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NEW YORK , Aug. 30, 2022 /PRNewswire/ -- The SECONDARY BATTERY MARKET value is set to grow by USD 55.62 billion from 2019 to 2024, as per the latest report by Technavio. The Y-O-Y growth rate of 2020 was estimated at 2.01%. The market is fragmented and to make the most of the opportunities, market vendors are focusing more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. The report analyzes the market's competitive landscape and offers information on several market vendors, including 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., and Tesla Inc.
Advantages of lithium-ion battery to offer immense growth opportunities. Lithium-ion batteries are preferred over other batteries because of their several advantages, such as higher current density, longer power-holding capacity, and longer shelf life. These batteries are also less costly than lead-acid batteries or NiMH batteries. The cost reductions, coupled with the enhanced performance of lithium-ion batteries, will boost the sales of these batteries and, subsequently, drive the growth of the global secondary battery market during the forecast period.
With the continuous rise in global energy demand, clean energy initiatives, and subsidies for power generation using sustainability, the use of renewable energy sources such as solar and wind energy has also increased. The intermittent power generation from renewable sources of energy will increase the need for solutions such as battery energy storage in both grid and off-grid locations. Thus, the rise in the use of renewable energy will fuel the demand for secondary batteries during the forecast period.
Browse Summary of the SECONDARY BATTERY MARKET Research Report to Learn More
Lead-acid batteries are cost-effective compared to other battery technologies. The increase in industrial and construction activities, high adoption of battery technology in the automotive industry and UPS applications, and growing adoption of EVs are some of the factors driving the growth of the secondary battery market in this segment.
Almost 64% of the market's growth will originate from APAC during the forecast period. 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.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our report covers the following areas:
Browse Summary of the SECONDARY BATTERY RECYCLING MARKET Report by Type and Geography - Forecast and Analysis 2020-2024: The market value is set to grow by USD 5 billion , progressing at a CAGR of almost 7% from 2019 to 2024, as per the latest report by Technavio. This secondary battery recycling market report further entails segmentations by Type (Lead-acid battery, Li-ion battery, and Others) and Geography (APAC, Europe , North America , South America , and MEA).
Browse Summary of the BATTERY RECYCLING MARKET Report by Battery Chemistry, Battery Source, and Geography - Forecast and Analysis 2021-2025: The market value is set to grow by USD 6.28 billion , progressing at a CAGR of 9% from 2020 to 2025, as per the latest report by Technavio. The battery recycling market report also offers information on several market vendors, including Accurec Recycling GmbH, Battery Solutions LLC, Call2Recycle Inc., and more
Accelerate at a CAGR of 11%
North America, APAC, Europe, South America, and MEA
Leading companies, competitive strategies, consumer engagement scope
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., and Tesla Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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