|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The consumer battery market is expected to register a CAGR of more than 6% during the forecast period of 2022 – 2027. The outbreak of COVID-19 in Q1 of 2020 had negatively impacted the market for consumer batteries. Lockdown restrictions imposed by governments worldwide lowered the demand from end-user industries, adversely affecting the growth. On the other hand, restrictions on non-essential trading, manufacturing factory shutdowns, and supply chain disruptions negatively impacted the consumer battery market. Factors such as increased disposable income among households and reduction in price tags associated with consumer electronics, such as smartphones and tablets, may drive the market during the forecast period. On the other hand, transportation restrictions on batteries that are not environment-friendly are likely to hinder the market growth.
The lithium-ion battery is expected to dominate the market during the forecast period due to its high electrode potential, high charge, and favorable capacity-to-weight ratio.
The use of battery-based energy storage systems with solar photovoltaic (PV) is gaining popularity in both developed and emerging economies, creating market opportunities for battery manufacturers.
Asia-Pacific is expected to dominate the market, with the majority of the demand coming from countries like India and China.
Scope of the Report
The consumer battery market report includes:
|Nickel Metal Hydride|
|Middle-East and Africa|
Key Market Trends
The Lithium-ion Batteries Segment is Expected to Dominate the Market
Among different types of battery technology, the lithium-ion batteries (LIB) segment is expected to dominate the consumer battery market, majorly due to its capacity-to-weight ratio and other factors like better performance, high energy density, and decreasing price.
These unique properties have made lithium-ion batteries the preferred power source for consumer electronics manufacturers, with a production of billions of units per year. Historically, the lithium market has been driven by battery demand, particularly from consumer electronics.
The price of LIB packs reduced to 137 USD/KWh in 2020, down from 381 USD/KWh in 2015, which may drive the growth of the segment during the forecast period. In addition, developments and increasing investments in the sector, to gain economies of scale and improve LIB's performance and price, are likely to further support the growth of the segment.
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, have higher capacity power packs, and are more economical than other alternatives for long-term use.
Therefore, owing to better wide-scale applications, performance, and decreasing battery prices, the lithium-ion batteries segment is expected to witness the highest growth rate during the forecast period.
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Asia-Pacific is Expected to Dominate the Market
Asia-Pacific comprises multiple growing economies with substantial natural and human resources, such as China and India, which are expected to be major investment hotspots for battery companies in the coming years, on account of policy-level support from the governments encouraging the manufacturing sector.
China is currently one of the largest markets for electric vehicles, and sales in China jumped by 160% to a record 2.91 million units in 2020. Thus, the growth in electric vehicle sales may drive the growth of consumer batteries in the country.
The increasing adoption of electric vehicles is in line with the clean energy policy. In order to reduce the demand-supply gap, the government of China is planning to ease restrictions on automakers importing cars into the country.
On the other hand, India is expected to aggressively ramp up the domestic production of lithium-ion batteries. The Indian lithium-ion battery market is expected to register robust growth during the forecast period, amid the increased uptake of electric vehicles, energy storage, and renewable-based initiatives. For example, in December 2021, the e-waste recycling firm Attero announced that it was planning to invest INR 300 crore in a bid to increase its existing lithium-ion battery recycling capacity by 11 times to 11,000 ton by the end of 2022.
Therefore, the aforementioned factors are expected to drive the consumer battery market in the Asia-Pacific region during the forecast period.
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The consumer battery market is fragmented. Some of the major companies include Panasonic Corporation, VARTA Consumer Batteries GmbH & Co. KGaA, Samsung SDI Co. Ltd, Duracell Inc., and PolyPlus Battery Company Inc., among others.
- In January 2022, researchers at Japan’s National Institute of Materials (NIMS) and Softbank Corp. announced that they had developed a lithium-air battery with an energy density of over 500Wh/kg, which is significantly higher than current lithium-ion batteries.
- In December 2021, Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries Ltd (RIL), announced that it had signed a definitive agreement to acquire a 100% stake in the UK-based Faradion Limited for an enterprise value of GBP 100 million.
Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD million, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Lithium-ion Batteries
5.1.2 Zinc-carbon batteries
5.1.3 Alkaline Batteries
5.1.4 Nickel Metal Hydride
5.1.5 Nickel Cadmium
5.1.6 Other Types
5.2.1 North America
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Panasonic Corporation
6.4.2 VARTA Consumer Batteries GmbH & Co. KGaA
6.4.3 Maxell Holdings Ltd
6.4.4 LG Chem Ltd
6.4.5 Energizer Holdings Inc.
6.4.6 PolyPlus Battery Company Inc.
6.4.7 Samsung SDI Co. Ltd
6.4.8 Battery Technology Inc.
6.4.9 Duracell Inc.
6.4.10 Jiangmen TWD Technology Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Consumer Battery Market market is studied from 2019 - 2027.
What is the growth rate of Consumer Battery Market?
The Consumer Battery Market is growing at a CAGR of >15.5% over the next 5 years.
Which region has highest growth rate in Consumer Battery Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Consumer Battery Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Consumer Battery Market?
Panasonic Corporation , VARTA Consumer Batteries GmbH & Co. KGaA , Samsung SDI Co. Ltd , Duracell Inc. , PolyPlus Battery Company Inc. are the major companies operating in Consumer Battery Market.