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Sep 08, 2020 (AmericaNewsHour) —
Secondary batteries also called as rechargeable batteries is a kind of battery which can be recharged many times, unlike the primary batteries. Although secondary batteries initially cost more than the primary dischargeable batteries, on a long run the total cost of the ownership is much less as they can be recharged cheaply for many times in their life time.
Market dynamics
Secondary Batteries are extensively used in mobile phones, electric vehicles, and light vehicles such as Golf carts and battery storage power stations. With growing demand for these vehicles and devices, there’s a huge growth opportunity for secondary battery industry. Unorganised players target commercial vehicle segment, which is more of cost sensitive by pricing their batteries at 20%-25% lower than the organised and branded battery players.
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Market segmentation
Global Secondary Battery Market is segmented based on the chemical composition of the batteries. According to the chemicals used the batteries are segmented into Li-Ion, Lead acid-starter battery, Lead acid-deep-cycle, Lead acid-stationary, Alkaline-primary, Nickel-metal-hydride, Nickel-cadmium and others. Li-Ion batteries are extensively used for portable devices.
Geographic Analysis
Globally demand for secondary batteries is expected to grow at a rapid pace.North America and Europe is expected to see a solid growth, due to rapid expansion of their automotive markets. China remains the largest market for secondary markets because of rising outputs from their huge electric and electronics industry and also motor vehicle manufacturing industry.
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OPPORTUNITY
Expanding population base, and need to meet power demands during peak periods, energy storage and reuse solutions are being adopted on a large scale. Increase in disposable income and new applications of secondary batteries and also the new government polices to promote use of secondary batteries, helps in growing the demand for secondary battery.
Key players
Amperex Technologies Ltd., Aquion Energy, BYD Company Ltd., Electrochem Automation Inc., Energizer Holdings Inc., EnerVault, Hitachi Chemical, Johnson Controls, LG Chem Co. Ltd., Nippon Chemi-Con, Panasonic Corp., Samsung SDI Co. Ltd.
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The post Secondary Battery Market Dynamics, Segments and Supply Demand Forecast 2020-2022 appeared first on America News Hour.
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The MarketWatch News Department was not involved in the creation of this content.
