The secondary battery market for vehicles is expected to grow significantly as the electric vehicle (EV) market expands globally. Electric vehicle batteries use secondary batteries rather than primary batteries because they can be discharged and recharged multiple times. The need for advanced electric vehicle batteries is increasing thanks to demand from major international automakers.
Secondary batteries are viewed as the “second semiconductor” by the Korean government, which intends to strategically develop them as a key export product. The Ministry of Trade, Industry, and Energy made an important announcement in November of last year that it would move forward with a domestic investment of more than 50 trillion won ($37 billion) to capture 40 percent of the global market for secondary batteries by 2030.
