The increasing adoption of Lithium-ion batteries to boost growth

The global consumer battery market is poised to grow by USD 18.91 bn during 2020-2024

According to Technavio, which monitors the market, consumer battery industry is poised to grow by USD 18.91 bn during 2020-2024, progressing at a CAGR of almost 8% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. 

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Although the increasing adoption of Lithium-ion (Li-ion) batteries will offer immense growth opportunities, use of counterfeit batteries will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The increasing adoption of lithium-ion (li-ion) batteries has been instrumental in driving the growth of the market. However, use of counterfeit batteries might hamper market growth.

Consumer Battery Market 2020-2024: Segmentation

End-user

  • Residential
  • Commercial

Geographic Segmentation

  • North America
  • APAC
  • Europe
  • South America
  • MEA

Consumer Battery Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Their consumer battery market report covers the following areas:

  • Consumer Battery Market Size
  • Consumer Battery Market Trends
  • Consumer Battery Market Industry Analysis

This study identifies advancements in flexible batteries as one of the prime reasons driving the consumer battery market growth during the next few years.

Original source and sample report HERE

 

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