The Asia-Pacific consumer battery market is expected to grow at a CAGR of more than 4.6% over the period of 2020-2025. The advancement in technologies, the price of consumer goods has witnessed a substantial reduction, making it more accessible to the consumer and 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, in turn, is expected to drive the consumer battery market in the region during the forecast period. However, most of the batteries available in the market are not environment friendly and some restrictions in their transportation are one of the major factors the growth of the Asia-Pacific consumer battery marker in the near future.
- The lithium-ion battery is expected to dominate the market due to its high electrode potential, high charge, and favorable capacity-to-weight ratio during the forecast period.
- The healthcare industry is designing new technology that is less intrusive and more portable for home use, which has, in turn, led to an increase in demand for smaller devices, such as continuous positive airway pressure (CPAP) machines and oxygen concentrators and creating market opportunities for consumer battery manufacturers.
- China is expected to dominate the market with majority of the demand coming from across the nation and rising commercial office spaces and small-scale vendors.
Key Market Trends
Lithium-ion Battery to Dominate the Market
- The unique properties have made lithium-ion batteries (LIB) the power sources for consumer electronics manufacturers, with a production of the order of billions of units per year.
- The price of LIB is usually high, as compared to other batteries. Also, leading?players in the market have been investing, in order to gain economies of scale?and in R&D activities, to improve LIB’s performance and price.
- Lithium-ion batteries find application in a wide range of consumer goods, like smartphones, wearables, laptops, digital cameras, remote controls, and gaming devices.
- Lithium-ion batteries are safer and have higher capacity power packs and are more economical than other alternatives for long-term use.
- Also,?Li-ion batteries have a low self-discharge rate when not in use, which ensures a long battery life. Therefore, li-ion batteries are widely preferred for portable?consumer electronic devices. ?
- This, in turn, is expected to boost the demand for lithium-ion batteries in Asia-Pacific region during the forecast period.
China to Dominate the Market
- China dominated the entire global consumer battery market for a very long time and is?expected to maintain the leading position in the market during the forecast?period as well.
- China is rising as a manufacturing powerhouse and its strong?consumer electronic product manufacturing growth is expected to drive the?growth of the consumer battery market in the country?in the near future.??
- Moreover, with the increased shipments of consumer electronics from China, such as smartwatches, wearable health monitoring?devices, and smart glasses, portable batteries are expected to witness significant growth during the forecast period. ?
- The demand for consumer electronics devices is changing rapidly, due to the increasing requirement for sophisticated electronic goods.
- In China, the number of active?wireless subscribers, in April 2019, reached 1387.18 million, which is expected to boost the growth of the lithium-ion battery market?in the near future, as the lithium-ion?batteries are used in all smartphones.
- Therefore, the above-mentioned factors are expected to drive the consumer battery market in Asia-Pacific region during the forecast period.
The Asia-Pacific consumer battery market is moderately fragmented. Some of the key players in this market include PolyPlus Battery Company Inc, Samsung SDI Co. Ltd, LG Chem Ltd, VARTA Consumer Batteries GmbH & Co. KGaA, and Panasonic Corporation.
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