Rechargeable Battery Market Size & Share to Surpass $153.5 Billion by 2028 | Vantage Market Research
WASHINGTON, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The Global Rechargeable Battery Market is valued at USD 105.2 Billion in 2021 and is projected to reach a value of USD 153.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.5% over the forecast period 2022-2028.
According to Vantage Market Research, the key factors anticipated to accelerate the Rechargeable Battery market growth over the forecast period are stated ahead. Rechargeable Batteries are more energy-efficient, create less waste, and can be charged with a basic battery charger, primarily driving the movement in customer preference toward their use in the global market for batteries. Furthermore, manufacturers have been able to enhance the performance of lithium-ion batteries because of ongoing advancements in the material sciences, which has led to a rise in the demand for these batteries around the world.
We forecast that the automotive category in Rechargeable Battery market sales will account for more than 27% of total sales by 2028 due to the popularity of hybrid and electric automobiles. Demand for electric vehicles with Rechargeable Batteries has been sparked by the need for environmentally and energy-friendly products.
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Automotive Industry's growing requirement for Rechargeable Batteries will Fuel Market Expansion
The market is primarily driven by increased demand for Rechargeable Batteries in electric vehicles and grid storage since they are lightweight and offer solutions with high energy densities. Increases in electric vehicle (EV) registrations and falling Rechargeable Battery prices are predicted to be the main drivers of industry growth during the upcoming years. In addition, a rise in sales of electric vehicles and a change in consumer preferences are anticipated to boost the global market for Rechargeable Batteries. Electric vehicles have gained popularity due to growing consumer demand for ecologically friendly and energy-efficient products (EV). The popularity of hybrid electric vehicles (HEVs), which combine a battery and a combustion engine, has skyrocketed. The electric grid or a recognized public charging station can recharge EV batteries. Thus, throughout the forecast period, the market's increasing acceptance of electric vehicles is anticipated to fuel demand for Rechargeable Batteries.
Utilizing Portable Electronics more Frequently will Accelerate Market Expansion
Laptops, smartphones, digital cameras, and other consumer gadgets all use Rechargeable Batteries. Compared to conventional parts, the battery's efficiency and small size have enhanced product demand and market uptake. Since these batteries are inherently unstable when charged, specialists have concentrated on non-lithium ions. The high-energy-density batteries offer outstanding low-temperature, load, and cycle qualities. As a result, it soon established itself as a vital power source for portable electronics, including laptop computers, cell phones, and video and audio equipment. Therefore, during the forecast period, the market is anticipated to increase due to the rising use of portable electronic products.
Top Players in the Global Rechargeable Battery Market
East Penn Manufacturing (US)
Exide Technologies (US)
Johnson Control (Ireland)
LG Chemicals (South Korea)
SAFT groupe SA (France)
Samsung SDI (South Korea)
Panasonic Corporation (Japan)
Apple Inc. (US)
STMicroelectronics NV (Switzerland)
For Additional Information on Rechargeable Battery Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Rechargeable Battery Market
One trend that Vantage Market Research (VMR) expects to see in the Rechargeable Battery industry is increasing demand for consumer electronics worldwide. The market is aided by the rising demand for digital devices, which have become indispensable to most of the world's population. These include smartphones, laptops, tablets, and wearable and related smart devices.
Another trend that VMR predicts will continue in the Rechargeable Battery industry is the creation of cutting-edge battery technologies. The Rechargeable Batteries market is expanding due to the creation of novel and sophisticated battery technologies. The adoption rates of these new technologies are rising due to their ability to boost efficiency and cut expenses.
Top Report Findings
Based on Technology, most of the Rechargeable Battery market's revenue is controlled by the photovoltaic systems category due to the quick development of the automotive industry in developing nations like China and India, as well as the growing use of lead-acid batteries in the production of passenger cars, motorcycles, and commercial vehicles.
Based on Solar Module, most of the Rechargeable Battery market's revenue is controlled by the polycrystalline category due to an increase in the use of it high-capacity applications such as energy storage system (ESS) platforms, electric vehicles, plug-in hybrid vehicles, e-motorcycles, industrial, telecommunication, golf carts, hybrid trucks, buses, automated guided vehicles, and the military.
Based on Applications, the industrial category controls most of the Rechargeable Battery market's revenue. Rechargeable Batteries are used extensively in battery-powered vehicles, including automated guided vehicles, electric automobiles, and e-bikes. EVs are categorized as battery electric cars (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles, depending on their power source and intended use (PHEVs).
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Recent Developments in the Global Rechargeable Battery Market
In September 2021, a battery storage unit with more power than a hydrogen fuel cell was introduced. This new battery storage unit can store more energy than any other battery, and it can power cars, homes, and other devices. This new battery storage unit is a major innovation in the Rechargeable Battery market and will help improve energy consumption efficiency.
Lead-Acid Batteries Category in Rechargeable Battery Market to Generate Over 37% Revenue
Rechargeable Batteries are an expensive investment. Vantage Market Research has analyzed the market for Rechargeable Batteries to understand its current state and potential future growth factors. For better understanding, based on the Battery Type, the Rechargeable Battery market is divided into lead-acid batteries, Li-ion batteries, NiMH batteries, NiCd batteries, and Other Battery Types.
During the forecast period, the market for Rechargeable Batteries is anticipated to experience the highest CAGR for the Lead-Acid Batteries category. The most prevalent kind of Rechargeable Battery is a lead-acid battery. They are affordable, widely utilized, and recyclable. They have a long shelf life, a low self-discharge rate, and a high energy density. Wet cells (wet lead) and dry cells are two different types of lead-acid batteries (dry lead).
On the other hand, the Li-ion batteries category is anticipated to grow significantly. Lithium ions are the positive and negative particles in the composition of Li-Ion batteries, which are Rechargeable Batteries. The cathode, anode, and separator are the three main parts. While the anode protects against oxidation so that reactions between negative and positive particles can occur, the cathode aids in drawing current ions.
Asia Pacific Region in Rechargeable Battery Market to Generate More 33% Revenue
Asia Pacific dominates the Rechargeable Battery market, and this dominant trend will continue throughout the projection period. Rechargeable Batteries are increasingly being used due to ongoing advancements in the consumer electronics and automotive industries, as they provide numerous benefits, including greater power capacity, improved safety, and decreased pollution. During the projection period, this is anticipated to drive up demand for Rechargeable Batteries throughout the region.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Rechargeable Battery Market Forecast Report (2022-2028).
Global Rechargeable Battery Market Segmentation
By Battery Type
Other Battery Types
150 - 1000 mAh
1300 - 2700 mAh
3000 - 4000 mAh
4000 - 6000 mAh
6000 - 10000 mAh
More than 10000 mAh
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of MEA
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Scope of the Report:
Market Size in 2021
USD 105.2 Billion
Revenue Forecast by 2028
USD 153.5 Billion
6.5% from 2022 to 2028
2022 to 2028
East Penn Manufacturing, Enersysl, Exide Technologies, Johnson Control, LG Chemicals, SAFT Groupe SA, Samsung SDI, Panasonic Corporation, Apple Inc., STMicroelectronics NV
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