Global Electronic Consumer Device Battery Market Report and Forecast 2024-2032

Global Electronic Consumer Device Battery Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global electronic consumer device battery market size reached a value of USD 14 billion in 2023. Aided by the increasing demand for electronic devices such as smartphones and laptops, the market is projected to further grow at a CAGR of 16.4% between 2024 and 2032 to reach a value of USD 54.92 billion by 2032.

The global shift towards smart devices, which require compact and efficient power sources, is accelerating the electronic consumer device battery market growth. Lithium-ion (Li-ion) batteries, which are lightweight, high-energy-density, and rechargeable, dominate the market due to their extensive use in smartphones, laptops, tablets, and wearable devices. Their long lifecycle and efficiency make them the preferred choice among manufacturers and consumers alike.

Technological advancements in battery chemistry and design are pivotal in shaping the market dynamics. The development of solid-state batteries, which promise higher energy density and enhanced safety compared to traditional Li-ion batteries, is a key area of research and investment. These batteries are expected to play a crucial role in next-generation devices, offering extended battery life and faster charging times.

Moreover, the increasing integration of the Internet of Things (IoT) into consumer devices necessitates batteries that can deliver consistent power over extended periods. This shift is expected to drive innovation in battery technology, focusing on producing more efficient, smaller, and longer-lasting power solutions to cater to the evolving needs of smart home devices, wearable technology, and portable electronics. This is one of the key electronic consumer device battery market trends.

The surge in demand for wearable technology, such as smartwatches, fitness trackers, and health-monitoring devices, is creating increased demand for electronic consumer device batteries. Wearable devices require batteries that are not only compact but also capable of providing long-lasting power without frequent recharging. This need is driving manufacturers to focus on improving battery performance while maintaining small form factors, thereby fuelling market growth.

Additionally, as consumers become more health-conscious, the adoption of wearable devices that monitor health metrics like heart rate, sleep patterns, and physical activity is on the rise. These devices rely heavily on battery technology that can sustain prolonged use, further boosting demand for efficient and reliable power solutions. This is one of the key market trends.

Sustainability and environmental concerns are increasingly influencing the electronic consumer device battery market development. With rising awareness of the environmental impact of traditional battery disposal and resource extraction, there is a growing push towards developing eco-friendly batteries. Manufacturers are exploring alternatives to lithium, such as sodium-ion and zinc-air batteries, which are less harmful to the environment and offer the potential for reduced production costs.

As per the electronic consumer device battery market analysis, global demand faces several challenges. One of the primary concerns is the increasing cost of raw materials, particularly lithium and cobalt, which are essential components of Li-ion batteries. The limited supply of these materials, coupled with rising demand, has led to price fluctuations, impacting the overall cost of batteries.

In addition, safety concerns associated with Li-ion batteries, such as overheating and the risk of fire, pose challenges for manufacturers. These concerns have led to increased investment in research and development to improve battery safety features, including better thermal management systems and the development of safer battery chemistries. This is expected to drive the electronic consumer device battery market revenue.

The market expansion is being driven by the increasing adoption of electronic devices and advancements in battery technology. The rise of electric vehicles and renewable energy storage solutions will further fuel demand for efficient and reliable battery systems.

Looking forward, the market is expected to witness a shift towards more sustainable and environmentally friendly batteries, as consumers and manufacturers alike prioritize sustainability. The development of new battery chemistries and recycling technologies will play a critical role in boosting the electronic consumer device battery market demand.

Market Segmentation

The market can be divided based on product type, application, and region.

Market Breakup by Product Type

• Lithium-Ion Batteries
• Nickel-Metal Hydride Batteries
• Lead-Acid Batteries
• Others

Market Breakup by Application

• Smartphones
• Laptops
• Tablets
• Wearables
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electronic consumer device battery market. Some of the major players explored in the report by Expert Market Research are as follows:

• Samsung SDI Co., Ltd.
• LG Chem Ltd.
• Panasonic Corporation
• Sony Corporation
• BYD Company Limited
• A123 Systems LLC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.