Rechargeable Battery Market Size, Share, Growth, and Industry Analysis, Segmentation By Type (Lead-Acid Battery, Li-Ion Battery, Flow Battery and Others), By Application (Automotive, Power Engineering, Lightning and Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

RECHARGEABLE BATTERY MARKET REPORT OVERVIEW

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The global rechargeable battery market size was USD 32510 million in 2022 and will touch USD 44850 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.

The rechargeable batteries are those that having numerous charging cycles. Rechargeable batteries often are considered to be more expensive than one time use batteries, yet they even tend to last for longer and be simpler to discard. The market shares are rising because to the growing need for electric cars and the renewable energy storage systems.

COVID-19 Impact: Shutdown of Manufacturing Operations Caused by the Pandemic Deceased the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The rechargeable batteries market was tremendously negatively affected by the COVID-19 outbreak. In the phase of COVID-19, the expected growth of the market was declined to an extent with the restricted supply of the batteries and other components in the global economy. The key components of the batteries are primarily manufactured in the areas of Asia Pacific. Thus the COVID-19 allegedly had exposed the inter dependency of the region for key raw materials, mainly China. Battery manufacturers in other countries as such Germany, Australia and U.S. too are largely affected by the closure of manufacturing operations mainly in China and other parts of Asia-Pacific countries.

LATEST TRENDS

"Advancements in Creation of Flow Batteries to Lighten Up the Market Shares"

Manufacturers are rigorously working on to improving the performance of lithium-ion batteries with the continuous advances in area of physics, which has further increased their demand globally. The researchers are continuously aimed on manufacturing new rechargeable batteries termed as "flow battery" that is viable to generate double of the electricity as compared to the regular batteries without acquiring up as much space. This technology could expand the riding capacity of trending electric vehicles and the lapse in between charges for mobile electronic devices, flood-gating new business opportunities.

RECHARGEABLE BATTERY MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Lead-Acid Battery, Li-Ion Battery, Flow Battery and others.

• Lead-Acid Battery: Lead-acid batteries uses a chemical reaction in between the lead and lead dioxide to generate the electrical energy.The lead acid batteries most commonly are useful in automotive starting batteries, uninterruptible power supplies (UPS), and various other applications in stationary power and are relatively low in terms of cost, with  high surge current capability and well-established technology.

• Lithium-Ion (Li-Ion) Battery: Lithium Ion batteries inculcates lithium ions to facilitate the motion of electrons, providing it with a higher energy density. They are widely utilized in mobile electronics such as tablets,laptops cell phones, renewable energy systems and electric vehicles.

• Flow Battery: The flow batteries stores the energy in the liquid electrolytes that are contained in external tanks. They generate electricity by circulating these electrolytes via reaction cell. They are most suited for storing energy in large-scale, renewable energy integration and grid applications.

• Others: In the in nickel-cadmium batteries metallic cadmium and nickel oxide hydroxide both are utilized as electrodes. It is previously been utilized in rechargeable power tools and portable devices because it is dependable, performs well at low temperatures, and is priced at very reasonable rates. One of the electrodes in nickel-metal hydride batteries is made up of an alloy that absorbs hydrogen rather than the cadmium. It is frequently seen in hybrid cars, consumer electronics, and other applications needing a greater energy density than NiCd batteries.

By Application

Based on application the global market can be categorized into automotive, power engineering, lightning and others.

• Automotive: The electric vehicles, as such automobiles and motorbikes, frequently utilizes the rechargeable batteries, particularly the lithium-ion batteries. They are the supplier of energy required for propulsion, making transportation more sustainable and clean. Rechargeable batteries are typically used in conjunction with internal combustion engines in hybrid cars to increase fuel economy and lower pollution.

• Power Engineering: The rechargeable batteries are very crucial for the grid energy storage. It aids in stabilizing a balance between demand and supply, store extra energy produced when there is little need, and deliver electricity when the demand is at its highest level. The rechargeable batteries are very useful in renewable energy systems, as such wind power and solar, to store extra energy when production exceeds need and release it during periods of low renewable energy generation or high demand.

• Lighting: Emergency lighting systems make most use of the rechargeable batteries, as such the lithium-ion or lead-acid batteries. In the ongoing event of a power loss, these batteries governs that the security and safety critical lighting continues to function. Rechargeable batteries are also mostly used in the flashlights, lanterns, and various other portable illuminating devices for their perks of sustainability and convenience.

• Others:  Considering their advantages as small weight, high energy density and the expanded runtime, the lithium-ion batteries are found in many electronic devices and other portable electronic gadgets. Telecommunication base stations utilizes rechargeable batteries, especially the lead-acid batteries, as backup power supplies. During blackouts, they guarantee that communication services will continue. Implantable medical equipment, including defibrillators and pacemakers, rely on rechargeable batteries as a dependable and extended power supply.

DRIVING FACTORS

"Surging Demand of Batteries from the Electronics Sector to Raise High the Market Demand"

Rechargeable batteries demand is being governed by numerous factors, including increased per capita income, radiating industrialization activities, growing consumer awareness of consumer electronics, and high-performing batteries. The demand for rechargeable batteries is being driven by increased demand for autos and bio-based vehicles, as well as consumer electronics and portable gadgets including music players, digital cameras, camera phones, and portable computer systems.

"Energy Efficient, Reliable and Environmentally Friendly Option to Electrify the Market Growth"

As the rechargeable batteries uses less energy and produces less trash, consumers are diverting to choose rechargeable batteries more and more. Furthermore, they can be charged using regular battery chargers, which primarily expands their market share worldwide. Compared to non-rechargeable batteries, rechargeable batteries are often more dependable, long-lasting, and eco-friendly. The reactive anode of a non-rechargeable battery is used in a chemical process to create current.

RESTRAINING FACTOR

"High Cost and Abundance of Options and Low Energy to Downsize the Market Growth"

Although rechargeable batteries offer various advantages, such as extended life of the batteries and long-term cost savings, they also have certain disadvantages. These batteries might be feeble to provide a gadget with adequate energy on a single charge since they are mounted at varying voltages depending on what they are meant to be used for. However, the industrial ability to grow the market internationally is constrained by its high cost and varieties of rechargeable battery solutions. Thus, the industry is moving toward producing a greater number of biomaterial-based rechargeable batteries. Hence, such factors are expected to hinder the rechargeable battery market growth during the forecast period.

RECHARGEABLE BATTERY MARKET REGIONAL INSIGHTS

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"Asia Pacific with Developments in Consumer Electronics and Automotive Verticals to Lead the Market Share"

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Asia-Pacific accounted for a major rechargeable battery market share in the forecasted period. In the global market for rechargeable batteries the two largest market for electric vehicles, respectively, are China and Japan. Rechargeable batteries are being used more often because of ongoing advancements in the consumer electronics and automotive industries. These batteries have various advantages, inculcating higher power capacity, lower pollution and improved safety. In the course of projection period, all these factors are anticipated to significantly raise the demand for rechargeable batteries in the Asia Pacific region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to rechargeable battery to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• Battery Technology, Inc. (U.S.)
• BYD Company Limited (China)
• Duracell Inc. (U.S.)
• EaglePicher Technologies, LLC (U.S.)
• Exide Technologies (U.S.)
• Energizer (U.S.)
• GP Batteries (China)
• Maxell (Japan)
• East Penn Manufacturing (U.S.)
• Johnson Control (Ireland)

INDUSTRIAL DEVELOPMENT

February 2022:  Duracell with Williams Racing announced a long-term partnership deal. The deal was planted with the vertical air intake of the cars designed like a Duracell battery, it was first introduced in the year 2022 in February, Miami Grand Prix. This design was further implemented on the Williams FW45 for the 2023 season. Duracell also had became the title sponsor of William Racing's eNASCAR team named as Duracell Williams Esports eNASCAR.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.