Global Secondary Batteries Market Size, Share, Trends, Drivers, Outlook, Growth And Trends

The Secondary Batteries by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Secondary Batteries, The secondary batteries market size has grown rapidly in recent years. It will grow from $89.32 billion in 2023 to $98.89 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid growth in the automotive industry, and long life of secondary batteries.

The secondary batteries market size is expected to see strong growth in the next few years. It will grow to $144.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.  The growth in the forecast period can be attributed to increasing demand for electric vehicles, increasing demand for portable electronic devices using secondary batteries, and increasing investments in lithium-ion batteries. Major trends in the forecast period include manufacturing of sand-based batteries, graphene-based batteries, investments in automation and robotic technologies in the manufacturing process, employing ai and machine learning techniques, and manufacturing & developing less weight structural batteries for super light electric bikes and consumer electronics.

Increasing demand for electric vehicles will positively impact the secondary batteries market. Secondary batteries are increasingly being used in hybrid vehicles. The wide temperature ranges between -30°C to +75°C and the rapid charging capacity of Nickel Metal Hybride (NiMH) batteries are ideal for the automotive sector. NiMH batteries can handle the high-power levels which are essential for electric vehicles. According to Bloomberg New Energy Finance (BNEF) report, electric vehicle sales are expected to reach 540 million by 2040, which is around 32% of the world’s passenger vehicles. Therefore, the increasing demand for electric vehicles will drive the growth of the secondary batteries market.

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The secondary batteries market covered in this report is segmented –

1) By Product Type: Lead Acid, Lithium-Ion (Li-Ion), Nickel Metal Hydride, Nickel-Cadmium (Ni-Cd), Other Product Type

2) By Application: Electronics, Motor Vehicles, Portable Devices, Other Applications

3) By End User: Automotive, Household, Industrial

Recent developments in NiMH battery manufacturing have improved the lifespan of nickel-metal hydride batteries. The electro positivity of the A-elements makes them easy to corrode in the alkaline electrolyte used in NiMH batteries. A thin protective layer is used on alloy particles to improve reaction kinetics and corrosion stability of conventional NiMH batteries. For instance, researchers at Stockholm University, a Swedish public university, have developed metal hydride surface structures for NiMH batteries to extend cycle life.

The secondary batteries market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis

………

27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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