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).


For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing 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 Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring 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 Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more