Rechargeable Batteries Market Outlook - 2030
The 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. A rechargeable battery, also known as a secondary cell, accumulator or storage battery, refers to an electrochemical device that converts chemical energy into electrical energy. These batteries consist of an electrolyte, anode and cathode which produce a current through an electrochemical reaction. They are available in a variety of shapes and sizes ranging from button-sized cells to industrial megawatt systems. Rechargeable batteries have gained immense popularity as they are an ecological and sustainable replacement of non-rechargeable batteries, and provide long-term cost-benefits and enhanced durability.
The global demand for rechargeable batteries market is primarily driven by shift in consumer preference toward usage of rechargeable batteries as they are more energy efficient, produce less waste and can be charged with a simple battery charger. Besides this, the ongoing innovations in the field of material sciences have enabled manufacturers to improve the performance of lithium-ion batteries, which has increased their demand across the globe. For instance, there has been a rise in the usage of advanced lithium-air and lithium-copper batteries in hybrid electric vehicles. Moreover, researchers are developing a new rechargeable battery technology, known as flow battery, that can double the power output, as compared to conventional batteries, without taking up additional space. This technology has the capability to extend the range of electric vehicles as well as the time between cell phone charges. These factors are anticipated to drive the rechargeable batteries market growth in coming years.
However, safety issues related to storage and transportation of spent batteries and low-cost alternatives in energy storage space are expected to hamper the growth of the market 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.
The global rechargeable batteries market size is segmented on the basis of battery type, capacity, application, and region. By battery type, it is analyzed across lead-acid batteries, Li-ion batteries, NiMH batteries, NiCd batteries, and others. By capacity, it is segmented into 150 - 1000 mAh, 1300 - 2700 mAh, 3000 - 4000 mAh, 4000 - 6000 mAh, 6000 - 10000 mAh, and more than 10000 mAh. By application, it is divided into consumer electronics, industrial, automobile, defense, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global rechargeable batteries industry include East Penn Manufacturing, EnerSysl, Exide Technologies, Johnson Controls, LG Chem, Saft, Samsung SDI, Panasonic Corporation, Apple Inc., and STMicroelectronics N.V. Other players operating in this market include Enfucell Oy, Ultralife Corporation, Cryopak, Blue Spark Technology, and NEC Energy Solutions Inc.
Global Rechargeable Batteries Market, By Region
Asia-Pacific accounted for a major market share in 2020. China and Japan are the world’s second and third largest markets, respectively, for electric vehicles. Continuous developments in the consumer electronics and automotive verticals have led to an increase in the application of rechargeable batteries as they offer various advantages, such as high-power capacity, increased safety, and reduced pollution. This is expected to surge the demand for rechargeable batteries across the region during the forecast period.
North America would exhibit an CAGR of 5.7% during 2021-2030
Global Rechargeable Batteries Market, By Battery Type
The lead-acid batteries segment accounted for a major share in the rechargeable batteries market in 2020 owing to rapid growth of automotive industry across the developing countries such as China and India, and rise in adoption of lead-acid batteries in commercial vehicle, motorcycle, and passenger car manufacturing industries. In addition, surge in usage of lead acid batteries as Uninterruptible Power Source (UPS) in various sectors, such as banking, oil and gas, healthcare, and chemicals, is positively driving the demand.
By Battery Type
Lead-Acid Batteries is projected as the most lucrative segment.
Global Rechargeable Batteries Market, By Capacity
The 6000 - 10000 mAh segment accounted for a major share in the rechargeable batteries market in 2020 owing to surge in its use for applications requiring high capacity, such as electric vehicles, plug-in hybrid electric vehicles, e-motorcycles, industrial, telecommunication, golf cart vehicles, hybrid trucks, buses, aviation, automated guided vehicle, energy storage system (ESS) platforms and military.
6000 - 10000 mAh is projected as the most lucrative segment.
Global Rechargeable Batteries Market, By Application
The automobile accounted for a major rechargeable batteries market share in 2020. Battery-driven vehicles, such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of rechargeable batteries. Depending on their source of power and application, EVs are classified into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs).
Automobile is projected as the most lucrative segment.
Increasing adoption and awareness of EVs supports the growth of the market. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19 pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions. Automobile manufacturing plants are producing and supplying a few automobiles owing to the global supply chain disruptions resulting from lockdowns. This can impact the growth of the rechargeable batteries market until COVID-19 cases stabilize globally.
The rechargeable batteries market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the market is expected to decline as the pandemic is restricting the supply of batteries and other components due to severe disruptions in businesses and the global economy. The current situation has impacted the supply chain of the battery industry. Key components for batteries are mainly manufactured in Asia Pacific. The COVID-19 situation has exposed the over dependency on the region for key raw materials, especially China. Battery manufacturers in the U.S., Germany, and Australia are highly impacted by the shutdown of operations in China and other Asia-Pacific countries. It has also resulted in limited production leading to a serious decline in business inputs. The recovery depends on government assistance, as well as the level of corporate debt and how the companies and markets cope with the trimmed demand. After the recovery phase, the market is projected to witness growth at a moderate rate until 2030.
Key benefits for stakeholders
- The global rechargeable batteries market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global rechargeable batteries market forecast for the period 2021–2030.
- The report outlines the current global rechargeable batteries market trends and future scenario of the global market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global rechargeable batteries market study.
Rechargeable Batteries Market Report Highlights
By BATTERY TYPE
Key Market Players
Samsung SDI, PANASONIC CORPORATION, APPLE INC., LG CHEM, JOHNSON CONTROL, SAFT, EXIDE TECHNOLOGIES, STMICROELECTRONICS N.V., EAST PENN MANUFACTURING, ENERSYSL
According to the analyst, the global rechargeable batteries market is anticipated to witness growth over the forecast period, driven by rising demand from automotive and consumer electronics industry. Growing popularity of consumer electronics such as laptops, tablets, LCD displays, and smartphones on a global scale is expected to surge the demand of rechargeable batteries during the forecast period. The market is expected to observe substantial growth on account of technological advancements in terms of enhanced efficiency, cost-effectiveness, and product innovation. In addition, strict emission norms led by the government of various developed and developing countries such as the U.S., the UK, China, India, and Japan, to curb the carbon footprint and to reduce the dependency on fossil fuels is anticipate to drive the demand for electric vehicles, which eventually will surge the demand for rechargeable batteries in coming years.
However, safety issues related to storage and transportation of spent batteries and low-cost alternatives in energy storage space are expected to hamper the growth of the rechargeable batteries market 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.