Market Trends of Europe Consumer Battery Industry
This section covers the major market trends shaping the Europe Consumer Battery Market according to our research experts:
Lithium-ion Battery to Witness Significant Growth
- Among different types of battery technology, lithium-ion battery (LIB) 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.
- Lithium-ion batteries are commonly used in electronic devices, such as smartphones, laptops, clocks, watches, and remote controls. Sales of consumer electronics are very much dependent on the population and disposable income.
- The increasing disposable income of the region has led to rising living standards, in turn, driving the demand for consumer electronics.
- Apart from this, the availability of the internet at extremely cheaper rates has also increased smartphone penetration drastically in this region.
- Therefore, owing to a better wide-scale application, performance, and decreasing battery prices, the lithium-ion battery segment is expected to witness the highest growth rate during the forecast period.
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Germany to Dominate the Market
- As of 2019, the German economy ranks as the world's fourth-largest and accounts for more than one-fifth of the European Union's GDP. Germany remains the largest consumer market in the European Union (EU) region, with an approximate population of 86.8 million as of March 2019.
- Furthermore, Germany has remained one of the leading markets for consumer batteries across Europe.
- In Germany, more than 80% of the companies are estimated to witness a high level of digitization along their value chain by 2025. In addition, 20% of companies already consider themselves to be highly digitized. Among the leaders in digitization in the automotive industry, which helps to increase the use of electronic devices like laptops, remote control systems, and etc.
- Further, the rising demand for portable medical equipment and household medical goods is expected to increase the demand for primary batteries during the forecast period.
- Therefore, the above-mentioned factors are expected to drive the consumer battery market in Europe region during the forecast period.
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