Market Overview

The market for secondary battery is expected to grow at a CAGR of approximately 12.90% during the forecast period of 2019 – 2024. Major factors driving the market include declining lithium-ion Battery prices, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market growth.

• The SLI application is one of the largest segment of batteries. Lead-acid Secondary Battery is the technology of choice for all SLI. Battery applications in conventional combustion engine vehicles, such as cars and trucks worldwide.
• The number of people without access to electricity in the growing economies of Asia-Pacific and Africa region is substantial, despite efforts to boost electrification through grid connectivity. Many governments of these regions have begun investing in renewable technologies, which present a unique problem of their own (renewable intermittency, i.e., the dependence of solar and wind on climate conditions). In addition to that, secondary batteries are ideal for this problem, the use of the off-grid solar/wind power in conjunction with energy storage substantially enhances the utilization of renewable energy generation units. As a result, the use of energy storage with renewables is gaining popularity in developed countries creating a market opportunity for secondary batteries.
• North America and Asia-Pacific are the regional hotspots for the secondary battery market, in which countries such as The United States, India, and China are the hotspots for the secondary battery market.

Scope of the Report

The secondary battery market report include:

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Key Market Trends

Automotive Batteries Segment set to be the Fastest Growing Segment

• The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries in the near future. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion secondary battery industry growth.
• A range of different vehicle types is now available globally, featuring increasing degrees of hybridization and electrification. There are various types of vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles, and electric vehicles (EVs).
• In developed and developing economies, both alike, the adoption of electric vehicles is increasing at a high growth rate. The United States and China are already leading in global EV sales, along with other developing economies like India, which has already begun transforming its public transportation infrastructure for EVs.
• In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicle on a large scale.
• Falling lithium-ion battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for secondary battery, which is lithium-ion technology.

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