Latest News- Secondary Battery Market: Lead-acid is expected to lead the Technology segment during 2025-2029

The Secondary Battery Market is being driven by Decline in lithium-ion battery costs

The Secondary Battery Market is expected to grow at a CAGR of 23.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 34486.5 billion. Advanced lead-acid batteries represent a significant improvement over standard lead-acid batteries due to their enhanced overall performance and ability to mitigate the performance degradation caused by sulfation. Three primary technologies utilized in advanced lead-acid batteries are Enhanced Flooded Batteries (EFBs), absorbent glass mat (AGM) batteries, and lead-carbon batteries. These advanced batteries are extensively employed for both on-grid and off-grid energy storage systems, ensuring continuous electricity supply. In the automotive sector, advanced lead-acid batteries find extensive usage in micro-hybrid vehicles and electric vehicles, primarily for start/stop applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Lead-acid
  • Lithium-ion
  • Others
• Application
  • Automotive batteries
  • Industrial batteries
  • Portable batteries
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Decline in lithium-ion battery costs
• Technological advancements in battery chemistry
• Rising focus on renewable power generation

However, the market also witnesses some limitations, which are as follows:

• Operational and environmental issues associated with lead-acid batteries
• Concerns associated with recycling and end-of-life management of secondary batteries
• Growing competition from fuel cells

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Market Scope in Secondary Battery Market Research Report

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Research Analysis Overview

The secondary battery market encompasses various types of batteries, with a focus on Lithium-ion batteries (LIBs) due to their high energy density and use in Electric Vehicles (EVs) and consumer electronic devices. The telecommunication sector and renewable power generation also rely on batteries, primarily LIBs, for backup power. Minerals such as Cobalt, Cadmium, Cyanide, Copper, Lead, Iron, Nickel, and Copper are essential components in battery production. InoBat is a leading player in the LIB market, while Lead-acid batteries remain prevalent in the automotive sector. LIB prices continue to decrease, making EVs increasingly competitive. Battery chemistries and technologies, including LIBs, are evolving to improve capacity-to-weight ratio and performance.

Market Research Overview

The secondary battery market, specifically in the realm of lithium-ion batteries, experiences robust growth due to the expanding electric vehicle (EV) sector and the telecommunication industry. This market's expansion is further fueled by the renewable power generation sector, which is a significant component of the global renewable electricity market. Companies involved in the manufacturing of minerals such as cobalt and cadmium, essential for battery production, also contribute to this market's growth. The market's expansion is driven by supportive policies and targets for renewable power deployment, which have significantly increased the adoption of renewable energy sources over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/