The global secondary battery market revenue was around US$ 106.1 billion in 2023 and is estimated to reach US$ 246.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.8% during the forecast period from 2024 to 2032.
A secondary battery is a rechargeable battery, which is also broadly known as a storage battery. It is a type of energy storage device that is mainly used to discharge and charge for numerous uses. These batteries are majorly designed so that they are reused to offer a sustainable source of electrical energy.
Factors Influencing Market Growth
- The increasing use of AI in the research and development of batteries is estimated to create possibilities in the market. Increased battery life is one of the essential advancements in batteries. These newer batteries can now last via a greater number of cycles. Thus, companies are largely spending on research and development of batteries with more extended life. As a result, the use of AI in testing new batteries is growing to make the service life accurate and decrease the required time and price.

- Rechargeability is the primary benefit of secondary batteries that are propelling the market expansion. These batteries are connected to a power source such as an electrical outlet to offer power. In renewable energy systems, it is utilized for connecting the power outlets which assists restore energy storage capacity.

- Strict government regulations for manufacturing secondary batteries are restraining market growth. This is because the process of manufacturing batteries generates wastewater and emits pollutants such as cadmium, copper, iron, manganese, and mercury.
Regional Insights
In 2023, Asia-Pacific dominated the market in terms of the largest shares and is expected to maintain its dominance during the forecast period. China is one of the major economies of the region and it is also the major consumer and manufacturer of electric vehicles. Increased demand for electric vehicles raised the demand for secondary batteries and boosted market growth. In other nations such as India, South Korea, and Malaysia, the demand for portable electronic devices and electric vehicles has also contributed to the increased demand for secondary batteries in the region.
Leading Competitors
The leading competitors in the global secondary battery market are:
- Hitachi High-Tech India Private Limited
- Johnson Controls
- Aquion Energy LLC
- BYD Company Ltd
- Amperex Technologies
- BTI
- Energizer Holdings Inc.
- Panasonic Corporation
- SAMSUNG SDI CO. LTD
- LG Chem
- Others
Segmentation Analysis
The global secondary battery market segmentation focuses on Type, Application, Industry Vertical, and Region.
Segmentation based on Type
- Lead Acid
- Lithium-ion
- Nickel Metal Hydride
- Others
Segmentation based on Application
- Electronics
- Motor Vehicles
- Industrial Batteries
- Portable Devices
- Others
Segmentation based on Industry Vertical
- Chemical and Petrochemical
- Oil and Gas
- Energy and Power
- Automotive
- Others
Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa