The Europe consumer battery market is expected to grow at a CAGR of more than 8.62% over the period of 2020 - 2025. Factors such as numerous advantages of consumer batteries, such as low cost, wide application across consumer electronics, including flashlights, calculators, clocks, and smoke alarms coupled with increasing sales of consumer electronics in the region are expected to drive the market. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the growth of the market.
- The lithium-ion battery is expected to witness significant growth in the market due to its high electrode potential, high charge, and favourable capacity-to-weight ratio during the forecast period.
- The increasing popularity of portable medical devices offers a significant growth opportunity for the consumer battery market.
- Germany is expected to witness significant growth during the forecast years due to the increasing sales of consumer electronics and home appliances during the forecast period.
Key Market Trends
Lithium-ion Battery to Witness Significant Growth
- Among different types of battery technology, lithium-ion battery (LIB) is expected to dominate the consumer battery market majorly due to its capacity-to-weight ratio and other factors like better performance, high energy density, and decreasing price.
- Lithium-ion batteries are commonly used in electronic devices, such as smartphones, laptops, clocks, watches, and remote controls. Sales of consumer electronics are very much dependent on the population and disposable income.
- The increasing disposable income of the region has led to rising living standards, in turn, driving the demand for consumer electronics.
- Apart from this, the availability of the internet at extremely cheaper rates has also increased smartphone penetration drastically in this region.
- Therefore, owing to a better wide-scale application, performance, and decreasing battery prices, the lithium-ion battery segment is expected to witness the highest growth rate during the forecast period.
Germany to Dominate the Market
- As of 2019, the German economy ranks as the world's fourth-largest and accounts for more than one-fifth of the European Union’s GDP. Germany remains the largest consumer market in the European Union (EU) region, with an approximate population of 86.8 million as of March 2019.
- Furthermore, Germany has remained one of the leading markets for consumer batteries across Europe.
- In Germany, more than 80% of the companies are estimated to witness a high level of digitization along their value chain by 2025. In addition, 20% of companies already consider themselves to be highly digitized. Among the leaders in digitization in the automotive industry, which helps to increase the use of electronic devices like laptops, remote control systems, and etc.
- Further, the rising demand for portable medical equipment and household medical goods is expected to increase the demand for primary batteries during the forecast period.
- Therefore, the above-mentioned factors are expected to drive the consumer battery market in Europe region during the forecast period.
The Europe consumer battery market is fragmented. Some of the key players in this market include VARTA Consumer Batteries GmbH & Co. KGaA, Duracell Inc., PolyPlus Battery Company Inc, LG Chem Ltd, Samsung SDI Co. Ltd.
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