Consumer Battery Market Size, Share, Growth Analysis, By Battery(Lithium-ion, Alkaline, Nickel-Metal Hydride, and others), By Application(Smartphones and Laptops to Electric Vehicles and Portable Electronics), By Region - Industry Forecast 2024-2031

Consumer Battery Market size was valued at USD 23.79 Billion in 2022 and is poised to grow from USD 25.33 Billion in 2023 to USD 42.23 Billion by 2031, at a CAGR of 6.6% during the forecast period (2024-2031).

The consumer battery market is projected to be highly competitive as market players focus on battery technology innovation to stay ahead of the curve. High investments in the research and development of new battery technologies with improved performance and fast charging are what most companies are doing in this marketplace. The creation of eco-friendly rechargeable batteries that comply with modern sustainability goals is what new companies and start-ups are projected to focus on. High saturation of different market players has led to price wars, which is resulting in the growing availability of affordable batteries for consumers thereby driving market growth. Strategic alliances, collaborations, and partnerships are also projected to be key strategies that consumer battery companies will be seen opting for in the future. Consumer battery suppliers can also collaborate with electric vehicle manufacturers to improve their sales and revenue generation scope as the popularity of electric vehicles increases on a level. 'Fujitsu Limited (Japan)', 'Eveready Industries India Ltd. (India)', 'Panasonic Corporation (Japan)', 'Hitachi Maxell, Ltd. (Japan)', 'Duracell Inc. (USA)', 'Energizer Holdings, Inc. (USA)', 'Renata SA (Switzerland)', 'Sony Corporation (Japan)', 'VARTA AG (Germany)', 'Mitsubishi Electric Corporation (Japan)', 'Samsung SDI Co., Ltd. (South Korea)', 'Toshiba Corporation (Japan)', 'BYD Company Limited (China)', 'GP Batteries International Limited (Hong Kong)', 'Saft Groupe S.A. (France)', 'Eneloop Corporation (Japan)', 'LG Chem Ltd. (South Korea)', 'Sanyo Electric Co., Ltd. (Japan)', 'Zhejiang Mustang Battery Co., Ltd. (China)', 'EaglePicher Technologies LLC (USA)'

Increasing Demand for Portable Electronics: Smartphones, laptops, and other portable devices have become an essential part of the digital civilization, and powering them is not possible without batteries. Increasing digitization around the world is projected to bolster demand for consumer batteries in the long run.

Lithium-ion Batteries for All: Long lifecycle, better energy density, and versatility for a multitude of applications make lithium-ion batteries a preferred choice in multiple industry verticals such as electronics, automotive, industrial, energy storage, etc. Investments in the advancement of lithium-ion battery technology will be crucial for consumer battery market growth.

The massive consumer population in the Asia Pacific region allows it to hold a dominant stance in the consumer battery market. Increasing disposable income and growing sales of consumer electronics are forecasted to bolster sales of consumer batteries in this region. India, Japan, China, and South Korea are projected to be some of the most important markets in this region for all consumer battery suppliers. Rising production of electric vehicles and electronics in this region is also slated to uplift sales of consumer batteries in the Asia Pacific region going forward.