Secondary Battery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (Lead-acid Secondary Battery, Lithium-ion Secondary Battery, Other Technologies); Application (Automotive, Industrial, Portable Batteries, Medical Device, Forklift, Others Applications)

The global secondary battery market was valued at US$ 52,884.4million in 2019 and is projected to reach US$ 85,395.2million by 2027; it is expected to grow at a CAGR of 8.5% during 2020–2027.

The growing use of secondary batteries in the consumer electronics, rising inclination toward electric vehicles (EVs), and energy storage solutions are the key factors boosting the research on secondary batteries. These batteries confer higher energy-efficiency and extended battery. Presently, computer electronics, smartphones, tablets, and other consumer electronic devices are powered by secondary batteries, especially lithium-ion batteries. Advanced energy storage technologies are playing pivotal role in the decarbonization of modern economies. Over the last few years, these technologies have been instrumental in the evolution of the energy, automotive, and electronics industries. Irrespective of the existence of technologies such as pump-hydro, compressed air, and flywheels, secondary battery technologies have provided the energy and power solutions to meet the technical demands of these sectors.

In the automobile industry, various passenger cars and commercial vehicles are in the development phase. The availability of advanced secondary battery technologies has encouraged automotive OEMs to adopt lead-acid and lithium-ion batteries. Various developing countries in APAC and South America, such as India, China, and Brazil, play a crucial role in the growth of the automotive industry. Also, APAC is home to factories of several automotive players, whereas various APAC companies are proceeding with battery production projects in Europe. For instance, Terra E Holding (Germany), LG Chem (Poland), Northvolt (Sweden), and SK Innovation (Hungary) have announced their respective lithium battery projects with battery cell production requiring lithium supply.

The in-mold electronics market is segmented on the basis of ink technology, application, and geography. Based on technology, the market is segmented into lead-acid, lithium-ion, and others. In 2019, the lead-acid segment held the largest share of the market. Based on application, the secondary battery market is segmented into Automotive, Industrial, Portable, Medical Devices, Forklift, Others. Industrial is expected to be the fastest-growing segment in the market during the forecast period. Based on region, the in-mold electronics market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). In 2019, Asia Pacific held the largest market share, followed by Europe and North America. On the other hand, Middle East is projected to be the fastest-growing market with a CAGR of 10.9% from 2020 to 2027. Despite the positive growth outlook, the ongoing COVID-19 outbreak, which is hindering the global economy negatively,is affecting the secondary batterybusiness activities and company revenues worldwide.

In APAC, China is the largest producer of passenger cars. It has ventured and established itself as one of the world’s largest EV manufacturing hubs to address the alarming pollution increase rate. According to the International Council on Clean Transportation (ICCT), in 2017, electric car sales reached ~500,000 in the country, accounting for 50% of the global sales, and more than twice the sales in the US. Further, the presence of robust consumer electronics industries in APAC is anticipated to fuel the secondary battery market growth. The expansion of wireless broadband networks and rising number of communications towers are leading to massive growth in internet traffic, and the growth in data centers is driving demand for UPS. Hospitals, corporate offices, research institutions, educational institutes, and residential applications are also contributing to mounting demand for UPS in the region. The growing industrial automation and increasing vehicle charging infrastructure deployment is also projected to need greater energy backup systems in APAC in the coming years. All the above-mentioned factors are positively impacting the growth of the secondary battery market in the region.

Overall size of the in-mold electronicsmarket has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the in-mold electronics marketwith respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the in-mold electronics market. Amperex Technologies Ltd, BYD Co. Ltd, Contemporary Amperex Technology Co. Limited, Duracell Inc., Enersys, GS Yuasa Corporation, LG Chem Ltd, Panasonic Corporation, SaftGroupe S.A, and Samsung SDI Co. Ltdare among the key players profiled during this market study.