Secondary Battery Market to Reach $261.8 Billion, globally, by 2032 at 9.8% CAGR: Allied Market Research

Allied Market Research United States of America United Kingdom

 

The motor vehicles segment to maintain its leadership status throughout the forecast period- 

By application, the motor vehicles segment held the highest market share in 2022, garnering more than two-fifths of the global secondary battery market revenue, and is anticipated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 10.1% from 2023 to 2032. The continuous improvements in battery and advancing charging infrastructure have led to growth in the demand for EVs. EVs are being pushed majorly by government across the globe owing to net-zero targets committed by leaders for reducing carbon emissions globally. Several activities such as research, development, and testing on autonomous vehicles are being carried out for advancing electric vehicle technology.

The automotive segment to maintain its lead position during the forecast period-

By industry vertical, the automotive segment held the largest market share in 2022, accounting for nearly one-third of the global secondary battery market revenue, and is predicted to maintain its lead position during the forecast period. The same segment would also portray the fastest CAGR of 10.2% between 2023 and 2032. The global shift to electric vehicles from conventional fuel vehicles is speeding up and so is the demand for such batteries. Major automakers and vehicle manufacturers are announcing and implementing plans to phase out internal combustion engines (ICE)in the production. They are also heavily investing in the advancement of present electric vehicle battery technology, enhancing current driving range, and expanding charging infrastructure. Such efforts positively impact the growth of secondary battery market in automotive segment. 

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Asia-Pacific garnered the major market share in 2032- 

Based on region, Asia-Pacific garnered the major market share in 2022, holding two-fifths of the global secondary battery market revenue, and is anticipated to maintain its dominance throughout the forecast period. The same region would also exhibit the fastest CAGR of 10.1% from 2023 to 2032. China is one of the major economies of the region and it is also the major manufacturer and consumer of electric vehicles. Rising demand for electric vehicles boosts the demand for secondary batteries and thus fosters market growth. In other economies as well such as India, Japan, South Korea, Australia, Singapore, and Malaysia, the demand for electric vehicles and portable electronic devices have also contributed to the rising demand for secondary battery in the region. The governments in the region are also encouraging environmentally friendly transportation and aimed at reducing carbon emissions.

Leading Market Players: - 

Energizer Holdings Inc. LG Chem BTI Johnson Controls Samsung SDI Co., Ltd. Aquion Energy, LLC Panasonic Corporation Amperex Technologies BYD Company Ltd.Hitachi High-Tech India Private Limited. 

The report provides a detailed analysis of these key players in the global secondary battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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