Global Secondary Battery Market 2020-2024 | Key Insights on COVID-19 Impact and Business Continuity Plan for New Normal | Technavio

LONDON--(BUSINESS WIRE)--Nov 23, 2020--

The secondary battery market is expected to grow by USD 55.62 billion, progressing at a CAGR of over 11% during the forecast period. According to Technavio's research report, the market is expected to have a negative impact due to the spread of COVID -19. The imposition of lockdowns worldwide resulted in a sharp decline in market demand as many businesses experienced a partial or complete shutdown. However, progressive steps are being taken by governments across the world to contain the spread of the pandemic. With businesses resuming their operations and situations getting back to normal, the market is expected to witness steady growth during the forecast period.

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Technavio has announced its latest market research report titled Global Secondary Battery Market 2020-2024 (Graphic: Business Wire)

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The advantages of lithium-ion battery is one of the major factors propelling the market growth. Lithium-ion batteries have higher current density, longer power-holding capacity, and longer shelf life. They are also less expensive when compared to lead-acid batteries or NiMH batteries. In addition, factors such as improved production scale and the development of cost-effective production methods by vendors have further resulted in the decline of lithium-ion battery prices. This has increased the preference and adoption of lithium-ion batteries across various industries, which is driving market growth. However, the shortfalls of lead-acid batteries might restrict the market growth.

More details:

Secondary Battery Market: Technology Landscape

Based on the technology, the market saw maximum growth in the lead-acid battery segment in 2019. Factors such as an increase in industrial and construction activities, high adoption of battery technology in the automotive industry and UPS applications, and growing adoption of EVs are driving the growth of the segment in the secondary battery market.

Secondary Battery Market: Geographic Landscape

By geography, APAC is going to have a lucrative growth during the forecast period. About 64% of the market’s overall growth is expected to originate from APAC. Factors such as the rising adoption of both ICE vehicles and EVs and an increase in the demand for ESSs in utility and automotive applications are fostering the growth of the market in APAC.

China and Japan are the key markets for secondary batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Companies Covered:

  • BYD Co. Ltd.
  • Clarios
  • Contemporary Amperex Technology Co. Ltd.
  • East Penn Manufacturing Co. Inc.
  • Exide Technologies
  • GS Yuasa Corp.
  • LG Chem Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.
  • Tesla Inc.

What our reports offer:

  • Market share assessments for the regional and country-level segments
  • Strategic recommendations for the new entrants
  • Covers market data for 2019, 2020, until 2024
  • Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments
  • Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Technology

  • Market segments
  • Comparison by Technology placement
  • Lead-acid - Market size and forecast 2019-2024
  • Lithium-ion - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by Technology

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • BYD Co. Ltd.
  • Clarios
  • Contemporary Amperex Technology Co. Ltd.
  • East Penn Manufacturing Co. Inc.
  • Exide Technologies
  • GS Yuasa Corp.
  • LG Chem Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.
  • Tesla Inc.


  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

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SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 11/23/2020 01:00 PM/DISC: 11/23/2020 01:01 PM

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