The global secondary battery market size reached USD 127.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 276.8 Billion by 2033, exhibiting a growth rate (CAGR) of 8.51% during 2025-2033.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 127.9 Billion |
Market Forecast in 2033
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USD 276.8 Billion |
Market Growth Rate 2025-2033 | 8.51% |
Secondary batteries are accumulators or rechargeable batteries that store chemical energy and convert it into electrical energy depending on the requirement. These batteries are economical and offer high power density, reasonable discharge rate, and low-temperature performance than primary batteries. As a result, they are used to power electronic devices, cellular phones, and hybrid electric vehicles (HEVs). At present, several manufacturers are introducing novel secondary batteries, such as a flow cell battery that allows large-scale (GWh) energy storage using wide basins at a low price.
The boosting sales of portable electronic devices, such as mobiles, speakers, and laptops, due to the escalating internet penetration and rising purchasing capacity of consumers worldwide represent one of the key factors strengthening the growth of the market. Moreover, the emerging trend of electric vehicles (EVs) on account of the rising awareness among individuals about greenhouse gas (GHG) emissions associated with conventional automobiles is contributing to the market growth. This can also be accredited to tax incentives and subsidies offered by governments of several countries to EV manufacturers. Apart from this, increasing investments in renewable energy, the rising need for efficient energy storage devices, and low maintenance costs of secondary batteries are other significant factors driving the market. In addition to this, the growing energy consumption worldwide due to rapid urbanization and increasing instances of frequent power supply interruptions is catalyzing the demand for secondary batteries for power backup. Besides this, as secondary batteries allow ultra-fast charging with minimal stress and provide high specific energy, they are gaining widespread adoption in power tools, medical devices, aviation, and industrial applications around the world.
IMARC Group provides an analysis of the key trends in each sub-segment of the global secondary battery market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on type, application and industry vertical.
Breakup by Type:
Breakup by Application:
Breakup by Industry Vertical:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amperex Technology Limited (TDK Corporation), Byd Company Limited, Duracell Inc. (Berkshire Hathaway Inc.), Energizer Holdings Inc., EnerSys, LG Chem Ltd., Panasonic Corporation, Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Showa Denko K. K., Sony Group Corporation and Tianjin Lishen Battery Joint-Stock Co. Ltd.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Segment Coverage | Type, Application, Industry Vertical, Region |
Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered | Amperex Technology Limited (TDK Corporation), Byd Company Limited, Duracell Inc. (Berkshire Hathaway Inc.), Energizer Holdings Inc., EnerSys, LG Chem Ltd., Panasonic Corporation, Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Showa Denko K. K., Sony Group Corporation and Tianjin Lishen Battery Joint-Stock Co. Ltd. |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The secondary battery market was valued at USD 127.9 Billion in 2024.
The secondary battery market is projected to exhibit a CAGR of 8.51% during 2025-2033.
The secondary battery market is driven by rising demand for electric vehicles, renewable energy storage, and portable electronics. Technological advancements in battery efficiency, extended lifecycle, and fast-charging capabilities, along with supportive government policies for clean energy adoption, are key factors fueling growth in this sector.
Asia Pacific currently dominates the market, driven by the increasing demand for electric vehicles (EVs), renewable energy storage solutions, and portable electronics.
Some of the major players in the secondary battery market include Amperex Technology Limited (TDK Corporation), Byd Company Limited, Duracell Inc. (Berkshire Hathaway Inc.), Energizer Holdings Inc., EnerSys, LG Chem Ltd., Panasonic Corporation, Saft (TotalEnergies SE), Samsung SDI Co. Ltd., Showa Denko K. K., Sony Group Corporation and Tianjin Lishen Battery Joint-Stock Co. Ltd.