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$ 52,884.4million in 2019 and is projected to reach US$ 85,395.25million by 2027; it is expected to grow at a CAGR of 8.50% from 2020 to 2027.The report highlights key factors driving the market growth, and prominent players with their developments in the market.
Strategic Insights
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Report Coverage |
Details |
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Market Size Value in |
US$ 52,884.4 Million in 2019 |
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Market Size Value by |
US$ 85,395.2 Million by 2027 |
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Growth rate |
CAGR of 8.5% from 2020-2027 |
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Forecast Period |
2020-2027 |
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Base Year |
2020 |
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No. of Pages |
149 |
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No. Tables |
56 |
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No. of Charts & Figures |
75 |
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Historical data available |
Yes |
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Segments covered |
Technology; Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
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Country scope |
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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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 increasing adoption of consumer electronics devices across the globe owing to the transition of replacing the lead-acid batteries with lithium-ion batteries to save space and rising investment in EVs are some of the key factors that are expected to fuel the demand for a secondary battery in all the key geographies over the forecast period of 2020 to 2027. Europe is also an important market for the future growth of the secondary battery market during the forecast period due to the rapidly growing number of companies investing in EVs. The region is characterized by well-developed nations such as Germany, the UK, and France, which are the key markets for the adoption and growth of secondary battery.
Impact of COVID-19 Pandemic on Secondary battery Market
Coronavirus outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. According to the latest WHO figures, there are 35,659,007 confirmed cases and 1,044,269 total deaths globally. The coronavirus outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global electronics and semiconductor industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. as a result of this outbreak.
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Increasing Demand for Secondary Battery in Energy Storage Technology
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.
Secondary Battery Market: Technology Type
The secondary battery market, based on technology, is segmented into the lead-acid secondary battery, lithium-ion secondary battery, and other technologies. The lead-acid secondary battery is the oldest battery system. These robust batteries can be used for emergency lighting and uninterruptible power supply (UPS). The lithium-ion secondary battery is considered as an optimal choice for the portable energy storage devices used in the consumer electronics industry. These batteries are expensive than other batteries; however, high cycle count and low maintenance requirements mitigate the cost factor. The growing adoption of these technologies in various industrial applications is expected to boom the market in the coming years
Secondary Battery Market: Competitive Landscape and Key Developments
Amperex Technology Limited, BYD Company Ltd, Duracell Inc., EnerSys, Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Saft Groupe SA, Samsung SDI Co., Ltd., GS Yuasa International Ltd. and LG Chem are among the key players in the global Secondary Battery market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, GS Yuasa Corporation announced that its automotive lithium-ion battery EHW4S has been adopted for the first time in the Hybrid Synergy Drive system of Toyota Motor Corporation and has been installed in the new Harrier hybrid model launched on June 17, 2020
In 2020, GS Yuasa Corporation announced that consolidated subsidiary GS Yuasa International Ltd. has signed a share transfer agreement with Sanken Electric Co., Ltd. regarding GS Yuasa’s acquisition of the Infrastructure business of Sanken Electric.
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