A New Study Provides Fresh Insights Into Key Trends that Will Keep the Consumer Batteries Market Moving Into 2025
Boxed in with wealth erosion and discretionary income reduction among the population across the classes, the Consumer Batteries market is expected to decline in the year 2020 before recovering to reach a revised market size of US$50 billion by 2025.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Consumer Batteries market. The segments covered in the study include Battery Chemistry (Primary Alkaline, Primary Zinc Carbon, Primary Lithium, Secondary Lithium Ion, Secondary Nickel Metal Hydride, and Other Battery Chemistries).
21 June 4:45 A.M., California/Marketwire/ - According to the new market research report, the global market for Consumer Batteries is projected to reach US$50 billion by 2025, driven by the growing indispensability of batteries in the digital era of laptops, smartphones, tablets, smart electronic wearables and digital cameras. As the most important portable power source, batteries are omnipresent in virtually every sector that utilizes electronic/electrical equipment. In the consumer electronics sector, smartphones need long-lasting batteries; electronic wearables need cost-effective battery solutions; and consumer internet of things (IoT) to reach its full potential needs smart batteries.
Consumerism, especially digital consumerism, is driving increased use of digital technology, tools and devices. This rise of digital consumers is supported by a host of factors such as rapid development of internet infrastructure; spread of mobile communication network technologies like 4G and 5G; falling cost of mobile data and voice tariffs; falling prices of smartphones and their rapid penetration. All of these factors have changed the way people consume digital goods and services, leading the way to rapid proliferation of digital devices and platforms. Deeper engagement with digital technologies is further being encouraged by concepts such as consumer IoT; smart homes; and home automation. Against this backdrop of the emergence of the modern digital consumer, the consumer electronics industry is poised to grow from US$322.8 billion in 2018 to over US$623.4 billion by 2024. This emerging opportunity brings batteries into the spotlight as a key enabler of the age of portable electronics and smart mobile computing.
Manufacturers are investing massive resources into developing new and efficient battery technologies, given the fact that advancements in portability and mobility in the field of telecommunications and computing are limited by battery power dynamics. There is growing pressure on developing energy-dense batteries especially against a backdrop where microprocessor performance has been increasing at a rate much higher than the annual gain in energy capacity in batteries. Growing environmental concerns over climate change is driving the development of green battery chemistries. Lithium battery ranks as the fastest growing type of primary battery supported by benefits such as high energy density; slower rate of self-discharge; low maintenance; smaller and lighter in form factor; low memory effect when compared to nickel-metal hydride rechargeable batteries; quick and rapid charging cycles; longer operating life and durability with the ability to withstand hundreds of charge-discharge cycles.
Lithium polymer (LiPo) rechargeable batteries today represent the preferred power source for a wide range of consumer products including battery operated toys, PDAs, laptop computers, smartphones, MP3 players and GPS units, among numerous others. The United States, China and Europe represent large markets worldwide with a combined share of 60.5% of the market. China also ranks as the fastest growing market with a CAGR of 5.9% over the analysis period supported by factors such as strong economic growth; growing disposable incomes; rapidly digitalizing lifestyles of the growing base of affluent middle class population and resulting huge appetite for electronic goods. The country, with about two-fifth share of the global batteries output, ranks among the world's leading suppliers of batteries.
Key Competitors Covered in the Report
Battery Technology Inc.
BYD Company Ltd.
Electrochem Automation Inc.
Energizer Holdings, Inc.
Jiangmen TWD Technology Co., Ltd.
Maxell Holdings, Ltd.
Samsung SDI Co. Ltd.
Spectrum Brands, Inc.'
Tohoku Murata Manufacturing Co., Ltd.
Tronic Technology Global Ltd.
VARTA Consumer Batteries GmbH & Co. KGaA
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 2254. Among this pool, 406 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 68 unique participations, a total of 31 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.