Over 11%, CAGR, Secondary Battery Market

With the continued increase in global energy demand, clean energy initiatives and subsidies for energy production using sustainability, the use of renewable energy sources such as solar and wind has also increased. Intermittent power generation from renewable energy sources will increase the need for solutions such as battery energy storage in both on-grid and off-grid locations. Thus, increasing use of renewable energy will fuel the demand for secondary batteries during the forecast period.

Browse the Summary of SECONDARY BATTERY MARKET Research Report to Learn More

Secondary Battery Market 2020-2024: Segmentation

  • technology
    • Lead-acid
    • Lithium-ion
    • Others

Lead acid batteries are cost effective compared to other battery technologies. Increasing industrial and construction activities, high adoption of battery technology in the automotive industry and UPS applications, and increasing adoption of EVs are some of the factors driving the growth of the secondary battery market in this segment.

  • Geography
    • APAC
    • Europe
    • STATE
    • North America
    • South America

Almost 64% of the market growth will come from APAC during the forecast period. China AND Japan are the leading markets for secondary batteries in APAC. Market growth in this region will be faster than market growth in other regions.

Secondary Battery Market 2020-2024: Scope

Technavio presents a detailed view of the market by studying, synthesizing and summarizing data from multiple sources. Our report covers the following areas:

Secondary Battery Market 2020-2024: Highlights

  • Market CAGR during the forecast period 2020-2024
  • Detailed information on the factors that will support the growth of the secondary battery market over the next five years
  • Estimation of the size of the secondary battery market and its contribution to the parent market
  • Predictions on future trends and changes in consumer behavior
  • The growth of the secondary market of batteries
  • Analysis of the competitive market landscape and detailed information on vendors
  • Comprehensive details of the factors that will challenge the growth of the secondary battery market vendors

Related reports:

Browse the Summary of MARKET FOR SECONDARY RECYCLING OF BATTERIES Report by Type and Geography – Forecast and Analysis 2020-2024: The market value is set to increase by 5 billion dollars, progressing at a CAGR of almost 7% from 2019 to 2024, according to the latest report from Technavio. This secondary battery recycling market report further includes segmentations by type (lead-acid battery, li-ion battery & others) and geography (APAC, Europe, North America, South Americaand MEA).

Browse the Summary of BATTERY RECYCLING MARKET Report by Battery Chemistry, Battery Source and Geography – Forecast and Analysis 2021-2025: The market value is set to increase by 6.28 billion dollars, progressing at a CAGR of 9% from 2020 to 2025, according to the latest report from Technavio. The Battery Recycling market report also provides information on several market vendors, including Accurec Recycling GmbH, Battery Solutions LLC, Call2Recycle Inc., and more

The scope of the secondary market of batteries

Report coverage

The details

Page Number


Base year


Forecast period


Growth momentum and CAGR

Accelerate at a CAGR of 11%

Market growth 2020-2024

55.62 billion dollars

Market structure


Annual growth (%)


Regional analysis

North America, APAC, Europe, South America and MEA

Making a contribution to the market

APAC at 64%

Main customer countries

China and Japan

Competitive landscape

Major companies, competitive strategies, extent of customer engagement

Profiled companies

BYD Co Ltd., Clarios, Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., Exide Technologies, GS Yuasa Corp., LG Chem Ltd., Panasonic Corp., Samsung SDI Co. Ltd., and Tesla Inc.

Market Dynamics

Parent market analysis, market growth drivers and restraints, fast and slow growing segment analysis, impact of COVID 19 and future consumer dynamics, and market state analysis for the forecast period.

Customization preview

If our report did not include the data you are looking for, you can contact our analysts and customize the segments.

Browse for Technavio »UTILITY SERVICE MARKET“Research reports

Table of Contents:

Executive Summary

Market landscape

  • The market ecosystem
  • Value chain analysis

Market size

  • Market definition
  • Market segment analysis
  • 2019 market size
  • Market Outlook: Forecast 2019 – 2024

Five Forces Analysis

  • Summary of the Five Forces
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • The threat of rivalry
  • Market condition

Market segmentation by technology

  • Market segments
  • Comparison by technology deployment
  • Lead-acid – Market Size and Forecast 2019-2024
  • Lithium-ion – Market Size and Forecast 2019-2024
  • Others – Market Size and Forecast 2019-2024
  • Market opportunity from Technology

The customer landscape

Geographical landscape

  • Geographic segmentation
  • Geographical comparison
  • APAC – Market Size and Forecast 2019-2024
  • Europe – Market Size and Forecast 2019-2024
  • North America – Market Size and Forecast 2019-2024
  • MEA – Market Size and Forecast 2019-2024
  • South America – Market Size and Forecast 2019-2024
  • Main leading countries
  • Market opportunities by geography

Drivers, Challenges and Trends

  • Market leaders
  • Volume Driver – Growth led by demand
  • Volume Driver – Supply-led growth
  • Volume driver – External factors
  • Volume Driver – Shifting demand to adjacent markets
  • Price driver – Inflation
  • Price Driver – Moving from a lower priced unit to a higher priced unit
  • Market challenges
  • Market trends

Seller landscape

  • General overview
  • Seller landscape
  • Disruption of the landscape

Seller Analysis

  • Sellers covered
  • Positioning of sellers in the market
  • BYD Co. Ltd.
  • claire
  • Contemporary Amperex Technology Co. Ltd.
  • East Penn Manufacturing Co. Inc.
  • Exide Technologies
  • GS Yuasa Corp.
  • LG Chem Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.
  • Tesla Inc.


  • Scope of the report
  • Currency conversion rates for USD
  • Research Methodology
  • List of abbreviations

around us

Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and a large backlog, covering 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, extensive research and actionable market knowledge to identify opportunities in existing and potential markets and to assess their competitive positions within changing market scenarios.


Technavio Research
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SOURCE Technavio

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