Global Battery Market for Consumer Products 2017-2021
About Battery Market for Consumer Products
Batteries are used to store energy and utilizing them at times of blackouts, power shortages, or when the demand for electricity is high. Batteries are basically divided into lead-acid, lithium, and others. Batteries are used in automobiles, electronics, golf carts, and forklifts, among others. Lithium-ion (Li-ion) and lead-acid batteries are most extensively utilized in automotive and motive industries. Li-ion batteries are rechargeable batteries in which Li-ion acts as a cathode and carbon serves as an anode. These batteries have a good electrochemical performance with little resistance. The advantages of using these batteries are that they increase thermal stability, have higher current density, and have a longer shelf life when compared with other battery technologies available in the market. Li-ion batteries are used in high-power applications such as hybrid electric vehicles (HEVs), electric vehicles (EVs), and consumer electronics devices.
Technavio’s analysts forecast the global battery market for consumer products market to grow at a CAGR of 9.85% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global battery market for consumer products market for 2017-2021. To calculate the market size, the report considers the new sales of batteries for consumer goods (smartphones, laptop, power banks, tablets, smart wearables) market and do not include the aftermarket.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Battery Market for Consumer Products 2017-2021
Technavio recognizes the following companies as the key players in the global battery market for consumer products market: Guangzhou Fengjiang Battery New Technology, LG Chem, Panasonic, SAMSUNG SDI, and Toshiba
Other Prominent Vendors in the market are: Accutronics, Amperex Technology, Batteries and Power Solutions, Blue Spark Technologies, BrightVolt, BYD, BAK GROUP, Cymbet, DNK Power, Front Edge Technology, FUJICELL, IMPRINT ENERGY, Infineon Technologies, ProLogium Technology, Tianjin Li Shen Battery, and VARTA Microbattery.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Declining Li-ion battery prices. The Li-ion battery market is gaining momentum and is proliferating in the battery market. The factor that differentiates between Li-ion battery technology and other battery technology is the price. The price of Li-ion batteries is usually high when compared with other batteries. However, leading vendors in Li-ion battery manufacturing are working on technological advances and trying to reduce the prices of Li-ion batteries.”
According to the report, one of the major drivers for this market is Enhanced consumer spending. Rising urbanization and increase in the amount of earnings in one family have led to the upsurge in disposable income worldwide. This rise in urbanization has led to increased awareness among end-users about various consumer products and their benefits. Consumer spending is a substantial economic factor as it generally matches with the total consumer confidence in a nation’s economy. High consumer confidence indicators naturally relate to higher levels of consumer spending in the economic market.
Further, the report states that one of the major factors hindering the growth of this market is Widening lithium supply-demand gap. The lithium market is facing a deficit owing to growing demand, which is expected to continue during the forecast period. The market is experiencing tremendous demand from the EV battery sector. According to the IEA, the electric car stock increased from few hundreds in 2005 to more than 1 million in 2015, leading to high demand for lithium as it is majorly used as batteries to power electric vehicles. This sudden high demand for lithium has resulted in a supply deficit in the market.
Guangzhou Fengjiang Battery New Technology, LG Chem, Panasonic, SAMSUNG SDI, Toshiba, Accutronics, Amperex Technology, Batteries and Power Solutions, Blue Spark Technologies, BrightVolt, BYD, BAK GROUP, Cymbet, DNK Power, Front Edge Technology, FUJICELL, IMPRINT ENERGY, Infineon Technologies, ProLogium Technology, Tianjin Li Shen Battery, VARTA Microbattery
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