by Secondary batteries refer to rechargeable batteries that can be charged, discharged and recharged multiple times using portable chargers or by connecting devices to electric power sources. Some common examples of secondary batteries include lithium-ion batteries, nickel-cadmium batteries and lead-acid batteries. These batteries are used across various applications such as consumer electronics, automotive, industrial and grid storage due to their reusability. Secondary batteries allow users to power portable devices without the need to keep replacing disposable batteries. They provide a green, affordable and sustainable power source for gadgets. The global secondary battery market is estimated to be valued at US$ 104461.1 Mn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The increasing penetration of portable consumer electronics provides a key market opportunity for secondary batteries. Devices such as smartphones, tablets, laptops, wearables and headphones are seeing higher adoption worldwide. As consumers demand longer backup and usage times from their devices, there is a growing emphasis on batteries with higher energy density and longer life. Secondary batteries that provide superior performance meet this evolving demand from users. Their ability to be repeatedly charged without replacement makes them ideal for powering the fast growing range of mobile gadgets. Constant technology advancements in battery chemistry are expanding the power and utility of secondary batteries, supporting the growth of portable electronics and widening their market opportunity.
Porter’s Analysis
Threat of new entrants: The high level of investment required to enter the secondary battery market and the competitive dynamics between established manufacturers create barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternative battery solutions and manufacturers targeting diverse applications.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of raw materials from multiple sources and dependence on technology providers.
Threat of new substitutes: Advancements in emerging battery technologies pose a threat, though secondary batteries still dominate many applications due to their versatility.
Competitive rivalry: Intense due to the large number of players offering battery solutions targeting divers applications across industries.
SWOT Analysis
Strength: Secondary batteries have widespread applications due to their versatility, portability, and ability to be recharged. They provide reliable back-up power in numerous devices.
Weakness: Secondary batteries have limited energy density and lifespan compared to newer battery technologies. Environmental concerns surround their disposal process.
Opportunity: Growing demand for batteries across industries such as consumer electronics and electric vehicles present an opportunity. Advancing battery chemistries enable high performance.
Threats: stringent environmental regulations and emerging technologies challenging secondary battery dominance in some applications. Volatility in metal prices impacts costs.
Key Takeaways
The global Secondary Battery Market Growth is expected to witness high growth. Factors such as rising demand for power backups and portable devices along with growing electric vehicles sales will drive growth over the forecast period.
Regional analysis: Asia Pacific dominates the market currently due to presence of manufacturing hubs of battery and consumer electronic goods in China, Japan, South Korea. China accounts for over 50% of global production. North America and Europe are other major regions due to growing electric vehicles adoption.
Key players analysis: Key players operating in the secondary battery market are TianJin Lishen Battery Joint-Stock Co. Ltd., BYD Co. Ltd., Tesla Incorporation, Contemporary Amperex Technology Co. Limited, Showa Denko K.K., Duracell Inc., Samsung SDI, EnerSys, Saft Groupe SA, GS Yuasa Corporation, Panasonic Corporation, Clarios, and LG Chem Ltd. Players focus on R&D to improve performance and launch application specific batteries.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
