Globally, billions of batteries are manufactured each year, among which the vast majority is used in consumer devices such as cameras, flashlights, smart phones, laptop, etc. Consumer battery have witnessed consistent evolution in the recent years, enabling it to increase efficiency and reduce the size of consumer battery. Different types of consumer battery are available in the market ranging from primary consumer battery to rechargeable consumer battery. Among rechargeable consumer battery, lithium ion batteries are estimated to hold prominent share throughout the forecast period owing to its wide application.
More recently, the demand for consumer battery is expected to be significantly impelled over the forecast period, owing to reduction in prices of consumer products. Among the application, smart phones segment account for major share in consumer battery market due to growing adoption of smart phone worldwide.
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Consumer Battery Market: Market Dynamics
Owing to advancement in technologies, the price of consumer goods has witnessed a substantial reduction, making it more accessible to the consumer. This is anticipated to act as a key factor driving the growth of consumer battery market over the forecast period. Moreover, increase in disposable income among households in emerging economics and procurement of consumer electronic devices at a proficient rate will surge the demand of consumable electronics such as tablets, smartphones, etc. This is also projected to give traction to the growth of consumer battery market in the coming years.
Most of the batteries available in the market are environment unfriendly, which is anticipated to act as a factor hampering the growth of the consumer battery market over the forecast period. Moreover, transportation restrictions in another factor restraining the growth of the global consumer battery marker in the near future.
The cost of lithium-ion battery have fallen considerably, and are anticipated to decrease further. The declining prices of Lithium-ion battery will be one of the trends that will contribute to the growth of consumer battery market. Moreover, the global consumer battery market is highly fragmented with presence of several global as well as regional players. Hence, manufacturer in the global consumer battery are focused on research and development (R&D) activities to develop advanced batteries.
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Consumer Battery Market: Regional Outlook
The global consumer battery market is directly dependent on the growth of consumer goods market across geographies. North America is expected to be closely followed by Europe over the forecast period. Both these markets are predictable to witness significant growth in the consumer battery market, owing to well established market players in the region. Asia Pacific is expected to grow at a substantial CAGR during the forecast period, owing to the high demand for consumer battery in the emerging economics such as China and India.
The India lithium ion battery market is estimated to grow at a prominent CAGR over the forecast period owing to increased uptake of energy storage, electric vehicle and renewable based initiatives. Latin America is anticipated to witness the growth of the consumer battery market over the forecast period owing to positive GDP growth rate and increased urbanization in Brazilian economic outlook. The Middle East & Africa is expected to grow at a considerable rate during the forecast period, owing to an increase in the demand for consumer battery from growing commercial and residential sector in the region.
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