Rechargeable Battery Market Size, Share and Global Trend By Type (Lead Acid Based, Lithium-Ion Based, Nickel Based, Others) By Application (Consumer Electronics, Automotive, Power Backup, Others) and Regional Forecast, 2024-2032

The increased demand for continuous energy has increased the global demand for batteries. The upgradation of the automobile industry has seen electric vehicles enter the market to tackle the problem of growing carbon footprints. Also, the rapid increase in the adoption of consumer electronics has seen the demand for rechargeable batteries to flourish in all the regions of the world.

The advantages of long life, cost-benefit, reuse provided by the rechargeable batteries over the conventional batteries which discharge after the use and cannot be used again are the factors which have seen an increase in their adoption. The diversified application of the rechargeable batteries in energy storage, automobiles, and the consumer electronics segment is the other factors driving the growth of the market.

The various types of consumer electronics coming up for e.g. mobile phones, watches, cameras, laptops, portable batteries, and others use rechargeable batteries. The automotive sector using electric vehicles is the other segment which holds a significant opportunity for the rechargeable batteries market in the given forecast period.

On the basis of their types, global rechargeable battery market can be segmented into lithium-ion based, lead-acid based, nickel-based and other batteries. The increased adoption of the lead-acid batteries in the automotive starter motors will see lead-acid batteries segment hold a more prominent market over the forecast period.

Based on its applications the global rechargeable battery market can be segmented into consumer electronics, automotive, power backup, and others. As the rechargeable batteries are used in every segment and each segment is increasing with a reasonable growth rate the rechargeable batteries will see increased adoption in each segment in the given forecast period.

The key market driver for the global rechargeable battery market is the characteristic of the batteries which allow it to be recharged and used again when it has been discharged. Also, these batteries have a longer life as compared to available counterparts and act as a onetime investment for energy storage.

Key market restraint for the global rechargeable battery market is the high initial cost associated with the purchase of the rechargeable battery. Also, the threat of explosion in several cases of overheating can hinder the growth of the market in the given forecast period. 

Key Players Covered

Key players operating in the global rechargeable battery market are A123 Systems, Tesla, Panasonic, NEC, LG Chem, Samsung SDI, Solar City Corp, JLM Energy, Siemens, Hitachi, ABB, General Electric, Bosch, Sunverge Energy, Inc., Peak NRG, and AEG Power Solutions.

SEGMENTATION

Regional Analysis

The global rechargeable battery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region holds the most significant opportunity for the growth of the market during the given forecast period owing to the increased automobile demand. The steps to reduce carbon footprints have seen growth in sales of electric vehicles which use rechargeable batteries. The sales of automobiles have been on a high since past few years in the region. Also, the consumer electronics in which the rechargeable batteries are used have been most adopted in the Asia Pacific region. China, India, Japan, and South Korea have been the dominant players in the region. Europe holds the largest market in the global rechargeable battery market with the increased adoption of renewable sources of energy, Europe is followed by the North America region. As the markets in Europe and North America are matured the regions will see a stagnant growth over the given forecast period. Latin America and the Middle East region will have a slow growth rate with the growing trend of renewable sources in the regions.

Key Industry Developments

• In July 2019, Xiaomi launched the portable rechargeable LED lamp in India which is capable of having a battery backup for 5 days. The product was launched in India to mark the 5^th anniversary of Xiaomi in India. This lamp can act as an instantaneous solution in case of power outages.
• In August 2019, Worx announced the launch of Worx 40V 20” Mower Mulching Lawn Mover, which is compact and brings down the problem of storage. The mulching mower uses two 20V batteries, capable of cutting 11,000 square feet of grass in a single charge. The cutting blades for the mower are made of steel which has improved performance as compared to plastic and aluminium.
• In December 2018, Researchers from Stockholm University developed a method to multiply the lifespan of nickel-metal hydride battery. This will enable the battery to handle more charging cycles without losing capacity. The new method also ensures that batteries can be easily restored once they are worn out, unlike the other rechargeable batteries which are needed to be melted down for recycling.