The Secondary Batteries Market At 12.3% CAGR Increasing Demand For Electric Vehicles Will Drive, Reports TBRC
LONDON, April 8, 2020 /PRNewswire/ -- Increasing demand for electric vehicles will positively impact the global secondary batteries market. Secondary batteries are increasingly being used in hybrid vehicles. The wide temperature ranges between -30°C to +75°C and the rapid charging capacity of Nickel Metal Hybride (NiMH) batteries are ideal for the automotive sector. NiMH batteries can handle the high-power levels which are essential for electric vehicles. According to Bloomberg New Energy Finance (BNEF) report, electric vehicle sales are expected to reach 540 million by 2040, which is around 32% of the world's passenger vehicles. Therefore, the increasing demand for electric vehicles will drive the secondary batteries market's growth.
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The global secondary batteries market was worth $57.77 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 12.3% and reach $91.88 billion by 2023.
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Secondary Batteries Global Market Overview And Segments
Secondary batteries are electrical batteries which can be charged, discharged and recharged multiple times. Secondary batteries include Lithium-ion, lead-acid, and Nickel Metal Hydride (NiMH) based secondary batteries. Secondary batteries are highly cost-efficient in the long term and are environment friendly.
The secondary batteries market covered in this report is segmented by product type into lead acid, lithium-ion (Li-ion), nickel metal hydride, and others. By application, it is segmented into electronics, motor vehicles, portable devices, and others.
Stringent Government Regulations Surrounding Secondary Batteries Manufacturing
Stringent government regulations for the secondary batteries manufacturing hinder the growth of the secondary batteries market. The battery manufacturing process generates wastewater and releases pollutants such as cadmium, cobalt, copper, cyanide, iron, lead, manganese, mercury, nickel and zinc. The manufacturers are usually advised, unless mandated, to reduce the amount of hazardous substances released in the environment. For instance, The USA Environmental Protection Agency (EPA) formulated the battery manufacturing effluent guidelines and standards to regulate such pollutants. Therefore, stringent government regulations hinder the secondary batteries market's growth.
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Improved Life Cycle Of NiMH Batteries
Recent developments in NiMH battery manufacturing has improved the lifespan of nickel-metal hydride batteries. The electro positivity of the A-elements makes them easy to be corroded in the alkaline electrolyte used in NiMH batteries. A thin protective layer is used on alloy particles to improve reaction kinetics and corrosion stability of conventional NiMH batteries. In December 2018, researchers at Stockholm University, a Swedish public university, developed metal hydride surface structures for NiMH batteries to extend cycle life.
Major Competitors And Their Strategies In The Secondary Batteries Manufacturing Market
Major players in the global secondary batteries market are BYD Company Ltd., Samsung SDI Co. Ltd., LG Chem Co. Ltd., Johnson Controls, Amperex Technologies Ltd., Energizer Holdings, Inc., Panasonic Corporation, Aquion Energy, Battery Technology Inc., and Beckett Energy Systems. Companies in the market have been investing in merger and acquisition deals to strengthen their businesses. In January 2020, German battery manufacturer, VARTA AG acquired the US based Energizer Holdings, Inc.'s subsidiary, VARTA Consumer Batteries, for $401 million. The acquisition will likely strengthen VARTA AG's battery business and expand its product portfolio. VARTA Consumer Batteries manufactures and markets dry and primary batteries globally. The company was founded in 2002 and is headquartered in Ellwangen, Germany.
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