28
According to the latest rechargeable battery market report by IMARC Group, titled
“Rechargeable Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global rechargeable battery market reached a value of US$ 94.6 Billion in 2020. A rechargeable battery is a sustainable replacement for the one-time use battery containing active materials that can be regenerated by charging. It produces electricity through an electrochemical reaction consisting of an anode, cathode and electrolyte. Rechargeable batteries are not only compact in size and are cost-efficient but also offer maximum runtime and long service life. Also known as secondary batteries, lead-acid, nickel-cadmium, nickel-metal-hydride and lithium-ion are some of the most commonly used rechargeable batteries.