Secondary Battery Market Size To Reach $207.19 Billion By 2030

February 2025 | Report Format: Electronic (PDF)

Secondary Battery Market Growth & Trends

The global secondary battery market size is anticipated to reach USD 207.19 billion by 2030 and is anticipated to expand at a CAGR of 9.4% during the forecast period, according to a new report by Grand View Research, Inc. The demand for secondary batteries is likely to grow significantly in the coming years, driven by the rapid adoption of electric vehicles (EVs), the expansion of renewable energy storage systems, and the increasing use of portable electronic devices. Governments worldwide are implementing stringent emission regulations and offering incentives for clean energy solutions, further boosting the need for efficient energy storage.

The lithium-ion battery sector is the largest type segment, fueled by high energy density, long cycle life, and fast charging capabilities. The proliferation of consumer electronics, including smartphones, laptops, and wearable devices, also fuels demand, as consumers seek longer battery life and faster charging. Together, these factors position lithium-ion batteries as a critical enabler of the global transition to sustainable energy and advanced technology.

The portable devices segment in the secondary battery industry is driven by the increasing demand for smartphones, laptops, tablets, and wearable devices, fueled by the growing reliance on technology for work, education, and entertainment. Consumers are seeking devices with longer battery life, faster charging, and compact designs, pushing advancements in lithium-ion and other battery technologies.

The secondary battery industry is driven by the growing demand for electric vehicles (EVs), the expansion of renewable energy storage solutions, and increasing consumer electronics adoption. Governments worldwide are implementing policies and incentives to support battery production and electrification, further accelerating market growth.

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Secondary Battery Market Report Highlights

Based on type, Lithium-ion Batteries held the largest revenue share of over 78.15% in 2024. Lithium-ion batteries are the cornerstone of the market, driven primarily by the rapid adoption of electric vehicles (EVs), which rely heavily on these batteries for their high energy density, long cycle life, and fast charging capabilities.
Based on applications, Motor vehicles segment held the revenue share of over 33.65% in 2024. Governments worldwide are implementing stringent emission regulations and offering incentives to promote clean transportation, accelerating the demand for high-performance batteries, particularly lithium-ion.
Asia Pacific is expected to grow at fastest CAGR over the forecast period, driven by fueled by government policies, subsidies, and stringent emission regulations in countries like China, India, and Japan.