Consumer Battery Market to Reach Valuation of USD 37.07 Billion by 2029 with a CAGR of 6.6% During 2022-2029: Fortune Business Insights™
Consumer Battery Market to Develop Progressively; Growing Demand for Household Electrical Appliances to Propel Market Growth: Fortune Business Insights™
Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global *consumer battery market* size was USD 22.15 billion in 2021 and USD 23.76 billion in 2022. The market is expected to witness a strong CAGR of 6.6% during 2022-2029 and reach USD 37.07 billion by 2029. Increasing demand for household electronic devices is projected to drive market growth. Technological advancements to reduce the costs of such batteries will expand market development. Fortune Business Insights™ shares this information in its report titled “Consumer Battery Market, 2022-2029.”*KEY INDUSTRY DEVELOPMENTS:*
*October 2021:* Maxwell, Ltd. developed an all-solid-state battery, which is coin-type with sulfide-based solid electrolyte. It is optimized for high voltage and high output. The battery achieves this by using bipolar construction that uses all-solid-state battery properties.
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*Report Scope & Segmentation*
*Report Coverage* *Details*
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 6.6 %
2029 Value Projection USD 37.07 billion
Base Year 2021
Consumer Battery Market value in 2021 USD 22.15 billion
Historical Data for 2018-2020
No. of Pages 263
Segments covered By Type, Battery Chemistry, Application, Region
Growth Drivers Decreasing Prices of Raw Materials to Reduce Costs and Surge DemandIncreasing Demand for Household Electronic Devices to Propel Consumer Battery Demand
*Report Coverage:*
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
*COVID-19 Impact:*
*Demand for Electronic Devices During Pandemic Led to Progress in Market Growth *
Owing to the COVID-19 pandemic, people were confined to their homes which led to the huge usage of laptops and screens. This led to increased adoption of appliances, which are battery-powered. Thus, this led to an increase in the demand for consumer batteries.
*To get to know more about the short-term and long-term impact of COVID-19 on this market, Browse Complete Report Details: *https://www.fortunebusinessinsights.com/consumer-battery-market-105526
*Drivers and Restraints:*
*Integration of Various New Technologies to Inflate Market Growth*
Technological advancements to deliver connected devices for smart homes are predicted to drive the consumer battery market growth. Integration of the Internet of Things and Artificial Intelligence for wireless networking to develop smart and connected tools is anticipated to propel market growth. Such integration pushes and provides the market with good opportunities during the study period. Decrease in the reduction of raw materials for reduction of costs is expected to surge the product demand.
However, growing awareness amongst people about environmental effects of incorrect recycling is estimated to hamper market growth.
*Market Segmentation:*
*Due to Requirement of Non-Rechargeable Batteries, Primary Battery to Dictate the Segment*
Based on type, the market is bifurcated into primary and secondary. The primary segment is projected to have a major market share during the forecast period due to the demand for non-rechargeable batteries in small homes. Secondary battery is also likely to show noteworthy growth due to reduced prices of lithium, which is usually used in rechargeable batteries*. *
*Due to High Adoption, Combat Vehicles to Govern the Segment *
On the basis of battery chemistry, the market is classified into alkaline battery, zinc-carbon battery, lithium-ion battery, nickel cadmium battery, nickel metal hydride, and others. Alkaline battery segment is projected to hold a major part during the forecast period owing to the growing adoption of many household items such as remotes, toys, MP3 players, digital cameras, radios, and flashlights.
*Due to Easy Usage, Power Tools, Personal Care Devices, and Flashlights/Lamps to Lead the Segment *
Based on application, the market is segmented into personal care devices, flashlights/lamps, power tools, mobile phones, toys, remote controls, cameras, tablets, portable power banks, hearing aids, radios, security devices, laptops, smoke detectors, smart watches, calculators, and others. Power tools, personal care devices, and flashlights/lamps are set to have a central part due to easy usage, high specific energy, instant, and extended storage times.
*Geographically,* the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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*Regional Analysis:*
*Asia Pacific to Lead Market Share Due to Increasing Demand for the Product from Various Countries *
The market in Asia Pacific stood at USD 8.10 billion in 2021 due to rising demand from China, India, Malaysia, and others. Presence of various consumer battery manufacturers is expected to drive the consumer battery market share. China is one of the largest hubs for electronics goods, which is estimated to foster the market share by creating demand for simultaneous products as well. Europe is expected to have the second largest market share. Germany is set to receive enhanced investments opportunities in the region from other countries of the region. North America is anticipated to have a steady growth due to rising consumption of gadgets such as mobile phones and laptops.
*Competitive Landscape:*
*Contract-based Acquisitions to Propel Market Growth *
Key consumer battery players have opted for new product development and new product launch strategies. For example, in October 2020, Energizer completed its contract-based acquisition at the purchase price of USD 18.2. The acquisition of the FDK Indonesia facility has increased the company’s production of alkaline battery. The acquisition is set to enhance the production capacity, which is anticipated to strengthen market growth. Other players, such Duracell, Renata AG, Tianjin Lishen Battery Joint-Stock Co., Ltd., EVE Energy, PolyPlus, Suzhou South Large Battery Co., Ltd., and FDK Corporation, are also adopting various strategies.
*List of Key Companies Profiled in the Report:
*
· Panasonic Corp. (Japan)
· Duracell Inc. (Belgium)
· EVE Energy Co. Ltd. (China)
· TianJin Lishen Battery Joint-Stock Co., Ltd. (China)
· Renata Battery (Switzerland)
· Suzhou South Large Battery Co., Ltd. (China)
· PolyPlus (U.S.)
· Maxell, Ltd. (Japan)
· Samsung SDI (South Korea)
· VARTA AG (Germany)
· GP Industrial (Singapore)
· LG Energy Solution (South Korea)
· FDK Corporation (Japan)
· Murata Manufacturing Co., Ltd. (Japan)
· Energizer Holdings Inc. (U.S.)
*
Quick Buy – Consumer Battery Market Research Report: *https://www.fortunebusinessinsights.com/checkout-page/105526*Major Table of Contents:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Emerging Trends – For Major Countries
· Latest Technological Advancement
· Regulatory Landscape
· Porters Five Forces Analysis
· *Qualitative Analysis – Impact of COVID-19*
· Impact of COVID-19 on the Consumer Battery Market
· Steps Taken by the Government to Overcome the Impact
· Key Developments by Industry Players in Response to COVID-19
· Potential Opportunities and Challenges due to COVID-19 Outbreak
· *Global Consumer Battery Market Analysis (USD Billion), Insights and Forecast, 2018-2029 *
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Type
· Primary Battery
· Secondary Battery
· *Market Analysis, Insights and Forecast – By Battery Chemistry*
· Alkaline Battery
· Zinc Carbon Battery
· Lithium-ion Battery
· Nickel Cadmium Battery
· Nickel Metal Hydride Battery
· Others
· *Market Analysis, Insights and Forecast – By Applications*
· Laptops
· Tablets
· Mobile Phones
· Flashlights/Lamps
· Security Devices
· Radios
· Smoke Detectors
· Personal Care Devices
· Remote Controls
· Power Tools
· Cameras
· Portable Power Banks
· Toys
· Smart Watches
· Hearing Aids
· Calculators
· Others
· *Market Analysis, Insights and Forecast – By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
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