The consumer batteries market has been forecast to hit a value of US$40 billion by 2018, driven by the rising sales of power hungry electronic mobile devices and technological innovations in battery chemistries which promise superior performance benefits like fast charging, and high density energy storage capabilities.
Batteries are ubiquitous energy storage devices that find application as an indispensable power source in consumer electronic products like home electronics, mobile devices, hearing aids, video game controls, cordless phones, camcorders, and cameras among others.
There are two types of batteries: primary batteries (disposable batteries), which are designed to be used once and discarded, and secondary batteries (rechargeable batteries), which are designed to be recharged and used multiple times.
The primary batteries market, comprising chemistries such as zinc-carbon, alkaline batteries, primary lithium and zinc air, accounts for a major portion of the volume sales generated. Long-term growth in this market is expected to be led by the transition from Zinc-carbon to alkaline.
Batteries come in many sizes, from miniature cells used to power hearing aids and wristwatches to battery banks the size of rooms that provide standby power for telephone exchanges and computer data centers.
Despite witnessing a decline in growth during the 2007-2009 recession period as a result of the complete collapse in consumer confidence and spending, the market made a steady recovery in the year 2010 encouraged by the improvement in consumer sentiment.
Manufacturers are currently focusing on developing newer battery chemistries that meet consumer requirements for high performance and reliability. Technology developments that offer benefits like durability, energy efficiency, and optimum power performance are expected to help expand application areas further, thus opening up newer opportunities for growth.
China represents the largest producer and one of the leading consumers of Li-ion batteries globally. The United States represents the second largest market with growth largely supported by continuous upgrades and innovations in product design, and strong demand for battery replacement in several battery-enabled portable electronic products.
For more information on the consumer batteries market, see the latest research: Battery Market Research
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