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The batteries market for smart wearables size is forecast to increase by USD 167.03 million and is estimated to grow at a CAGR of 9.85% between 2023 and 2028. The report includes historic market data from 2018 - 2022. The market is witnessing a growing demand for the widening product portfolio of smart wearables, the advances in next-generation rechargeable batteries, and the flexible batteries for smart wearables.
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Flexible batteries for smart wearables are an emerging trend in the market. The rapid rise in the adoption of flexible and wearable electronics including smartwatches, smart clothing, and smart shoes is paving the way for the development of flexible batteries, which can make smart wearables more compact and energy-efficient. In addition, the current challenge is to provide a power source that can work better without the hassles of cumbersome batteries.
Moreover, developments are taking place in creating flexible batteries. In addition, solid-state flexible supercapacitors are being developed using graphene-oxide ink, which can be printed on cotton fabrics. Furthermore, some of the applications that can be compatible with this technology, when further developed, could be high-performance sportswear with embedded health-monitoring devices, lightweight gears for the military, and wearable computing devices. Hence, such factors are driving the market growth during the forecast period.
The Li-ion battery segment is estimated to witness significant growth during the forecast period. There is an increasing preference for Li-ion (Lithium-ion) batteries for powering smart wearables due to their high energy density, longer lifespan, and lightweight nature. In addition, the growing popularity of smart wearables such as smartwatches, fitness trackers, and smart glasses has contributed to the increased demand for Li-ion batteries in this market segment. Furthermore, these devices require reliable and long-lasting power sources to support their various features and functionalities.
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Moreover, one of the key advantages of Li-ion batteries is their high energy density. In addition, they can store a large amount of energy in a compact and lightweight form. Furthermore, this is crucial for smart wearables as they need to be lightweight and comfortable for users to wear throughout the day. In addition, Li-ion batteries provide the necessary power without adding excessive weight or bulkiness to the devices. Moreover, Li-ion batteries provide a longer lifespan compared to other battery technologies. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 41% 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. The market in APAC is expected to witness rapid growth fuelled by markets in both developed and developing countries including China, Japan, South Korea, and India. companies are focusing on increasing their revenue and market base in these developing countries. In addition, APAC shows a high growth potential because of the population factor, as the region has a significant potential target audience. Moreover, the rising disposable income and smartphone penetration will contribute to the growth of the market. In addition, the high price of smart wearables is still a challenge in the region. Furthermore, the declining prices of smart wearables as a trend will affect the market positively in APAC, thus increasing the affordability for many new customers. Hence, such factors are driving the market growth in APAC during the forecast period.
Raising capital for product development via crowdfunding campaigns is notably driving the market. Crowdfunding has become a major factor fuelling the smart wearables industry for raising capital for the development of new products. In addition, crowdfunding platforms like Kickstarter and Indiegogo are receiving more recognition.
Moreover, campaigns run by smart wearable manufacturers on these platforms create awareness of the product among the target audience group and lead to lower cost-per-acquisition of customers compared with other channels. Therefore, it is a preferred channel for multiple companies. In addition, it also allows companies to communicate and receive feedback from the target audience directly by involving them during the product development stage, helping companies develop the right products for the target market. Hence, such factors are driving the market during the forecast period.
Low battery life is a major challenge hindering the market growth. Battery life is a major drawback of smart wearables. In addition, the battery life of these devices has remained the same for the last few years, while other specifications, including display or efficiency, have increased tremendously. Furthermore, smartwatches like Garmin Forerunner 645 Music last for only five hours with GPS and music enabled.
Moreover, such devices need to be charged frequently, which leads to inconvenience for users and results in the improper utilization of devices to save battery. In addition, these smartwatches come with 150 mAh to 300 mAh battery capacity. Therefore, it is negatively impacting the market. Hence, such factors are hindering 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 growth strategies.
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.
Energizer Holdings Inc: The company offers batteries for smart wearables such as Energizer 357 or 303 battery, Energizer 371 battery, Energizer 390 battery.
The research report also includes detailed analyses of the competitive landscape of the market and information about 19 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.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028.
The global Smart Wearable Device Batteries Market is driven by a need for professionalism, high-quality products, and adherence to industry standards and regulations. Manufacturers focus on quality, dependability, and energy economy, seeking longevity and innovations in battery technology. High-energy-density batteries are crucial, alongside efforts towards environmental sustainability using eco-friendly materials and recyclable components, reducing reliance on cobalt.
Competitive environments push battery producers, wearable tech companies, and academic institutions to develop technological improvements, aligning with changing consumer preferences. Thin-Film and Solid-State Technologies promise safety and sustainable, ethical sourcing. Integration of Wireless Charging Solutions like Qi and inductive charging enhances user convenience for fitness trackers and smartwatches, ensuring long-lasting, high-energy-density batteries.
Batteries Market for Smart Wearables Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.85% |
Market Growth 2024-2028 |
USD 167.03 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.97 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apple Inc., Artek Energy, Energizer Holdings Inc., Enfucell, GMB CORP., Ilika, Imprint Energy, ITEN, Jenax Inc., LiPol Battery Co. Ltd., Molex LLC, Montana Tech Components AG, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shenzhen Grepow Battery Co. Ltd., STMicroelectronics International N.V., TDK Corp., The Duracell Co., and Ultralife Corp. |
Market dynamics |
Parent market analysis,Market forecasting, 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 Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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