Global Consumer Batteries Market to Reach $52.5 Billion by 2026
SAN FRANCISCO, May 25, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Consumer Batteries - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Engagements: 3132
Companies: 114 - Players covered include Battery Technology Inc.; BYD Company Ltd.; Duracell Inc.; Electrochem Automation Inc.; Energizer Holdings, Inc.; FDK Corp.; Jiangmen TWD Technology Co., Ltd.; LG Chem; Maxell Holdings, Ltd.; Panasonic Corp.; Samsung SDI Co. Ltd.; Spectrum Brands, Inc.; Tohoku Murata Manufacturing Co., Ltd.; Tronic Technology Global Ltd.; Ultralife Corp.; VARTA Consumer Batteries GmbH & Co. KGaA and Others.
Coverage: All major geographies and key segments
Segments: Battery Chemistry (Primary Alkaline, Primary Zinc Carbon, Primary Lithium, Secondary Lithium Ion, Secondary Nickel Metal Hydride, and Other Battery Chemistries)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Consumer Batteries Market to Reach $52.5 Billion by 2026
Battery is a single cell or a collection of cells encased in continuity, having terminals that produce electricity from chemical energy. It is a stand-alone power source that provides electrical energy without a generator, power socket or a cord. The two electrodes, namely the negative and the positive, allow the current flow while an electrolyte chemically acts on them as conductor of electrons. They are connected outside by copper wire in external circuit. Demand for batteries in the consumer market comes from the need to power various consumer electronic applications, such as home electronics, mobile devices, hearing aids, video game controls, cordless phones, camcorders, and cameras among others.
Amid the COVID-19 crisis, the global market for Consumer Batteries estimated at US$39.9 Billion in the year 2020, is projected to reach a revised size of US$52.5 Billion by 2026, growing at a CAGR of 4.2% over the analysis period. Primary Alkaline Batteries, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR to reach US$13.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Primary Zinc Carbon segment is readjusted to a revised 1.1% CAGR for the next 7-year period. This segment currently accounts for a 5.8% share of the global Consumer Batteries market.
The U.S. Market is Estimated at $11.4 Billion in 2021, While is Forecast to Reach $10.3 Billion by 2026
The Consumer Batteries market in the U.S. is estimated at US$11.4 Billion in the year 2021. The country currently accounts for a 27.04% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$10.3 Billion in the year 2026 trailing a CAGR of 6.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR while Rest of European market (as defined in the study) will reach US$10.7 Billion by the end of the analysis period.
Trends, such as miniaturization and digitalization of consumer electronic products, have greatly influenced product design and powering capacity of consumer batteries. Another important factor which of late is influencing demand for batteries is product safety and environmental sustainability. Reflective of the fact is the growing global momentum towards banning of hazardous substances, such as mercury, cadmium, and lead from batteries. Already armed with the growing knowledge of harmful impact of batteries, certain regions such as Europe, have formulated directives, which restrict the usage of hazardous components like cadmium in batteries. Therefore, it is not surprising that in the coming years, battery chemistries such as Nickel-cadmium (Ni-Cd), would witness lackluster growth, particularly in the developed markets, where environmental concerns are gaining paramount attention among consumer groups and manufacturers alike.
Primary Lithium Segment to Reach $5 Billion by 2026
Primary lithium batteries offer high performance in a range of temperatures, and a low rate of self-discharge enabling continuous delivery of voltage. Primary lithium batteries are used as a substitute to a host of other batteries, such as zinc-carbon, manganese-alkali, and zinc-silver oxide, due to their improved performance. Primary lithium batteries are also available in numerous form factors, such as coin, cell, prismatic and film. In the global Primary Lithium segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3 Billion in the year 2020 will reach a projected size of US$3.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$668.8 Million by the year 2026, while Latin America will expand at a 4% CAGR through the analysis period. More
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