New Castle, Delaware, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Consumer Electronics Batteries Market by Type (Alkaline Batteries, Lithium-Ion Batteries, Graphene Batteries, Nickel-Cadmium Batteries, Zinc-Carbon Batteries, Lead-Acid Batteries, and Others), by Application (Smartphones, Laptops & Tablets, Digital Cameras, Wearable Devices, Medical Devices, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global consumer electronics batteries industry generated $13.9 billion in 2022, and is anticipated to generate $61.3 billion by 2032, witnessing a CAGR of 16.2% from 2023 to 2032.
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Consumer batteries are compact, lightweight and often come in standardized sizes and formats. These are widely used in an array of consumer devices, such as cameras, smartphones, laptops, remote controls, toys, and other portable electronics.
Prime determinants of growth
The global consumer electronics batteries market is driven by factors such as rise in adoption of EVs. Moreover, technological advancements is expected to drive market growth. However, limited energy density and environmental concerns might hamper growth of the market. On the contrary, miniaturization and form-factor innovation offer potential growth opportunities for the consumer electronics batteries market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $13.9 billion |
| Market Size in 2032 | $61.3 billion |
| CAGR | 16.2% |
| No. of Pages in Report | 272 |
| Segments covered | Type, Application and Region. |
| Drivers | Rise in adoption of EVs Technological advancements |
| Opportunities | Miniaturization and form-factor innovation |
| Restraints | Limited energy density Environmental concerns |
Covid-19 Scenario
- There has been a growth in demand for consumer gadgets, such as laptops, tablets, smartphones, and gaming consoles, as a result of widespread remote working and more time spent at home.
- The epidemic also interfered with transportation and industrial processes, which affected total production capabilities and caused changes in the pricing of raw materials.
- The market for consumer electronics batteries showed resiliency as producers adjusted to the new normal by placing an emphasis on innovation, sustainability, and satisfying the changing demands of customers who rely on devices for work, education, and leisure.
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The lithium-ion batteries segment to maintain its leadership status throughout the forecast period
Based on product type, the lithium-ion batteries segment held the highest market share in 2022, accounting for more than two-fifths of the global consumer electronics batteries market revenue and is estimated to maintain its leadership status and is also projected to manifest the highest CAGR of 17.02% from 2023 to 2032, due to the increase in demand for portable electronic devices and power tools that are utilized in construction & woodworking industries and renewable energy storage solutions.
The smartphones segment to maintain its lead position during the forecast period
Based on application, the smartphones segment holds the largest share in 2022, contributing to nearly two-fifths of the global consumer electronics batteries market revenue, and is projected to maintain its lead position and is expected to portray the largest CAGR of 17.80% from 2023 to 2032. Owing to rise in demand for cutting-edge features and greater battery life, smartphones continue to rule the consumer electronics batteries industry. Fast-charging technology adoption, the switch to recyclable and environmentally friendly battery materials, and the incorporation of AI-powered energy management systems are key themes..
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global consumer electronics batteries market revenue and dominates the market is expected to witness the fastest CAGR of 18.34% from 2023. The consumer electronics battery industry in China and Japan is expanding rapidly, propelled by important trends and a wealth of expansion prospects. The rapid adoption of electric vehicles (EVs) in China has provided an enormous market potential and raised the need for cutting-edge battery technology. The increasing need for longer-lasting batteries in India is a result of the country's growing smartphone and portable device markets.
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Leading Market Players: -
- Samsung SDI Co., Ltd
- Lg Chem
- Panasonic Corporation
- Toshiba Corporation
- Duracell
- Sony Corporation
- Apple, Inc.
- Hitachi, Ltd.
- Johnson Controls International plc
- Energizer Holdings, Inc.
The report provides a detailed analysis of these key players in the global consumer electronics batteries market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the Consumer electronics batteries market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the consumer electronics batteries market analysis from 2022 to 2032 to identify the prevailing consumer electronics batteries market opportunities.
- The Consumer electronics batteries Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the consumer electronics batteries market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global consumer electronics batteries market trends, key players, market segments, application areas, and Consumer electronics batteries Market growth strategies.
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