Global Secondary Battery Market Is Estimated To Witness High Growth Owing To Opportunity In Electro-Mobility Industry

Secondary Batteries Such As Lead-Acid Batteries Are Widely Used In Starting, Lighting And Ignition Applications In Automotive As They Provide High Current Delivery. They Are Also Used In Electric Vehicles Due To Their Ability To Store High Amounts Of Electric Charge Which Can Then Be Discharged To Power Electric Motors. The Increasing Adoption Of Electric Vehicles And Demand For Vehicles With Higher Fuel-Efficiency Is Expected To Drive The Growth Of The Secondary Battery Market. Secondary Batteries Store Chemicals In An Electrochemical Reaction Which Produces Electric Current. They Can Be Recharged Many Times By Passing Current In The Opposite Direction Of The Discharge.

The Global Secondary Battery Market Is Estimated To Be Valued At US$ 104461.1 Mn In 2023 And Is Expected To Exhibit A CAGR Of 4.4% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Opportunity:
The Considerable Growth In The Electro-Mobility Industry Provides A Major Market Opportunity For Secondary Batteries. Electric Vehicles Require Large Capacity Storage Batteries To Power Their Electric Motors. The Increasing Investment By Governments And Automakers In Development Of Electric Vehicles Is Expected To Boost Demand For Lithium-Ion And Lead-Acid Batteries Significantly Over The Forecast Period. As Per Estimates, Electric Vehicle Sales Are Projected To Grow At A CAGR Of 29% Between 2020 To 2030. The Growing Electric Vehicle Fleet Will Necessitate Installation Of More Charging Infrastructure Which Will Further Drive The Need For Energy Storage Through Secondary Batteries. Thus, The Electro-Mobility Industry Transition Provides A Major Growth Driver For The Global Secondary Battery Market During The Forecast Period.

Porter’s Analysis

Threat Of New Entrants: The Secondary Battery Market Requires High Initial Investments In R&D For Battery Technology Development Which Poses A Barrier For New Companies.

Bargaining Power Of Buyers: Individual Buyers Have Moderate Bargaining Power Due To The Presence Of Many Established Battery Manufacturers. However, Large Corporate Buyers Have High Bargaining Power Due To Bulk Purchases.

Bargaining Power Of Suppliers: The Bargaining Power Of Raw Material Suppliers Is Low As Battery Manufacturers Can Switch To Alternative Suppliers.

Threat Of New Substitutes: New Energy Storage Technologies Like Hydrogen Fuel Cells Pose Potential Threats But Are Not Commercialized Yet On A Large Scale.

Competitive Rivalry: Intense Competition Exists Among Leading Players To Gain Market Share Through Product Differentiation, Cost Leadership And Partnerships.

SWOT Analysis
Strengths: Established Supply Chains, Strategic Global Presence, Product Innovation And Brand Recognition Are Key Strengths.
Weaknesses: High Dependence On Few Raw Materials Increases Supply Risks. Fluctuating Raw Material Prices Impact Margins.
Opportunities: Growing Electrification Of Automobiles And Expanding Renewable Energy Sector Increases Opportunities.
Threats: Stricter Environmental Regulations Around Disposal Increase Compliance Costs. Delays In Developing Low Cost And High Energy Density Batteries Restrict Wider Adoption.

Key Takeaways
Global Secondary Battery Market Size Is Expected To Witness High Growth Driven By Increased Demand For Evs And Renewable Energy Storage Solutions. The Global Secondary Battery Market Is Estimated To Be Valued At US$ 104461.1 Mn In 2023 And Is Expected To Exhibit A CAGR Of 4.4% Over The Forecast Period 2023 To 2030.

The Asia Pacific Region Dominates Currently Due To Presence Of Key Battery And Automobile Manufacturers In China, Japan And South Korea. Countries Like China, US, Japan And South Korea Are Expected To Remain The Major Revenue Generators With China Alone Holding Over 50% Of The Total Market Share. North America And Europe Are Other Major Regions Adopting Electric Vehicles Rapidly Which Will Drive Secondary Battery Demand Over The Forecast Period.

Key Players Related Content - Key Players Operating In The Secondary Battery Market Are Samsung SDI Co. Ltd., LG Chem Ltd., Contemporary Amperex Technology Co. Ltd., BYD Company Ltd., Mitsubishi Chemical Holdings Corporation. Leading Players Focus On Expanding Manufacturing Capacities And Collaborating With Automotive Oems To Gain More Contracts For Battery Supplies.

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