LONDON--(BUSINESS WIRE)--The consumer battery market is expected to grow by USD 18.91 billion during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
Li-ion batteries are extensively used in consumer electronics as they are highly reactive, which eases current flow. Moreover, Li-ion batteries are much lighter than batteries made with other metals and are easily rechargeable. Hence, they have fostered a strong position in the global rechargeable battery market for consumer electronics. The demand for Li-ion batteries by consumers is expected to grow significantly as the manufacturing and materials costs are likely to decline while performance is expected to improve further. These factors will drive the growth of the consumer battery market during the forecast period.
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As per Technavio, advancements in flexible batteries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Consumer Battery Market: Advancements In Flexible Batteries
Flexible batteries are used for various applications such as wearables, wireless sensors, portable electronics, smart cards, and others. These applications require batteries with reasonable energy and power density, wide operating temperatures, safety, low cost, and long service and shelf life. Various vendors are launching flexible batteries. For instance, Panasonic Corp. launched a bendable phone with flexible batteries. The product can withstand any deformation without affecting the battery’s capacity. Thus, the growing trend of flexible batteries is expected to drive market growth during the forecast period.
“Other factors such as the technological developments, favorable government regulations, and the availability of alternatives for Li-ion batteries will have a significant impact on the growth of the consumer battery market value during the forecast period,” says a senior analyst at Technavio.
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Consumer Battery Market: Segmentation Analysis
This market research report segments the consumer battery market by end-user (residential and commercial), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the consumer battery market in 2019, followed by APAC, Europe, MEA and South America. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as increasing disposable income and launch of new phones.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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