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| Global Secondary Battery Market Size |
Secondary Batteries Have Established Itself As An Integral Part Of Our Lives
With Its Wide Range Of Applications In Smartphones, Laptops, Electric Vehicles
And More. The Increasing Demand For Battery Operated Products Has Resulted In
Extensive Usage Of Secondary Batteries. Secondary Batteries Provide High Energy
Density And Are Rechargeable, Making Them A Preferred Choice For Varied
Electronic Devices And Electric Vehicles.
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 Key Trends:
The Rapid Increase In Demand For Battery Operated Products Is One Of The Key
Trends Driving Growth In The Secondary Battery Market. Due To Factors Such As
Increasing Smartphone Penetration, Rising Electric Vehicle Sales And Growing
Electronics Industry, The Demand For Rechargeable Batteries Is Surging
Exponentially. As Per Estimates, Over 6 Billion Smartphones Were In Use
Globally In 2021. Electric Vehicles Sales Have Grown Over 40% Year-On-Year And
Are Expected To Dominate New Vehicle Sales By 2030. This Massive Rise In
Battery Operated Devices Has Significantly Boosted The Secondary Battery
Market. With Technological Advancements Expanding Battery Applications Into New
Areas, The Demand For Secondary Batteries Is Projected To Accelerate Further
Over The Coming Years.
Segment Analysis
The Global Secondary Battery Market Is Dominated By The Lithium Ion Battery
Segment, Which Accounts For Over 50% Share Of The Overall Market. Lithium Ion
Batteries Have Seen Widespread Adoption In Consumer Electronics Such As
Smartphones, Laptops, Tablets, And Power Tools Owing To Their High Energy
Density And Longer Battery Life Compared To Other Battery Technologies. Within
Lithium-Ion Battery Segment, Lithium Iron Phosphate Battery Type Has Emerged As
The Fastest Growing Sub-Segment Due To Its Thermal Stability And Lower Costs
Compared To Other Lithium Ion Variants Like Lithium Cobalt Oxide And Lithium
Manganese Oxide.
Key Takeaways
Global
Secondary Battery Market Size Is Expected To Witness High Growth Over
The Forecast Period. 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.
Regional Analysis
Asia Pacific Currently Accounts For Over 60% Share Of The Global Secondary
Battery Market Led By Countries Like China, South Korea And Japan. The Region
Is Expected To Continue Its Dominance Owing To Presence Of Leading Battery
Manufacturers And Strong Demand From Consumer Electronics And Electric Vehicle
Industries In The Region. Europe And North America Are Other Major Markets For
Secondary Batteries Driven By Growth In Electric Vehicles Sales And Stationary
Energy Storage Systems In These Regions.
Key Players
Key Players Operating In The Secondary Battery Market Are Samsung SDI Co. Ltd.,
LG Chem Ltd., Panasonic Corporation, Contemporary Amperex Technology Co.
Limited (CATL), BYD Company Ltd., Gotion High-Tech Co. Ltd., SK Innovation Co.
Ltd., Tianjin Lishen Battery Joint-Stock Co. Ltd., And AESC. Samsung SDI And LG
Chem Are The Largest Manufacturers Of Lithium Ion Batteries Globally, While
CATL Dominates The Electric Vehicle Battery Market In China. BYD Is Another
Major Player Focusing On Batteries For Electric Vehicles And Energy Storage
Applications.
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