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The Rechargeable Batteries Market is Trending Due to Growing Demand for Portable Devices
The rechargeable batteries market comprises lithium-ion, nickel-cadmium, nickel-metal hydride and lead-acid rechargeable batteries. Rechargeable batteries offer higher energy density and are more cost-effective than non-rechargeable batteries as they can be charged and discharged multiple times. They are widely used in consumer electronics such as smartphones, tablets, laptops, power tools and electric vehicles. The growing sales of portable electronic devices and increasing battery lifespan due to technological advancements are fueling the demand for rechargeable batteries.
The rechargeable batteries market is estimated to be valued at USD 123.81 Bn in 2024 and is expected to reach USD 184.65 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 5.88% from 2024 to 2031.
Key Takeaways
Key players operating in the rechargeable batteries market are Samsung SDI Co., Ltd., Tesla Inc., BYD Co. Ltd., LG Chem Ltd., Contemporary Amperex Technology Co. Limited (CATL), Panasonic Corporation.
Key players are focusing on expanding production capacity and investing in research and development to improve battery performance. The growing Rechargeable Batteries Market Demand for portable consumer electronics and power tools. Asia Pacific dominated the global market in 2019 due to presence of major battery manufacturers in China and other countries. North America and Europe are also contributing significantly to the market growth.
Market Key Trends
One of the key trends in the rechargeable batteries market is increasing adoption of Lithium-ion batteries. Lithium-ion batteries have higher energy density compared to lead-acid and nickel-based batteries. They are widely used in EVs, consumer electronics and energy storage systems due to their lightweight, high power providing capacity and longer lifespan. Manufacturers are investing heavily in developing advanced lithium-ion chemistries such as Lithium Iron Phosphate and Lithium Titanate to achieve faster charging capabilities and improve safety. The global shift towards clean and green energy is also propelling the demand for lithium-ion batteries in renewable energy storage systems.
Porter's Analysis
Threat of new entrants: New entrants face high initial investment costs due to technological complexity.
Bargaining power of buyers: Large buyers have significant bargaining power due to bulk purchases.
Bargaining power of suppliers: Suppliers have moderate power due to differentiated components and technologies.
Threat of new substitutes: Threat is moderate as new energy storage technologies emerge.
Competitive rivalry: Intense competition among existing players to gain market share.
Geographical Regions
Asia Pacific leads the global market in terms of value due to presence of major electronics manufacturing hubs and consumer markets in China, Japan, and South Korea. Growing sales of electric vehicles and electronics further boost regional demand.
Fastest Growing Region
North America exhibits strongest growth momentum attributed to supportive government policies for clean technologies, electric vehicles adoption, and energy storage installations across utility, residential, and commercial applications. Expanding lithium-ion battery recycling industry also aids the regional market expansion.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
