Oct 16, 2017   SOURCE: BusinessWire

Top 3 Drivers in the Battery Market for Consumer Products | Technavio

Technavio market research analysts forecast the global battery market for consumer products to grow at a CAGR of close to 10% during the forecast period, according to their latest report.

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Technavio has published a new report on the global battery market for consumer products market from ...

Technavio has published a new report on the global battery market for consumer products market from 2017-2021. (Graphic: Business Wire)

The report further segments the global battery market for consumer products by application (power banks, smartphones, laptops, and others) and geography (the Americas, APAC, and EMEA).

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global battery market for consumer products:

  • Enhanced consumer spending
  • Augmented demand from consumer electronics market
  • Increased shipments of smart wearables

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Enhanced consumer spending

Rapid urbanization and increased amount of earnings in one family have led to an upsurge in disposable income that has led to increased awareness among end-users about various consumer products. High consumer confidence indicators naturally relate to higher levels of consumer spending in the economic market, and it is a substantial economic factor. Global consumer expenditure is expected to rise rapidly due to economic recovery in major emerging markets. This trend will continue considering the substantial number of middle-class population in these emerging economies.

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research, “Developing economies such as China and India offer a lucrative market for consumer electronics products. The market in both countries is categorized with vast population, high disposable income, and an open economy. The increase in disposable income allows the middle-class population to escalate their living standards. This has further increased the sales of consumer electronic products like laptops, smartphones, and smart wearables.”

Augmented demand from consumer electronics market

Constant technological advances have led to a decrease in the prices of consumer electronic products. This, alongside an increase in disposable income, has contributed to high demand from the consumer electronics market. Living standards in developing countries such as India, Japan, and China have improved owing to the increase in per capita income. This has led to an increase in the average spending in these countries. New technologies in the consumer electronics segment are driving the growth prospects of the market, which, in turn, is driving the growth of the global battery market for consumer products during the forecast period.

Increased shipments of smart wearables

Smart wearables such as smart watches, smart bands, and smart glasses failed to attract consumer attention owing to their high prices, lack of appealing functionalities, and unattractive designs. However, with startups such as Pebble who came up with several new products that have additional features pertaining to health and wellness, the market slowly gained traction.

“The substantial decline in the cost of wearable devices has led to an upsurge in the adoption rate of these devices in both developed and developing countries. Due to the decline in costs and increase in the growth of the smart wearables market, the battery market for smart wearables is likely to witness a significant growth during the forecast period,” says Thanikachalam.

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