Vantage Market Research
Jan 28, 2023
In terms of revenue, the Global Rechargeable Battery Market is expected to reach USD 153.5 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.5% from 2022 to 2028.
Rechargeable batteries are more energy efficient, produce less waste, and can be charged using a standard battery charger, which is what is primarily driving the movement in customer preference toward their use. Additionally, manufacturers have been able to enhance the performance of lithium-ion batteries because of ongoing advancements in the field of material sciences, increasing demand for these batteries around the world. For instance, the use of cutting-edge lithium-air and lithium-copper batteries in hybrid electric vehicles has increased. In addition, scientists are creating a new type of Rechargeable Battery known as a flow battery that, compared to conventional batteries, can produce twice as much power while occupying the same amount of space. With the help of this technology, electric vehicle range and phone charge intervals could be increased. These elements are projected to fuel market growth for rechargeable batteries in the upcoming year.
Key Highlights from Report
- Among Battery Types, the Li-ion batteries market segment is anticipated to dominate the Rechargeable Battery market with the largest market share in the forecast period. Given that these batteries function well and have a high energy density.
- By Capacity, the 150-1000 mAh market segment accounted for the maximum CAGR during the forecast period. Battery manufacturers like Panasonic and Samsung dominate this market.
- In terms of region, Asia Pacific held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This is because consumer electronics like smartphones, digital cameras, speakers, computers, notepads, and others are being used and manufactured more frequently in China.
The increasing demand for portable electronic gadgets worldwide drives the Rechargeable Battery market. The market is further assisted by the rising demand for digital gadgets, which have become necessary for most of the world's population. These include smartphones, laptops, tablets, and wearable and associated smart devices. Additionally, EV demand has been boosted by a rise in environmental consciousness, which has increased sales of mid to large-sized rechargeable li-ion batteries.
Automotive was the most prominent application category for rechargeable batteries globally, accounting for more than 50% of total sales. Due to rising interest in electric and hybrid vehicles, the market is anticipated to expand significantly. Additionally, increasing consumer electronics product sales will fuel automotive applications during the projected period. The power engineering application category accounted for about 24.0 percent of global revenue in 2014. It is anticipated to expand at a CAGR of more than 6 percent between 2015 and 2030, primarily because of increased renewable energy generation capacity in several nations worldwide.
Leading industry competitors constantly work to provide novel versions with improved charging efficiency, which helps the market even more. For instance, the launch of the upgraded lead-acid battery known as the Absorbent Glass Mat (AGM) is gaining traction in the automotive sector because of its resistance to vibrations, superior overall performance, and little acid leakage. In addition, advancements in the field of material sciences are anticipated to support the expansion of the market for rechargeable batteries during the projected period.
Asia Pacific Rechargeable Battery market is expected to witness a notable development with a significant growth rate over the analysis period. The second and third largest markets for electric vehicles in the world, respectively, are China and Japan. Rechargeable batteries are increasingly being used due to ongoing advancements in the consumer electronics and automotive industries. They provide many benefits, including greater power capacity, improved safety, and decreased pollution. During the projection period, this is anticipated to drive up demand for rechargeable batteries throughout the region.
The Global Rechargeable Battery Market is Segmented as follows
- Battery Types
- Lead Acid Batteries
- Li-Ion Batteries
- NiMH Batteries
- NiCd Batteries
- Other Battery Types
- 150 - 1000 mAh
- 1300 - 2700 mAh
- 3000 - 4000 mAh
- 4000 - 6000 mAh
- 6000 - 10000 mAh
- More than 10000 mAh
- Consumer Electronics
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Rechargeable Battery Market is
East Penn Manufacturing (US), Enersysl (US), Exide Technologies (US), Johnson Control (Ireland), LG Chemicals (South Korea), SAFT Groupe SA (France), Samsung SDI (South Korea), Panasonic Corporation (Japan), Apple Inc. (US), STMicroelectronics NV (Switzerland)
The Global Rechargeable Battery Market Scope can be Tabulated as below
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|