Rechargeable battery, also known as storage battery or secondary cell, is a type of electrical battery that can be charged or recharged many times. It is composed of one or more electrochemical cells, and is produced in different shapes and sizes. These rechargeable batteries are lightweight, flexible, and easy to use in products with limited internal space. They offer multiple uses for its cell and long-term investments in terms of money spent on devices. These are the most reliable, natural, and sustainable form of batteries.
Global rechargeable batteries market was valued at $90.0 billion in 2020, and is projected to reach $150.0 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030. Demand for rechargeable batteries has witnessed tremendous growth driven by increasing penetration in applications such as automobile, industrial, and consumer electronics. All industry players are investing heavily to find new commercial avenues for their product segments via strategic production, new product launch, and business expansion.
Some of the major factors that drive the demand for rechargeable batteries include surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for electric vehicles, and growing need for battery-operated material-handling equipment in industries due to automation.
However, safety issues related to storage and transportation of spent batteries and low-cost alternatives in energy storage space are expected to hamper the rechargeable batteries market growth during the forecast period. Furthermore, expanding data center infrastructure and declining prices of lithium-ion batteries is expected to provide growth opportunities for the rechargeable batteries market during the forecast period.
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By battery type, the global rechargeable batteries market size is studied across lead-acid batteries, Li-ion batteries, NiMH batteries, NiCd batteries, and others. The lead acid battery segment accounted for the largest market share in 2020, owing to rapid growth of automotive industry across the developing countries such as China and India and increasing adoption of lead-acid batteries in commercial vehicle, motorcycle, and passenger car manufacturing industries. The lead-acid batteries segment dominated the global rechargeable batteries market with more than half of the total market share in 2020.
By capacity, the global rechargeable batteries market is studied across 150 – 1000 mAh, 1300 – 2700 mAh, 3000 – 4000 mAh, 4000 – 6000 mAh, 6000 – 10000 mAh, and more than 10000 mAh. The 6000 – 10000 mAh segment accounted for the largest market share in 2020, owing to surge in consumption of 6000 – 10000 mAh capacity rechargeable batteries in automotive industry across the globe. The 6000 – 10000 mAh segment dominated the global rechargeable batteries market with more than one-third of the total market share in 2020.
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By application, the global rechargeable batteries market is studied across consumer electronics, industrial, automobile, defense, and others. The automobile segment emerged as the leader in 2020, owing to growing consumption of rechargeable batteries in electric vehicles. The automobile segment dominated the global rechargeable batteries market with two-fifths of the total market share in 2020.
Based on region, the market across Asia-Pacific contributed to the highest share in 2020, accounting for nearly one-third of the global rechargeable batteries market, and is estimated to continue its dominant share in terms of revenue by 2030. This is because continuous developments in the consumer electronics and automotive verticals have led to a steep increase in the application of rechargeable batteries in the province. Simultaneously, North America is expected to showcase the fastest CAGR of 5.7% during the forecast period. This is due to decreased cost of Li-ion batteries, increased sale of consumer electronics, and rapid adoption of electric vehicles in the region.
The major players studied and profiled in the global rechargeable batteries industry are East Penn Manufacturing, EnerSysl, Exide Technologies, Johnson Controls, LG Chem, Saft, Samsung SDI, Panasonic Corporation, Apple Inc., and STMicroelectronics N.V.
Get detailed COVID-19 impact analysis on the Rechargeable Batteries Market @ https://www.alliedmarketresearch.com/request-for-customization/9659?reqfor=covid
- The outbreak of the pandemic gave way to disrupted supply chain, thereby impacting the global rechargeable batteries market negatively.
- However, the global situation is getting ameliorated and the market is projected to recoup soon.