Allied Market Research published a report, titled, “Rechargeable Batteries Market by Battery Type, Capacity, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global rechargeable batteries industry was estimated at $90.0 billion in 2020, and is anticipated to hit $150.0 billion by 2030, registering a CAGR of 5.3% from 2021 to 2030.
Rise in demand for continuous power supply from the mining and oil & gas industries and increasing need for electrification and continuous power supply in developing regions drive the growth of the global rechargeable batteries market. On the other hand, strict regulations pertaining to emission reduction in fossil fuel-powered equipment impede the growth to some extent. However, advent of digital technology solutions is expected to create lucrative opportunities in the industry.
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Demand for rechargeable batteries has witnessed tremendous growth driven by increasing penetration in applications such as automobile, industrial, and consumer electronics. All industry players are investing heavily to find new commercial avenues for their product segments via strategic production, new product launch, and business expansion. Some of the major factors that drive the demand for rechargeable batteries include surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for electric vehicles, and growing need for battery-operated material-handling equipment in industries due to automation.
Based on battery type, the lead-acid batteries segment held the major share in 2020, accounting for around three-fifths of the global rechargeable batteries market, owing to the benefit of uninterrupted power supply in automotive, telecommunication, transport vehicles, and electric bikes. At the same time, the Li-ion batteries segment would register the fastest CAGR of 6.1% from 2021 to 2030, due to its growing demand for electric vehicles (EVs). This is attributed to the huge demand for these batteries from the automotive sector.
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Based on application, the automobile segment contributed to around two-fifths of the global rechargeable batteries market revenue in 2020, and is projected to lead the trail throughout the forecast period. Growing consumption of consumer electronics devices such as LCD displays, smartphones, tablets, and wearable devices such as fitness bands drives the segment growth. However, the consumer electronics segment is projected to grow at the fastest CAGR of 5.9% from 2021 to 2030.
Based on region, the market across Asia-Pacific contributed to the highest share in 2020, accounting for nearly one-third of the global rechargeable batteries market, and is estimated to continue its dominant share in terms of revenue by 2030. This is because continuous developments in the consumer electronics and automotive verticals have led to a steep increase in the application of rechargeable batteries in the province. Simultaneously, North America is expected to showcase the fastest CAGR of 5.7% during the forecast period. This is due to decreased cost of Li-ion batteries, increased sale of consumer electronics, and rapid adoption of electric vehicles in the region.
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COVID-19 scenario-
- The outbreak of the pandemic gave way to disrupted supply chain, thereby impacting the global rechargeable batteries market negatively.
- However, the global situation is getting ameliorated and the market is projected to recoup soon.
Key findings of the study
- In 2020, Asia-Pacific dominated the global rechargeable batteries market with around 33.0% share, in terms of revenue.
- North America is projected to grow at the highest CAGR of 5.7% in terms of revenue.
- The lead-acid batteries segment dominated the global rechargeable batteries market with around 55.0% of the share in terms of revenue
- The Li-ion batteries segment is projected to grow at the highest CAGR of 6.1% in terms of revenue.
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