Consumer batteries are projected to be widely used across various electronic applications including laptops, flashlights, lamps, personal care, power tools, mobile phones, toys, and other electronics. Further, rising demand for portable electronics from the growing population and propulsive technological advancements are anticipated to boost the demand for consumer battery globally.
The introduction of internet of things (IOT) have increased the demand for various batteries in lieu with the increasing requirement for smart homes. For instance, smart home appliances including cloud-based voice service assistant devices have witnessed rise in demand and popularity amongst the population in previous years.
Additionally, rising disposable income and increasing demand for smart devices including mobile phones, laptops, smart watches, and others from the growing population have increased the demand for consumer batteries such as Lithium-ion. Furthermore, increasing popularity of electric vehicles followed by governmental initiatives across various countries have increased the utilization of Nickel Metal Hydride batteries across hybrid vehicles.
The consumer battery market is broadly segmented into battery type and application. The battery type segment is further categorized into zinc carbon battery, alkaline battery, lithium-ion battery, nickel cadmium battery, nickel metal hydride, and others. The application segment is further sub-divided into flashlight, power tools, personal care devices, mobile phones, toys, remote controls, camera, tablets, portable power banks, hearing aids, security devices, radios, hearing aids, smoke detectors, laptops, smart watches, calculators, and others.
Some of the key players operating in the market include Panasonic Holdings Corporation, Duracell, Eve Systems, TianJin Lishen Battery Joint-Stock CO.,LTD., Swatch Group, Suzhou South Large Battery Co.,Ltd., EVEREADY, PolyPlus Battery Company, Maxell, Ltd., SAMSUNG SDI CO.,LTD., VARTA AG, GPIndustrial, LG Energy Solution, FDK CORPORATION, Murata Manufacturing Co., Ltd., iM3NY, and Energizer Holdings, Inc.
Prominent players involved in the marketplace are continuously focusing on business expansion strategies including production expansion, new product implementation, merger & acquisitions, and others. For instance, in November 2022, iM3NY, began its large scale production of Lithium-ion battery across New York, anticipated to cater the rising demand across the region.
Battery manufacturers are adapting changes with rising requirements of batteries with longer durability and lower power drainage. With businesses put online, the need for portability and longer battery life is high rise in demand which has propelled the manufacturers to initiate research & development programs for new product developments.
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