Asia-Pacific contributed to the highest share in 2020. The Li-ion batteries segment would register the fastest CAGR of 6.1 per cent from 2021 to 2030
The global rechargeable batteries industry was estimated at $90 billion in 2020, and is anticipated to hit $150 billion by 2030, registering a CAGR of 5.3 per cent from 2021 to 2030.
“Rise in demand for continuous power supply from the mining and oil & gas industries and increasing need for electrification and continuous power supply in developing regions drive the growth of the global rechargeable batteries market,” read a research report by Allied Market Research.
It continued, “On the other hand, strict regulations pertaining to emission reduction in fossil fuel-powered equipment impede the growth to some extent. However, advent of digital technology solutions is expected to create lucrative opportunities in the industry.”
Asia-Pacific contributed to the highest share in 2020, accounting for nearly one-third of the global rechargeable batteries market, and is estimated to continue its dominant share in terms of revenue by 2030. North America is expected to showcase the fastest CAGR of 5.7% during the forecast period.
Based on battery type, the lead-acid batteries segment held the major share in 2020, accounting for around three-fifths of the global rechargeable batteries market, owing to the benefit of uninterrupted power supply in automotive, telecommunication, transport vehicles, and electric bikes.
At the same time, the Li-ion batteries segment would register the fastest CAGR of 6.1 per cent from 2021 to 2030, due to its growing demand for electric vehicles (EVs). This is attributed to the huge demand for these batteries from the automotive sector.
The automobile segment contributed to around two-fifths of the global rechargeable batteries market revenue in 2020, and is projected to lead the trail throughout the forecast period. Growing consumption of consumer electronics devices such as LCD displays, smartphones, tablets, and wearable devices such as fitness bands drives the segment growth. However, the consumer electronics segment is projected to grow at the fastest CAGR of 5.9 per cent from 2021 to 2030.