The ‘global rechargeable battery market price, size, share, value report and forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global rechargeable battery market, assessing the market on the basis of its segments like types, capacities, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Rechargeable Battery Market Size, Share, Price, Growth, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.8%
Rechargeable batteries have low ownership costs and are available in the same voltages and sizes as their disposable counterparts. The rechargeable battery market is being aided by the increasing adoption of consumer electronics and IoT devices, hence boosting the requirement for such batteries owing to their enhanced convenience and cost benefits.
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Lithium-ion batteries are one of the most commonly used rechargeable batteries in EVs due to their high electric charge capacities. The enhanced safety, high energy density, low costs, and enhanced longevity offered by such batteries make them a popular choice for use in the automotive, industrial, and consumer electronics sectors.
In the industrial sector, the growing demand for electric-powered tools and equipment is significantly surging the usage of rechargeable batteries. In addition, with the increasing focus on decarbonisation and sustainability in the energy generation and industrial sectors, the use of rechargeable batteries as an environmentally-friendly energy storage option is growing.
Rechargeable Battery Industry Definition and Major Segments
Rechargeable batteries refer to energy storage devices that utilise reversible cell reactions for regaining their electrical potential. They facilitate multiple uses of a cell and can be reused 500-1000 times. Some of the common rechargeable batteries include lithium-ion batteries, lead-acid batteries, and NiHM batteries, among others.
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The market, on the basis of type, is categorised into:
- Lead-Acid Batteries
- Li-ion Batteries
- NiMH Batteries
- NiCd Batteries
Based on capacity, the market is divided into:
- 150 – 1000 mAh
- 1300 – 2700 mAh
- 3000 – 4000 mAh
- 4000 – 6000 mAh
- 6000 – 10000 mAh
- More than 10000 mAh
By application, the market is segmented into:
- Consumer Electronics
- Industrial Applications
The major regional markets of rechargeable battery include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Rechargeable Battery Market Trends
One of the major rechargeable battery market drivers includes the increasing adoption of electric vehicles, buoyed by the rising eco-consciousness. The introduction of favourable government initiatives intended to decarbonise the transportation sector is also boosting the usage of rechargeable batteries offering fast charging and enhanced safety.
Technological advancements and innovations and the rising demand for portable medical devices in the healthcare sectors are expected to propel the market in the coming years.
With the surging concerns regarding the shortage of critical materials, key players are developing advanced technologies to manufacture rechargeable batteries using small quantities of critical materials. Increasing R&D activities to boost the cost-effectiveness of such batteries, extend their durability, and address issues such as overheating are likely to positively influence the market in the coming years.
Key Market Players
The major players in the rechargeable battery market report are East Penn Manufacturing Company, EnerSys Advanced Systems Inc., Exide Industries Ltd, LG Chem, Saft Groupe SA, and Samsung SDI Co., Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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