The Global Market for Consumer Batteries is Projected to Reach US$48.4 Billion by 2024
Emergence of New Battery
Chemistries & Growing Demand from Digital & Consumer Electronic
Products Drive the Global Consumer Batteries Market, According to a New Report by
Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Consumer Batteries
market. The
global market for Consumer Batteries is projected to reach US$48.4 billion by
2024, driven by emergence of new chemistries, rising adoption of smart
devices, proliferation of high-end IT products, smartphones and other consumer
electronic/digital products.
A battery, also known as
an energy storage device, is a stand-alone power source that provides
electrical energy without a generator, power socket or a cord. Batteries power
the most cyclically sensitive industries, such as consumer durable products,
electrical equipment, industrial machinery, and vehicles. Consumer
batteries are the ones that are mainly used to power small, portable devices
like flashlights, radios, laptop computers, toys, and cellular phones, among
others. Over the years, design,
styling and power capacity of consumer batteries have undergone sea changes in
line with the rapidly evolving consumer electronics market. Trends such as
miniaturization and digitalization of consumer electronics have greatly
influenced the design and power capacity of consumer batteries. While economic
conditions exert certain amount of pressure on the consumer battery market,
continuous arrival of new application for batteries, coupled with the
replacement cycle, continues to insulate the market from uncertainties in the
global economic conditions. Another important factor which of late is
influencing demand for batteries is product safety and environmental
sustainability. Going forward, battery manufacturers will continue to provide
longer lasting batteries by improving the energy density of existing
chemistries or by using new chemistries. This factor, coupled with the
continuing emergence of power hungry electronic devices, will continue to drive
the consumer battery industry forward in the coming years.
The
alkaline battery market globally is projected to experience a stable growth
owing to various benefits such as high energy density, affordability, easy
availability and extended shelf life. Alkaline batteries face stiff competition
from Li-ion
and Ni-MH chemistries. The secondary batteries market is anticipated to
gather a noticeable steam over the next decade owing to rising demand for
portable and consumer devices including computing devices, music players and
smartphones. The rechargeable batteries market is also gaining from rapid
urbanization, rising incomes, launch of high-performance batteries and
increasing awareness of battery-powered consumer devices. Lithium-ion rechargeable batteries are forecast to widen their
application footprint in the market owing to their impressive energy-to-weight ratio. Ongoing advancements in the field of battery
technology are expected to help researchers in exploring new dimensions and
applications in portable and consumer electronic devices. While lithium-ion
batteries are likely to retain their significance, specialized configurations
and chemistries are expected to create the demand for novel battery
chemistries. The strong demand along with rising focus on sustainability is
driving various vendors to offer bio-based
rechargeable batteries. On the other hand, high costs and availability of
alternatives are hampering overall expansion of the rechargeable batteries
market.
As stated by the new market
research report on Consumer
Batteries, Asia-Pacific represents the largest and the fastest growing market
worldwide, led by China and its huge appetite for electronic goods. China, with
about two-fifth share of the global batteries output, ranks among the world’s
leading suppliers of batteries. The United States represents the second largest
market with growth supported by strong demand for battery replacement in
several battery-enabled portable electronic products that undergo continuous
upgrades and innovations in their designs.
Major
players in the market include Battery Technology Inc., BYD Company Ltd.,
Duracell Inc., Electrochem Automation Inc., Energizer Holdings, Inc., FDK
Corp., GPB International Ltd., Jiangmen TWD Technology Co., Ltd., LG Chem,
Maxell Holdings, Ltd., Panasonic Corp., Samsung SDI Co. Ltd., Spectrum Brands,
Inc., VARTA Consumer Batteries GmbH & Co. KGaA, Tohoku Murata Manufacturing
Co., Ltd., Tronic Technology Global Ltd., and Ultralife Corp., among others.
The
research report titled “Consumer
Batteries: A Global Strategic Business Report” announced by Global Industry
Analysts Inc., provides a comprehensive review of market trends, growth
drivers, product introductions, and other strategic industry activities of global
companies. The report provides market estimates and projections in US dollars for
all major geographic markets including US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India,
South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin
America (Brazil and Rest of Latin America). Product
markets analyzed include Primary Batteries (Zinc
Carbon, Alkaline, and Lithium) and Secondary Batteries (Nickel Cadmium, Nickel Metal Hydride,
Lithium Ion, and Other secondary batteries).
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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