The global Consumer Batteries market is projected to reach US$40 billion by 2018, driven by 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. 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. In the coming years, growth in the market is forecast to be driven by the healthy demand for mobile computing products like smartphones, and tablets in addition to other battery-enabled consumer devices. Growing need for high performance integrated battery solutions for use in rugged mobile computing platforms is driving investments in R&D.
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.
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. Popularity of primary lithium batteries is also expected to surge in the coming years. Price is expected to be a key competitive factor which will dictate demand patterns.
Asia-Pacific represents the largest and the fastest growing market worldwide. Growth in the region is led by China. China is currently 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: Consumer Batteries Market Research
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.