Secondary Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global secondary battery market was valued at USD 87.82 billion in 2019 and is anticipated to reach USD 174.25 billion by 2026, registering a CAGR of 15.76% during 2021-2026. The outbreak of COVID-19 is expected to hamper the market's growth in the short term due to global economic slowdown and drop in sales of consumer electronics, the market is expected to revive with the widespread availability of a vaccine and opening up of trades and markets across the globe. The market is expected to revive after 2021. Declining lithium-ion battery prices, increasing adoption of electric vehicles are the major factors driving the market during the forecast period. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market growth.

• Lithium-ion battery is expected to dominate the market during the forecast period majorly due to its favorable capacity-to-weight ratio. Moreover, other factors boosting LIB adoption include better performance, higher energy density, and decreasing price.
• The use of artificial intelligence in R&D phase of battery manufacturing is likely to provide huge opportunities for the market studied.
• Asia-Pacific is expected to be the largest market, with majority of the demand coming from China, Japan, and India, etc. 

Scope of the Report

The secondary battery market report include:

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Key Market Trends

Lithium-ion Battery Segment to Dominate the Market

• Among different types of battery technology, lithium-ion battery (LIB) is expected to dominate the global battery market in the later part of the forecast period, majorly due to its favorable capacity-to-weight ratio. Also, other factors that play an important role in boosting the LIB adoption include better performance, higher energy density, and decreasing price.
• The price of LIB is usually high as compared to the other batteries. Also, leading players in the market have been investing in order to gain economies of scale, and in R&D activities, to improve LIB's performance and price.
• Lithium-ion batteries have traditionally been used mainly in consumer electronic devices, such as mobile phones, notebook, and PCs, but are increasingly being redesigned for use as the power source of choice in hybrid and the complete electric vehicle (EV) range, owing to factors, such as low environmental impact, as EV does not emit any CO2, nitrogen oxides, or any other greenhouse gases.
• Currently, China is the largest market for electric vehicles, as the country accounts for around 50% of the global sale in 2019. China is making efforts to reduce the air pollution level in the country, and it is expected to register a high growth rate in the electric vehicle sales, consequently, leading to high demand for LIB.
• South America accounts for roughly 55-60% of the global lithium resources. As of 2019, identified lithium resources in Argentina 17 million ton and Bolivia 21 million ton were approximately 9 million metric ton each, and 9 million ton in Chile. And in the same year, the global lithium production increased by around 30%, in response to the increased lithium demand for battery applications.
• Moreover, LIB manufacturing facilities are majorly located in Asia-Pacific, North America, and Europe. Moreover, major market players, such as BYD Company Limited and LG Chem Ltd, have plans to set up new manufacturing facilities in the Asia-Pacific region, primarily in India, China, and South Korea.

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