Global Consumer Battery Market is valued at US$ 27.26 Billion in 2022 and expected to reach US$ 42.30 Billion by 2029 with a CAGR of 6.48% over the forecast period.
Global Consumer Battery Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, and 2023-2029- Increasing demand for portable electronic devices, growing demand for electric vehicles and rising disposable income are some of the major factors driving the growth of the Global Consumer Battery Market.
A consumer battery is a type of battery designed for use in portable electronic devices, such as smartphones, laptops, tablets, cameras, remote controls, and many other types of small devices. Consumer batteries are typically small and compact, and they are designed to be easily replaceable or rechargeable as needed. They are commonly sold in stores and online, and they have become an essential part of modern life as electronic devices have become more prevalent. They come in a variety of types and chemistries, and they are an essential part of modern life. Whether you need to power your smartphone, tablet, or camera, there is a consumer battery available that will meet your needs.
There are several different types of consumer batteries available on the market today, each with its own set of characteristics and advantages. Each of these batteries has its own set of advantages and disadvantages, and the type of battery that is best suited for a particular device will depend on a variety of factors, including the device's power requirements, size, and weight, as well as the user's needs and preferences.
The Covid-19 pandemic has had a significant impact on the global consumer battery market. The pandemic has caused significant supply chain disruptions, particularly in countries where the pandemic has been severe, such as China and India. Many battery manufacturers have been forced to shut down or operate at reduced capacity due to lockdowns and restrictions on movement. This has led to a shortage of raw materials and components, as well as a slowdown in the production and distribution of consumer batteries.
Also, the pandemic has caused significant fluctuations in the global economy, leading to a decrease in consumer spending and a reduction in demand for non-essential products. However, the pandemic has resulted in an increase in demand for electronic devices, particularly for products such as laptops, tablets, and smartphones, as people have shifted to remote work, virtual learning, and online entertainment.
The global consumer battery market is segmented based on type, battery chemistry, application, and region & country level. Based on type, the global consumer battery market is segmented into primary, and secondary. Based on battery chemistry, the global consumer battery market is segmented into zinc carbon battery, alkaline battery, lithium-ion battery, nickel metal hydride, nickel cadmium battery, and others. Based on application, the global consumer battery market is segmented into personal care devices, power tool, flashlight/lamps, toys, mobile phones, cameras, remote control, laptops, security devices, smart watches, calculators, and others.
The regions covered in the global consumer battery market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global consumer battery is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global consumer battery market report cover prominent players like
One of the major factors driving the growth of the global consumer battery market is the increasing demand for portable electronic devices. With the rise of portable electronic devices, such as smartphones, laptops, and tablets, the demand for consumer batteries has increased significantly. As these devices become more powerful, they require more energy, leading to a higher demand for larger and more efficient batteries.
For instance; according to the Global Overview Report: Digital 2022, more than two-thirds (67.1 percent) of the total populace presently utilizes a mobile phone, with unique clients arriving at 5.31 billion by the beginning of 2022. The worldwide total has developed by 1.8 percent over the past year, with 95 million new mobile clients since this time last year. Hence, increasing demand for portable electronic devices is driving the growth of the global consumer battery market.
In addition, the growing demand for electric vehicles is another factor that boosts the consumer battery market. The growth of the electric vehicle market has also driven demand for batteries. Electric vehicles rely on rechargeable batteries to power their motors, and as more consumers adopt electric cars, the demand for high-capacity batteries will continue to increase.
For example; as per the most recent research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker, worldwide passenger electric vehicle (EV) sales in Q4 2022 rose by 53% year on year to carry the 2022 all out to over 10.2 million units. Moreover, the rising disposable income is boosting the growth of the global consumer battery market. As disposable income has increased around the world, consumers are more likely to purchase electronic devices and other products that require batteries.
However, as environmental concerns become increasingly important, consumers may opt for alternatives to traditional batteries which may hamper the growth of the global consumer battery market. Despite that, increasing adoption of renewable energy technologies may provide an opportunity for the further growth of the global consumer battery market.
North America is expected to dominate the global consumer battery market within the forecast period due to the rising adoption of portable devices, growing disposable income, and the technological advancement in the region. For example; as per the Global System for Mobile Association (GSMA) report, about 329 million people in North America (84% of the populace) subscribed to mobile services in 2021.
Also, growing disposable income drives the market in the North America region. For instance; according to the US Bureau of Economic Analysis, the personal disposable income in the United States increased by 21.1% in March 2021.
Asia Pacific is the fastest-growing region in the global consumer battery market because of a rising adoption of electric vehicles and growing disposable income. For example; according to the Indian Brand Equity Foundation (IBEF), The Indian electric vehicle market is additionally developing quick as near 0.32 million vehicles were sold in 2021, up 168% year of year.
Also, increasing disposable income drives the market in the region. For example; as per the National Bureau of Statistics (NBS), China's per capita disposable income remained at 36,883 yuan (around 5,487 U.S. dollars) in 2022, up 5% year on year in minimal terms.
Caterpillar Announced Investment in Lithos Energy Inc. to Further Battery Pack Development and Manufacturing
On January 6th, 2023; Caterpillar Inc. declared the organization is investing into Lithos Energy, Inc., a U.S. based battery innovation organization that produces lithium- ion battery packs. Caterpillar's collaboration with Lithos supports their commitment to conveying robust electrified products and solutions for clients. Caterpillar's investment will also support the expansion of Lithos Energy's manufacturing capabilities, enabling the company to produce its advanced battery packs at scale. This increased manufacturing capacity will help to meet the growing demand for reliable and efficient battery solutions in the industrial sector, particularly in areas such as construction, energy, and transportation.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2022:||USD 27.26 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2029:||USD 42.30 Billion|
|Tables, Charts & Figures:||175|
|Companies||ABB, AES Energy Storage, Battery Technology Inc., BYD Company Ltd., Contemporary Amperex Technology Co. Limited, Duracell Inc., Electrochem Automation Inc., Energizer Holdings Inc., Enersys, Exide Technologies, FDK Corp., General Electric, Hoppecke Batteries Inc., Jiangmen TWD Technology Co. Ltd., LG Chem Ltd., Maxell Holdings Ltd., Nissan, Panasonic Corporation, PolyPlus Battery Company Inc., Samsung SDI Co. Ltd., others|
|Segments Covered||By Type, By Battery Chemistry, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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