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Secondary Battery Market to Reach $261.8 Billion, globally, by 2032 at 9.8% CAGR: Allied Market ResearchThe global secondary battery market is experiencing significant growth due to several factors, including energy storage solutions and environmental awareness, rising demand for electric vehicles (EVs) and environmental integrity projects, consumer electronics, and advancements in battery technology. WILMINGTON, Del., Nov. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Secondary Battery Market by Type (Lead Acid, Lithium-Ion, Nickel Metal Hydrogen, and Others) by Application (Electronics, Motor Vehicles, Industrial Batteries, Portable Devices, and Others), and by Industry Vertical (Chemical and Petrochemical, Oil and Gas, Energy and Power, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global secondary battery industry generated $96.7 billion in 2022 and is estimated to reach $261.8 billion by 2032, exhibiting a CAGR of 9.8% from 2023 to 2032.  A secondary battery, also known as a rechargeable battery, is a type of battery that is capable of being charged and discharged multiple times. This type of battery is more sustainable and economical than primary batteries, which are limited to being used once and then discarded. Some of the most popular types of secondary batteries are lithium-ion batteries, Nickel-Metal Hydrogen (NMH) batteries, and Lead-Acid batteries. Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/9650 Prime Determinants of Growth: The global secondary battery market is experiencing significant growth due to several factors, including energy storage solutions and environmental awareness, rising demand for electric vehicles (EVs) and environmental integrity projects, consumer electronics, and advancements in battery technology. On the other hand, the safety concerns, limited lifespan, environmental impact of manufacturing, and cost barriers hindered the market growth to some extent. Moreover, energy storage solutions and renewable energy integration, the increasing demand for consumer electronics such as electric vehicles (EVs), and advancements in battery technology create lucrative opportunities for market growth. Report Coverage & Details:
The lead acid segment to retain its dominance throughout the forecast period- By type, the lead acid segment held the major share in 2022, contributing to nearly two-fifths of the global secondary battery market revenue, and is expected to retain its dominance throughout the forecast period. Portable electronic devices, home appliances, power tools, and electric vehicles utilize have application of lead-acid batteries that contribute to the growth of the segment. However, the lithium-ion segment is projected to grow at the fastest CAGR of 10.1% from 2023 to 2032. It is attributed to the major shift from lead-acid batteries to lithium-ion batteries and advancements in lithium-ion battery technologies. The manufacturers of electric vehicles are also opting for lithium-ion batteries. These batteries offer several benefits such as high energy density, low cost, and advanced technology. The growing electric vehicle market is also significantly impacting the demand for lithium-ion batteries and thus driving the growth of the segment. Procure Complete Report (282 Pages PDF with Insights, Charts, Tables, and Figures) @ http://www.alliedmarketresearch.com/checkout-final/solar-tracker-market The motor vehicles segment to maintain its leadership status throughout the forecast period- By application, the motor vehicles segment held the highest market share in 2022, garnering more than two-fifths of the global secondary battery market revenue, and is anticipated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 10.1% from 2023 to 2032. The continuous improvements in battery and advancing charging infrastructure have led to growth in the demand for EVs. EVs are being pushed majorly by government across the globe owing to net-zero targets committed by leaders for reducing carbon emissions globally. Several activities such as research, development, and testing on autonomous vehicles are being carried out for advancing electric vehicle technology. The automotive segment to maintain its lead position during the forecast period- By industry vertical, the automotive segment held the largest market share in 2022, accounting for nearly one-third of the global secondary battery market revenue, and is predicted to maintain its lead position during the forecast period. The same segment would also portray the fastest CAGR of 10.2% between 2023 and 2032. The global shift to electric vehicles from conventional fuel vehicles is speeding up and so is the demand for such batteries. Major automakers and vehicle manufacturers are announcing and implementing plans to phase out internal combustion engines (ICE)in the production. They are also heavily investing in the advancement of present electric vehicle battery technology, enhancing current driving range, and expanding charging infrastructure. Such efforts positively impact the growth of secondary battery market in automotive segment. For Purchase Inquiry: https://www.alliedmarketresearch.com/secondary-battery-market/purchase-options Asia-Pacific garnered the major market share in 2032- Based on region, Asia-Pacific garnered the major market share in 2022, holding two-fifths of the global secondary battery market revenue, and is anticipated to maintain its dominance throughout the forecast period. The same region would also exhibit the fastest CAGR of 10.1% from 2023 to 2032. China is one of the major economies of the region and it is also the major manufacturer and consumer of electric vehicles. Rising demand for electric vehicles boosts the demand for secondary batteries and thus fosters market growth. In other economies as well such as India, Japan, South Korea, Australia, Singapore, and Malaysia, the demand for electric vehicles and portable electronic devices have also contributed to the rising demand for secondary battery in the region. The governments in the region are also encouraging environmentally friendly transportation and aimed at reducing carbon emissions. Leading Market Players: -
The report provides a detailed analysis of these key players in the global secondary battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Trending Reports in Battery Industry: Thin Film Battery Market: Global Opportunity Analysis and Forecast, 2023-2032 Rechargeable Batteries Market: Global Analysis and Industry Forecast, 2021-2030 Traction Battery Market: Global Analysis and Industry Forecast, 2021–2030 Solar Battery Market: Global Analysis and Industry Forecast, 2020–2027 Lead–Acid Battery Market: Global Opportunity and Industry Forecast, 2019–2026 Lithium-ion Battery Market: Global Analysis and Industry Forecast, 2023-2032 About us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact us: David Correa Follow Us on | Facebook | LinkedIn | YouTube Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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