The secondary battery market is poised to grow by USD 55.62 billion during 2020-2024, progressing at a CAGR of over 11% during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled Global Secondary Battery Market 2020-2024. (Graphic: Business Wire)
Read the 120-page report with TOC on “Secondary Battery Market Analysis Report by Technology (Lead-acid, Lithium-ion, and Others), Geographic Segmentation (North America, APAC, Europe, South America and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by the decline in lithium-ion battery costs. In addition, the development of advanced lead-acid battery is anticipated to boost the growth of the secondary battery market.
The adoption of lithium-ion batteries is increasing in comparison to other battery technologies because they offer several advantages such as higher current density, longer power-holding capacity, and longer shelf life. Improvements in the scale of production and manufacturing efficiency have resulted in a reduction in the manufacturing cost of lithium-ion batteries and battery packs. Furthermore, the high adoption of battery technology in the automotive industry has led to a decline in cost of lithium-ion batteries by a CAGR of around 20% during 2010-2019. These factors will boost the sales secondary batteries and drive market growth during the forecast period.
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Major Five Secondary Battery Market Companies:
BYD Co. Ltd.
BYD Co. Ltd. operates the business under various segments such as Automobiles and related products, Mobile handset components and assembly service, and Rechargeable batteries and photovoltaic business. The company offers lithium-ion batteries based on lithium-iron phosphate chemistry for applications in EVs, material handling equipment, and ESSs. These batteries are also used for peak load/frequency regulation and peak-load shifting applications.
Clarios offers smart energy storage technologies for automobiles. The company offers lead-acid batteries for automotive, stationary and motive applications. The key offerings of the company are available under the brands, Varta, Heliar, Optima, LTH, MAC, and Delkor. The company also offers low-voltage lithium-ion batteries for OEMs of EVs.
Contemporary Amperex Technology Co. Ltd.
Contemporary Amperex Technology Co. Ltd. is involved in the development and manufacturing of storage batteries. The company offers lithium-ion batteries based on lithium nickel manganese cobalt oxide chemistry for electric passenger vehicles and lithium iron phosphate chemistry for ESSs, electric buses, and electric trucks.
East Penn Manufacturing Co. Inc.
East Penn Manufacturing Co. Inc. offers products through the following business segments: Transportation, Motive Power, Reserve Power, and Wire, Cable & Battery Accessories. The company offers lead-acid batteries for automotive, motive-power, and reserve-power applications. It also offers lithium-ion batteries for motive, stationary, and deep-cycle applications through its subsidiary, Navitas Systems LLC.
Exide Technologies offers products through the following business segments: GNB motive, GNB network, and Transportation. The company offers lead-acid batteries for applications such as transportation, motive and network (such as telecommunications, CCTV/broadband, utility, and railway equipment). It also offers lithium-ion batteries based on lithium iron phosphate chemistry.
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Secondary Battery Market Technology Outlook (Revenue, USD Billion, 2020-2024)
Secondary Battery Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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