The global market for secondary batteries was valued at approximately US$ 52,884.4 million in 2019 and is anticipated to grow to around US$ 85,395.2 million by 2027, reflecting a compound annual growth rate (CAGR) of 8.5% from 2020 to 2027.
The increasing adoption of secondary batteries in consumer electronics, the growing preference for electric vehicles (EVs), and the demand for energy storage solutions are the primary drivers propelling research and development in the secondary battery sector. These batteries offer enhanced energy efficiency and longer lifespans. Currently, secondary batteries, particularly lithium-ion types, power a wide range of consumer electronic devices, including computers, smartphones, and tablets. Advanced energy storage technologies are crucial for the decarbonization efforts of contemporary economies. In recent years, these technologies have significantly influenced the development of the energy, automotive, and electronics sectors. Despite the availability of alternative technologies such as pumped hydro, compressed air, and flywheels, secondary battery technologies have emerged as vital energy and power solutions that meet the technical requirements of these industries.
Within the automotive sector, numerous passenger and commercial vehicles are currently under development. The emergence of sophisticated secondary battery technologies has motivated automotive original equipment manufacturers (OEMs) to utilize lead-acid and lithium-ion batteries. Several developing nations in the Asia-Pacific (APAC) region and South America, including India, China, and Brazil, are pivotal to the automotive industry's expansion. Furthermore, APAC hosts manufacturing facilities for numerous automotive companies, and several firms in the region are advancing battery production initiatives in Europe. For example, companies like Terra E Holding in Germany, LG Chem in Poland, Northvolt in Sweden, and SK Innovation in Hungary have announced lithium battery projects that necessitate a supply of lithium for battery cell production.
The in-mold electronics market is categorized based on ink technology, application, and geographical region. In terms of technology, the market is divided into lead-acid, lithium-ion, and other types. In 2019, the lead-acid segment dominated the market share. The secondary battery market is also segmented by application into Automotive, Industrial, Portable, Medical Devices, Forklift, and Others, with the Industrial segment expected to experience the fastest growth during the forecast period. Geographically, the in-mold electronics market is divided into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). In 2019, Asia Pacific held the largest market share, followed by Europe and North America. Conversely, the Middle East is projected to be the fastest-growing market, with a CAGR of 10.9% from 2020 to 2027. Despite the optimistic growth projections, the ongoing COVID-19 pandemic has negatively impacted the global economy, affecting secondary battery business operations and revenues worldwide.
In the APAC region, China stands out as the largest producer of passenger vehicles and has established itself as a leading hub for electric vehicle manufacturing to combat rising pollution levels. According to the International Council on Clean Transportation (ICCT), electric vehicle sales in China reached approximately 500,000 units in 2017, representing 50% of global sales and more than double the sales figures in the United States. Additionally, the robust consumer electronics sector in APAC is expected to further stimulate growth in the secondary battery market. The expansion of wireless broadband networks and the increasing number of communication towers are contributing to a surge in internet traffic, which, along with the growth of data centers, is driving demand for uninterruptible power supplies (UPS). Various sectors, including hospitals, corporate offices, research institutions, educational facilities, and residential applications, are also contributing to the rising demand for UPS systems in the region. The anticipated growth in industrial automation and the deployment of vehicle charging infrastructure are expected to necessitate enhanced energy backup systems in APAC in the coming years. All these factors are positively influencing the growth trajectory of the secondary battery market in the region.
The overall size of the in-mold electronics market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the in-mold electronics market across all segments. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants in this process included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the in-mold electronics market. Key players identified in this market study include Amperex Technologies Ltd, BYD Co. Ltd, Contemporary Amperex Technology Co. Limited, Duracell Inc., Enersys, GS Yuasa Corporation, LG Chem Ltd, Panasonic Corporation, Saft Groupe S.A, and Samsung SDI Co. Ltd.