Global Secondary Battery Market Overview:
A Secondary Battery which is also known as a rechargeable battery, secondary cell, or accumulator is a kind of electrical battery which can be charged, and discharged into a load, as well as recharged many times, as opposed to a primary or disposable battery, which is been supplied fully charged and discarded after the use. Secondary Battery is composed of one or more electrochemical cells. The term "accumulator" is used because it accumulates and stores energy through a reaction of reversible electrochemical.
As per latest study released by AMA Research, the Global Secondary Battery market is expected to see growth rate of 13.8%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Application of Secondary Battery in Energy Storage Application and Replacement of Conventional Batteries With Secondary Battery
Market Growth Drivers:
Growing Need for Automation and Battery-Operated Material-Handling Equipment in Industries and Development of the Commercial Vehicle, Passenger Car and Motorcycle Industry
Challenges:
Overheating of Secondary Battery
Restraints:
Safety Issues Related to Storage and Transportation of Spent Batteries
Opportunities:
Declining Prices of Secondary Battery and Developing Application Within Energy Sector
Competitive Landscape:
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies
Some of the key players profiled in the report are Amperex Technologies Ltd. (China), BYD Co. Ltd. (China), LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co. Ltd. (South Korea), SAFT GROUPE SA (France), Tianjin Lishen Battery Company Limited (China), Hitachi Chemical Co. Ltd. (Japan), A123 Systems (United States), Exide Technologies (United States) and Johnson Controls (United States). Considering Market by End Use, the sub-segment i.e. Traction will boost the Secondary Battery market.
Latest Market Insights:
In February 2023, Panasonic and Tesla announced a partnership to build a new battery factory in the United States. The factory is expected to begin production in 2024 and will produce batteries for Tesla's electric vehicles.
In January 2023, BYD unveiled its Blade Battery, a new type of lithium iron phosphate battery that is said to be more durable and safer than traditional lithium-ion batteries.
What Can be Explored with the Secondary Battery Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Secondary Battery Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Secondary Battery
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Secondary Battery market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Secondary Battery market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Technology Investors, Research/Consultancy firms, Technology Solution Providers, Original Equipment Manufacturers, Automotive manufacturers and Chemical Solution Providers.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.