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

October 16, 2017

LONDON–(BUSINESS WIRE)–#EnergyStorage—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.

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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