is also driving the need for large-format stationary battery storage systems.

Market Restraints
Volatility in raw material prices such as lithium, cobalt, and graphite poses a major challenge for secondary battery manufacturers. Fluctuations in raw material prices lead to increase in battery costs. Furthermore, the complex recycling process of batteries poses an environmental concern, which can negatively impact the market growth. Battery disposal standards and regulations are still evolving.

Segment Analysis
Lithium-ion batteries hold the dominating sub segment share in the secondary battery market. Lithium-ion batteries are rechargeable and have high energy density as compared to other batteries like lead-acid and nickel-metal hydride. They are light weight and have no memory effect. Lithium-ion batteries are widely used in consumer electronics like smartphones, laptops, tablets and power tools. Growing sales of these consumer electronics is driving the lithium-ion battery market.

Nickel-metal hydride batteries account for a notable share. These batteries offer comparatively higher capacity than other battery technologies like nickel-cadmium. Nickel-metal hydride batteries are preferred for applications requiring long run times between charges like in hybrid electric vehicles and cordless power tools.

Global Analysis
The Asia Pacific region holds the largest share in the global secondary battery market currently. China dominates the Asia Pacific secondary battery market owing to presence of leading battery manufacturers. Growing electronics manufacturing in China, South Korea and Japan has been driving battery demand. North America is another major region fueled by strong sales of electric vehicles and consumer electronics. Presence of key battery material suppliers in the US and Canada is supporting regional market growth. Europe is witnessing increasing battery recycling initiatives by manufacturers and governments to promote sustainability, which is positively impacting the secondary battery industry.

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