COVID-19 IMPACT SURVEY MAY 2020
The global market for Consumer Batteries is projected to reach US$50 billion by 2025, driven by the growing indispensability of batteries in the digital era of laptops, smartphones, tablets, smart electronic wearables and digital cameras. As the most important portable power source, batteries are omnipresent in virtually every sector that utilizes electronic/electrical equipment.
In the consumer electronics sector, smartphones need long-lasting batteries; electronic wearables need cost-effective battery solutions; and consumer internet of things (IoT) to reach its full potential needs smart batteries. Consumerism, especially digital consumerism, is driving increased use of digital technology, tools and devices. This rise of digital consumers is supported by a host of factors such as rapid development of internet infrastructure; spread of mobile communication network technologies like 4G and 5G; falling cost of mobile data and voice tariffs; falling prices of smartphones and their rapid penetration. All of these factors have changed the way people consume digital goods and services, leading the way to rapid proliferation of digital devices and platforms. Deeper engagement with digital technologies is further being encouraged by concepts such as consumer IoT; smart homes; and home automation. Against this backdrop of the emergence of the modern digital consumer, the consumer electronics industry is poised to grow from US$322.8 billion in 2018 to over US$623.4 billion by 2024. This emerging opportunity brings batteries into the spotlight as a key enabler of the age of portable electronics and smart mobile computing.
Manufacturers are investing massive resources into developing new and efficient battery technologies, given the fact that advancements in portability and mobility in the field of telecommunications and computing are limited by battery power dynamics. There is growing pressure on developing energy-dense batteries especially against a backdrop where microprocessor performance has been increasing at a rate much higher than the annual gain in energy capacity in batteries. Growing environmental concerns over climate change is driving the development of green battery chemistries. Lithium battery ranks as the fastest growing type of primary battery supported by benefits such as high energy density; slower rate of self-discharge; low maintenance; smaller and lighter in form factor; low memory effect when compared to nickel-metal hydride rechargeable batteries; quick and rapid charging cycles; longer operating life and durability with the ability to withstand hundreds of charge-discharge cycles. Lithium polymer (LiPo) rechargeable batteries today represent the preferred power source for a wide range of consumer products including battery operated toys, PDAs, laptop computers, smartphones, MP3 players and GPS units, among numerous others. The United States, China and Europe represent large markets worldwide with a combined share of 60.5% of the market. China also ranks as the fastest growing market with a CAGR of 5.9% over the analysis period supported by factors such as strong economic growth; growing disposable incomes; rapidly digitalizing lifestyles of the growing base of affluent middle class population and resulting huge appetite for electronic goods. The country, with about two-fifth share of the global batteries output, ranks among the world's leading suppliers of batteries.