NEW YORK, Aug. 2, 2022 /PRNewswire/ -- The increase in demand for smartphones is notably driving the FLAT Li-ion BATTERY MARKET growth, although factors such as the availability of substitute products may impede the market growth. The market value is set to grow by USD 15.44 billion, progressing at a CAGR of 11.44% from 2021 to 2026, as per the latest report by Technavio. The Y-O-Y growth rate of 2022 for the market is estimated at 9.29%. Moreover, the report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenarios, future market trends, market size & estimations, and major investment pockets.
Technavio has announced its latest market research report titled Flat Lithium-ion (Li-ion) Battery Market by Application and Geography - Forecast and Analysis 2022-2026
Vendor Insights-
The flat lithium-ion (Li-ion) battery market report offers information on several market vendors, including A123 Systems LLC, Bharat Power Solutions, Clarios, Electrovaya Inc., EV MICRONIX ENERGY PVT LTD., GS Yuasa Corp., Hitachi Ltd., HP Inc., Koninklijke Philips NV, LG Electronics Inc., LiPol Battery Co. Ltd., Montu electronic LLP, Panasonic Corp., Renata SA, RRC power solutions GmbH, Samsung Electronics Co. Ltd., Telemax India Industries Pvt. Ltd., Toshiba Corp., TotalEnergies SE, and WAAREE ESS among others. Moreover, the market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
A123 Systems LLC - Under the systems segment, the company offers battery systems such as 12V Starter Battery and 48V Battery. The company offer Lithium-ion 12 volt starter battery which delivers outstanding cold cranking power, high charge acceptance and impressive weight reduction over conventional lead acid solutions.
Segmentation by Application (Consumer electronics and automotive)
The flat lithium-ion (Li-ion) battery market share growth in the consumer electronics segment will be significant during the forecast period. Flat Li-ion batteries are used in various types of consumer electronics, including smartphones, tablets, and others.
The growing use of electronic devices is driving the growth of the consumer electronics segment in the global flat Li-ion battery market.
Moreover, the rising internet penetration, along with the increasing awareness among consumers about the emergence of novel technologies, is also fueling the growth of the consumer electronics segment.
Segmentation by Geography (APAC, North America, Europe, Middle East and Africa, and South America)
43% of the market's growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for the flat lithium-ion (Li-ion) battery market in APAC.
Market growth in this region will be faster than the growth of the market in other regions.
The increasing demand for smartphones and tablets will facilitate the flat lithium-ion (Li-ion) battery market growth in APAC over the forecast period.
Flat Li-ion Battery Market Driver:
Increase in demand for smartphones:
China and India are the largest countries in the smartphone industry in APAC and are registering rapid growth. For instance, the number of smartphone users in India is expected to double during 2020-2025.
Smartphones enable consumers all over the world to not only communicate effectively but also shop, pay bills, and remotely control devices in homes and cars.
Due to the rise in demand for smartphones, many vendors are focusing on the introduction of new products.
For instance, in December 2021, Xiaomi Corp. announced Xiaomi 12 Pro 5G, the company's new smartphone that comes with Qualcomm Snapdragon 8 generation 1 processor and a triple camera. Such a new introduction of smartphones will drive the flat lithium-ion (Li-ion) battery market growth during the forecast period.
Flat Li-ion Battery Market Challenge:
Availability of substitute products:
Some of the substitutes for flat Li-ion batteries include lead-acid batteries, nickel-cadmium batteries, and sodium-ion batteries.
Lead-acid batteries are considered less expensive than Li-ion batteries and are widely used in applications such as wheelchairs, hospital equipment, and others. They are preferred in these applications as the self-discharge rate of lead-acid batteries is low when compared with other types of batteries.
Nickel-cadmium batteries are rechargeable batteries that use nickel oxide hydroxide and metallic cadmium as electrodes. They are mostly used in applications such as biomedical equipment, two-way radios, professional video cameras, and power tools, where long life and high discharge rate are important.
Lithium is expensive and due to this, manufacturers are shifting to new technologies. This has resulted in a rise in demand for sodium-ion batteries as sodium is less expensive and abundantly available when compared with lithium. Such a shift by manufacturers to new technologies will hinder the flat lithium-ion (Li-ion) battery market growth during the forecast period.
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