The global rechargeable batteries market is propelled due to lots of factors such as an increase in demand for continuous power supply from the mining and oil & gas industries and a steady power supply in developing regions. Moreover, continuous advancements in digital technology solutions will create lucrative growth opportunities for the market in the coming years. However, strict regulations related to emission reduction in fossil fuel-powered equipment may hinder the market’s growth.
As per the report, the global rechargeable batteries market accounted for $90.0 billion in 2020 and is predicted to reach $150.0 billion by 2030, rising at a CAGR of 5.3% during the analysis period 2021-2030.
Rechargeable Batteries Market Segment Review
The consumer electronics segment to hold the largest market share
Based on application, the automobile segment held two-fifths of the global rechargeable batteries market revenue in 2020 and is expected to experience steady growth throughout the analysis timeframe. This growth is mainly because of the growing consumption of consumer electronics devices such as smartphones, LCD displays, tablets, and wearable devices such as fitness bands. The segment is projected to rise at a noteworthy CAGR of 5.9% from 2021 to 2030.
The lead-acid batteries segment to hold the largest market share by 2030
Based on battery type, the lead acid batteries segment held the highest market share in 2020. It held around three-fifths of the global rechargeable batteries market. This is mainly due to the continuous power supply in automotive, telecommunication, transport vehicles, and electric bikes. Moreover, the Li-ion batteries segment is expected to rise at a striking CAGR of 6.1% from 2021 to 2030, because of its increasing use in electric vehicles (EVs). This growth is attributed to the high demand for batteries from the automotive sector.
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Asia-Pacific, followed by North America, generated the dominant market share in 2020
Based on region, Asia-Pacific held the highest market share in 2020. It held around one-third of the global rechargeable batteries market and is expected to continue its position by generating the highest revenue by 2030. The continuous developments in consumer electronics and automotive verticals have accelerated the applications of batteries at a large scale, driving the market’s growth prominently. On the other hand, North America is predicted to rise at a striking CAGR of 5.7% over the analysis timeframe. This growth is mainly attributed to a lot of factors such as the reduced cost of Li-ion batteries, escalated sale of consumer electronics, and increased adoption of electric vehicles in the region.
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Rechargeable Batteries Market Key Players
- STMicroelectronics N.V.
- EnerSysl
- Apple Inc.
- Exide Technologies
- Panasonic Corporation
- Johnson Controls
- Samsung SDI
- East Penn Manufacturing
- Saft
- LG Chem
The report provides a detailed analysis of these key players of the global E-passport market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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