Global Secondary Battery Market

Secondary Battery Market Size, Share, Growth Analysis - Industry Forecast 2024-2031

Report ID: SQMIG20D2229 | Region: Global | Published Date: March, 2024
Pages: 157 | Tables: 9 | Figures: 73

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Secondary Battery Market size was valued at USD 83.17 billion in 2022 and is poised to grow from USD 93.85 billion in 2023 to USD 278.36 billion by 2031, growing at a CAGR of 12.84% in the forecast period (2024-2032).

The aggressive surroundings of the Secondary Battery market is dynamic and characterized through the presence of key gamers vying for marketplace proportion and technological management. The companies often have interaction in strategic partnerships, collaborations, and mergers to decorate their product portfolios and expand their international reach. Additionally, the market sees active participation from rising players and startups specializing in technological advancements, along with solid-country batteries and other modern chemistries.   'Contemporary Amperex Technology Co., Ltd. (CATL)', 'LG Chem Ltd.', 'Panasonic Corporation', 'BYD Co., Ltd.', 'Samsung SDI Co., Ltd.', 'Tesla, Inc.', 'SK Innovation', 'GS Yuasa Corporation', 'Hitachi Zosen Corporation', 'Johnson Controls International plc', 'AESC Corporation', 'Coslight Group Co., Ltd.', 'Amprius Technologies Inc.', 'Tarox Technology Inc.', 'Qingtao Tamin Lithium Battery Co., Ltd.', 'EVE Energy Co., Ltd.', 'CALB Co., Ltd.', 'Sonnen GmbH', 'LionVolt GmbH', 'Northvolt AB'

The escalating call for for electric powered automobiles (EVs) global, as countries an increasing number of shift towards sustainable transportation to lessen emissions. Additionally, the combination of renewable power assets into power grids fuels the call for for secondary batteries to save extra power at some point of height manufacturing for later use. The proliferation of transportable digital devices, coupled with improvements in electricity garage technology, further stimulates market growth.   

Rising Adoption of Lithium-Ion Batteries: The multiplied adoption of lithium-ion batteries, pushed by means of their high energy density and flexibility across numerous applications, in particular in electric cars and client electronics. Another sizeable trend is the surge in demand for energy garage answers, as renewable strength sources come to be greater imperative to energy era. The marketplace is likewise experiencing a shift toward advanced technology like stable-country batteries, promising advanced safety and performance.

Asia-Pacific, especially China, was predicted to dominate the secondary battery marketplace. China has been a prime player in battery production and is a key hub for electric powered car production. The u . S .'s strong attention on easy energy initiatives, significant investments in renewable strength tasks, and a strong electronics production zone make contributions to its dominance. Additionally, supportive authorities policies and incentives aimed toward promoting electric powered mobility and renewable energy packages similarly solidify China's position within the secondary battery marketplace.

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