A rechargeable battery, also known as a storage battery or secondary cell, is a type of electrical battery that can be charged or recharged many times. It is composed of one or more electrochemical cells and is produced in different shapes and sizes. These rechargeable batteries are lightweight, flexible, and easy to use in products with limited internal space. They offer multiple uses for their cell and long-term investments in terms of money spent on devices. These are the most reliable, natural, and sustainable forms of batteries. The global rechargeable batteries market was valued at $90.0 billion in 2020 and is projected to reach $150.0 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
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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 a surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for electric vehicles, and the growing need for battery-operated material-handling equipment in industries due to automation. However, safety issues related to the storage and transportation of spent batteries and low-cost alternatives in energy storage space are expected to hamper the rechargeable batteries market growth during the forecast period. Furthermore, expanding data center infrastructure and declining prices of lithium-ion batteries are expected to provide growth opportunities for the rechargeable batteries market during the forecast period.
By battery type, the global rechargeable batteries market size is studied across lead-acid batteries, Li-ion batteries, NiMH batteries, NiCd batteries, and others. The lead-acid battery segment accounted for the largest market share in 2020, owing to the rapid growth of the automotive industry across developing countries such as China and India and the increasing adoption of lead-acid batteries in the commercial vehicle, motorcycle, and passenger car manufacturing industries. The lead-acid batteries segment dominated the global rechargeable batteries market with more than half of the total market share in 2020.
By capacity, the global rechargeable batteries market is studied across 150 – 1000 mAh, 1300 – 2700 mAh, 3000 – 4000 mAh, 4000 – 6000 mAh, 6000 – 10000 mAh, and more than 10000 mAh. The 6000 – 10000 mAh segment accounted for the largest market share in 2020, owing to a surge in consumption of 6000 – 10000 mAh capacity rechargeable batteries in the automotive industry across the globe. The 6000 – 10000 mAh segment dominated the global rechargeable batteries market with more than one-third of the total market share in 2020.
By application, the global rechargeable batteries market is studied across consumer electronics, industrial, automobile, defense, and others. The automobile segment emerged as the leader in 2020, owing to the growing consumption of rechargeable batteries in electric vehicles. The automobile segment dominated the global rechargeable batteries market with two-fifths of the total market share in 2020.
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Region-wise, the global rechargeable batteries market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific emerged as the leader in 2020, owing to the growing automotive and consumer electronics industry and the surge in consumption of rechargeable batteries across these industries. Asia-Pacific accounted for a major rechargeable batteries market share in 2020 and dominated the global market with one-third of the total market share in 2020.
The major players studied and profiled in the global rechargeable batteries industry are East Penn Manufacturing, EnerSysl, Exide Technologies, Johnson Controls, LG Chem, Saft, Samsung SDI, Panasonic Corporation, Apple Inc., and STMicroelectronics N.V.
COVID-19 analysis:
The rechargeable batteries market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the market is expected to decline as the pandemic is restricting the supply of batteries and other components, due to severe disruptions in businesses and the global economy. The current situation has impacted the supply chain of the battery industry. Key components for batteries are mainly manufactured in Asia-Pacific. The COVID-19 situation has exposed the over-dependency on the region for key raw materials, especially in China. Battery manufacturers in the U.S., Germany, and Australia are highly impacted by the shutdown of operations in China and other Asia-Pacific countries. It has also resulted in limited production leading to a serious decline in business inputs. The recovery depends on government assistance, as well as the level of corporate debt and how the companies and markets cope with the trimmed demand. After the recovery phase, the market is projected to witness growth at a moderate rate until 2030.
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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.
- The 6000 – 10000 mAh segment dominated the global rechargeable batteries market with around 35.0% of the share in terms of revenue.
- 1300 – 2700 mAh segment is projected to grow at the highest CAGR of 5.9% in terms of revenue.
- The automobile segment dominated the global rechargeable batteries market with 40.0% of the share in terms of revenue.
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