Market Size of Secondary Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Secondary Battery Market Analysis
The secondary battery market is anticipated to reach USD 220 billion by 2027, registering a CAGR of more than 15% during 2022-2027.
The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.
- Over the medium term, declining lithium-ion battery prices and increasing adoption of electric vehicles are likely to be the major factors driving the market.
- On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market's growth.
- Developing new and advanced battery chemistries will likely create immense opportunities for the overall secondary battery market.
- Asia-Pacific is expected to be the largest market, with the majority of the demand coming from China, Japan, and India.
