Market Trends of Asia-Pacific Consumer Battery Industry
This section covers the major market trends shaping the APAC Consumer Battery Market according to our research experts:
Lithium-ion Battery to Dominate the Market
- The unique properties have made lithium-ion batteries (LIB) the power sources for consumer electronics manufacturers, with a production of the order of billions of units per year.
- The price of LIB is usually high, as compared to other batteries. Also, leading players in the market have been investing, in order to gain economies of scale and in R&D activities, to improve LIB's performance and price.
- Lithium-ion batteries find application in a wide range of consumer goods, like smartphones, wearables, laptops, digital cameras, remote controls, and gaming devices.
- Lithium-ion batteries are safer and have higher capacity power packs and are more economical than other alternatives for long-term use.
- Also, Li-ion batteries have a low self-discharge rate when not in use, which ensures a long battery life. Therefore, li-ion batteries are widely preferred for portable consumer electronic devices.
- This, in turn, is expected to boost the demand for lithium-ion batteries in Asia-Pacific region during the forecast period.
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China to Dominate the Market
- China dominated the entire global consumer battery market for a very long time and is expected to maintain the leading position in the market during the forecast period as well.
- China is rising as a manufacturing powerhouse and its strong consumer electronic product manufacturing growth is expected to drive the growth of the consumer battery market in the country in the near future.
- Moreover, with the increased shipments of consumer electronics from China, such as smartwatches, wearable health monitoring devices, and smart glasses, portable batteries are expected to witness significant growth during the forecast period.
- The demand for consumer electronics devices is changing rapidly, due to the increasing requirement for sophisticated electronic goods.
- In China, the number of active wireless subscribers, in April 2019, reached 1387.18 million, which is expected to boost the growth of the lithium-ion battery market in the near future, as the lithium-ion batteries are used in all smartphones.
- Therefore, the above-mentioned factors are expected to drive the consumer battery market in Asia-Pacific region during the forecast period.
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