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The consumer battery market size is estimated to grow at a CAGR growth of 4.46% between 2023 and 2028. The market size is forecast to increase by USD 5.12 billion. The growth of the market depends on several factors such as supportive government regulations, the growing penetration of consumer electronics, and the increasing adoption of lithium-ion (Li-ion) batteries.
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Energy storage solutions are increasingly reliant on advancements in rechargeable batteries and sophisticated storage systems. Various battery chemistries, including the widely used lithium-ion, play a crucial role in powering these systems. Across the globe, battery manufacturers are investing heavily in research and development to improve battery manufacturing processes and enhance performance.
One of the key factors driving the growth of the market is the growing penetration of consumer electronics. There is an increasing use of consumer electronic devices that utilize batteries, including smartphones, laptops, wearables, and other products. For instance, the shipment of smartphones globally was 1,500 million in 2020, valued at approximately USD 800 billion. As a result, this will lead to an increase in demand for batteries used in smartphones.
Moreover, the demand for battery-powered wireless devices has doubled in the last couple of years, which has resulted in market opportunities for battery developers. Therefore, there have been constant technological advances for enhancing the battery life of consumer electronic devices. For example, solid-state Li-ion batteries use thin-film technology to eliminate additives and achieve a high crystallinity composition for storage. Thus, it ensures high capacity and safety, along with minimal risk of explosions when compared to conventional Li-ion batteries. Hence, such factors drive the market during the forecast period.
Technology, including advancements such as nickel-metal hydride batteries, plays a significant role in meeting the increasing demand for consumer electronics. Additionally, recycling initiatives contribute to sustainability efforts and provide a steady supply of raw materials for production, further supporting market research and growth in the consumer sector. Market growth and forecasting indicate continued expansion in response to the evolving needs of consumers and advancements in technology.
A key factor shaping the market growth is the emergence of smart batteries. They are designed to offer real-time data on their performance, health, and charge status. In addition, this feature is valuable in various applications, including EVs, UPS, and renewable energy systems. Furthermore, they are commonly used in electric vehicles to optimize charging and discharging, manage thermal conditions, and enhance safety and driving range.
Moreover, they often incorporate sophisticated BMS to monitor cell voltage, temperature, and charge/discharge rates. In addition, smart batteries can communicate with external devices and systems through various interfaces, such as Bluetooth, Wi-Fi, and cloud-based platforms, enabling remote control and monitoring. Therefore, the real-time data provided by smart batteries allows for better energy management, leading to increased energy efficiency and reduced waste. Hence, such factors are driving the market during the forecast period.
Safety issues associated with using Li-ion batteries are one of the key challenges hindering market. There is a growing popularity for Li-ion batteries as the market standard for rechargeable storage devices. In addition, they are the most adopted medium to power a wide variety of consumer electronics, ranging from cell phones to children's toys. However, there are several potential hazards related to consumer batteries.
For instance, incidents including overheating, electric shock, exposure to alkaline battery electrolytes, fire, and thermal burns can occur during charging or storage or while using the product. In addition, there have been several occurrences of overheating, electric shock, and thermal burn in Li-ion batteries used in portable computing products, electronic products, cell phones, portable battery-powered tools, and battery-powered ride-on toys. Hence, such factors hinder the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Berkshire Hathaway Inc: The company offers products such as alkaline, rechargeable, specialty, coin or button batteries and hearing aid batteries under the brand Duracell.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the battery segment, various battery chemistries such as alkaline battery and cadmium battery serve diverse needs across different devices. However, the widespread adoption of lithium-ion battery technology has revolutionized the industry. Through comprehensive analysis, manufacturers continuously refine battery designs to optimize performance and safety. As consumer demands for longer-lasting and more efficient power sources increase, the versatility of lithium-ion batteries remains unparalleled.
Segmentation by Type
The primary segment is estimated to witness significant growth during the forecast period. This segment is commonly used in everyday household devices such as remote controls, clocks, flashlights, smoke detectors, and portable radios. In addition, these batteries are easy to install and require minimal maintenance. Furthermore, toys and games for children rely on disposable batteries because they are cost-effective and easy to replace when they run out of power.
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The primary segment was the largest segment and was valued at USD 10.63 billion in 2018. Moreover, certain devices such as digital cameras, portable gaming devices, and handheld Global Positioning System (GPS) units use primary consumer batteries, as they may not be used frequently enough to warrant rechargeable batteries, and disposable batteries have a longer shelf life. In addition, disposable batteries are used in outdoor equipment, including headlamps, camping lanterns, and handheld radios. Furthermore, these batteries are reliable and can be stored for extended periods, making them suitable for power outages and emergencies. Hence, such factors are fuelling the growth of this segment which in turn will drive the market during the forecast period.
The market is witnessing a surge in demand driven by the proliferation of portable electronics and wearable devices. With the dominance of lithium-ion batteries, consumers benefit from enhanced energy storage and prolonged device usage. These advanced battery technologies not only power gadgets and wearables but also find applications in power tools and other portable electronics.
Battery safety and environmental impact are key considerations, prompting advancements in battery management systems and recycling initiatives. Market growth analysis indicates a steady rise, with a forecast for continued expansion in the coming years. As consumers become more conscious of energy efficiency and environmental sustainability, the market responds with innovative solutions and eco-friendly practices.
In conclusion, the market is evolving to meet the diverse needs of modern consumers, offering reliable power solutions while prioritizing safety and sustainability. With ongoing research and development, coupled with market forecasting, the industry is poised for further growth and innovation.
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APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is North America. The main country in North America which is significantly contributing to the market growth in North America is the US in terms of revenue. In addition, prominent players such as Samsung, Apple, and LG have a solid footprint in the US smartphone market. Moreover, the increasing disposable income in the region has supported the sales of smartphones in recent years.
Furthermore, to leverage the increasing consumer spending power, as well as increase their revenue, companies are launching new phones such as foldable phones. Therefore, such new product launches and innovations in smartphones have led to advances in consumer batteries, such as the emergence of flexible batteries. Hence, such factors are driving the market in North America during the forecast period.
Segment Overview
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Consumer Battery Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
Market Growth 2024-2028 |
USD 5.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.32 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Berkshire Hathaway Inc., Electrochem Automation Inc, EVE Energy Co. Ltd., Eveready Industries India Ltd., Fujitsu Ltd., GP International Ltd, Jiangmen TWD Technology Co. Ltd., Johnson Controls International Plc, LG Energy Solution Ltd., Maxell Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Poly Plus Battery Co., Samsung SDI Co. Ltd., Shenzhen PKCELL Battery Co. Ltd, Suzhou South Large Battery Co. Ltd., The Swatch Group Ltd., Toshiba Corp., Ultralife Corp., and VARTA AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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