The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing demand for electric vehicles are expected to drive innovation in secondary batteries manufacturing, thus driving the market during the forecast period.

The global secondary batteries market is expected to grow from $79.56 billion in 2022 to $89.32 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The global secondary batteries market size is expected to grow to $137.69 billion in 2027 at a CAGR of 11.4%.

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Global Secondary Batteries Market Segments Include:

• By Product Type: Lead Acid, Lithium-Ion (Li-Ion), Nickel Metal Hydride, Other Product Type
• By Application: Electronics, Motor Vehicles, Portable Devices, Other Applications
• By End User: Automotive, Household, Industrial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global secondary batteries market in 2021.

Major Market Players in the secondary batteries market include BYD Company Ltd., Samsung SDI Co. Ltd., LG Chem Co. Ltd., Johnson Controls, Amperex Technologies Ltd., Energizer Holdings Inc., Panasonic Corporation.

Recent developments in NiMH battery manufacturing have improved the lifespan of nickel-metal hydride batteries. The electro positivity of the A-elements makes them easy to corrode 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. For instance, researchers at Stockholm University, a Swedish public university, have developed metal hydride surface structures for NiMH batteries to extend cycle life.

The Secondary Batteries Global Market Report 2023  provides a secondary batteries market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The secondary batteries market forecast analyzes secondary batteries market size, secondary batteries market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Secondary batteries are electrical batteries that can be charged, discharged, and recharged multiple times. Secondary batteries are rechargeable batteries and are also called storage batteries. Secondary batteries are highly cost-efficient in the long term and are environmentally friendly. These are used in portable devices, electronics, and motor vehicles.

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