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Global Secondary Battery Market 2020-2024 | Key Insights on COVID-19 Impact and Business Continuity Plan for New Normal | TechnavioThe secondary battery market is expected to grow by USD 55.62 billion, progressing at a CAGR of over 11% during the forecast period. According to Technavio's research report, the market is expected to have a negative impact due to the spread of COVID -19. The imposition of lockdowns worldwide resulted in a sharp decline in market demand as many businesses experienced a partial or complete shutdown. However, progressive steps are being taken by governments across the world to contain the spread of the pandemic. With businesses resuming their operations and situations getting back to normal, the market is expected to witness steady growth during the forecast period. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201123005391/en/ Technavio has announced its latest market research report titled Global Secondary Battery Market 2020-2024 (Graphic: Business Wire) For a more detailed analysis including COVID-19 impact, Get a Free Sample Report delivered in a minute The advantages of lithium-ion battery is one of the major factors propelling the market growth. Lithium-ion batteries have higher current density, longer power-holding capacity, and longer shelf life. They are also less expensive when compared to lead-acid batteries or NiMH batteries. In addition, factors such as improved production scale and the development of cost-effective production methods by vendors have further resulted in the decline of lithium-ion battery prices. This has increased the preference and adoption of lithium-ion batteries across various industries, which is driving market growth. However, the shortfalls of lead-acid batteries might restrict the market growth. More details: https://www.technavio.com/report/secondary-battery-market-industry-analysis Secondary Battery Market: Technology Landscape Based on the technology, the market saw maximum growth in the lead-acid battery segment in 2019. Factors such as an increase in industrial and construction activities, high adoption of battery technology in the automotive industry and UPS applications, and growing adoption of EVs are driving the growth of the segment in the secondary battery market. Secondary Battery Market: Geographic Landscape By geography, APAC is going to have a lucrative growth during the forecast period. About 64% of the market's overall growth is expected to originate from APAC. Factors such as the rising adoption of both ICE vehicles and EVs and an increase in the demand for ESSs in utility and automotive applications are fostering the growth of the market in APAC. China and Japan are the key markets for secondary batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions. Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get th third for free. View market snapshot before purchasing Related Reports on Utilities Include: Global Battery Recycling Market - Global battery recycling market segmentation by battery chemistry (lead-acid, lithium, and others), battery source (automotive, electronic appliance, and others), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report Global Electric Vehicle Battery Market - Global electric vehicle battery market by battery type (lithium-ion battery, lead-acid battery, and others) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report Companies Covered:
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Key Topics Covered: Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
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