Global Electronic Gadget Batteries Market Size More Than Doubles at Robust CAGR of 15.11% to Touch USD 40 Billion by 2030

Published | 21 February 2024

Global Electronic Gadget Batteries Market is booming due to the increasingly high demand for electronic gadgets, miniaturization and portability trends, growing adoption of technological advancements, and rapid urbanization.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Electronic Gadget Batteries Market size at USD 17.23 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Electronic Gadget Batteries Market size to expand at a CAGR of 15.11% reaching a value of USD 39.88 billion by 2030. The Global Electronic Gadget Batteries Market is propelled by the rising consumer preference for portable electronic devices. The surge in demand is primarily fueled by modern mobile devices, such as smartphones and tablets, which are equipped with the necessary power and software for running desktop and online applications. Portable computing devices encompass various components found in personal computers, including processors, random memory, storage, Wi-Fi, and operating systems. Rechargeable batteries play a crucial role in powering these electronic devices. The chosen battery technology influences device performance, user interface, and overall mobility. Among the widely adopted consumer gadgets are Chromebooks, smartphones, laptops, tablets, notebooks, and smartwatches. The prevalent lithium-ion battery technology addresses the energy requirements of advanced features including high-resolution displays, powerful processors, and sophisticated camera systems. As the demand for mobile computers, smartphones, virtual reality devices, drones, and smart gadgets continues to rise, there is a notable increase in the sales of electronic devices. The market growth is further attributed to the boom in the consumer electronics and FMCG sectors, incorporating virtual reality (VR), augmented reality (AR), and the internet of things (IoT), driving up the manufacturing and production of electronic devices. These trends are expected to boost the expansion of the Global Electronic Gadget Batteries Market during the period in analysis.

Opportunity - Integration of AI and IoT in battery management

The integration of Artificial Intelligence (AI) and the Internet of Things (IoT) in Battery Management Systems (BMS) marks significant advancements in the Global Electronic Gadget Batteries Market. In electric vehicles (EVs), BMS plays a critical role in monitoring voltage, current, temperature, and acoustics/vibration. By incorporating IoT and AI, the BMS gains enhanced capabilities. Multiple sensors collect data in real-time, creating a digital twin framework on the cloud or edge. The integration allows for smart charging, State of X estimation (SOC, SOAP, SOH), battery diagnostics, and efficient energy management. Major automotive players like Tesla and MG have already implemented sensor-rich systems, demonstrating a transformative impact on battery optimization and overall market dynamics.

Sample Request @ https://www.blueweaveconsulting.com/report/electronic-gadget-batteries-market/report-sample

Impact of Geopolitical Tensions on Global Electronic Gadget Batteries Market

The Global Electronic Gadget Batteries Market confronts significant challenges amid geopolitical tensions, particularly in the surge of demand for lithium, a critical element in lithium-ion batteries. The heightened demand aligns with global efforts to transition toward cleaner energy technologies in pursuit of decarbonization goals set by the Paris Agreement. Despite lithium's widespread usage, its uneven distribution and non-renewable nature render it susceptible to geopolitical tensions, particularly regarding critical resource control. However, the uneven distribution and non-renewable nature of lithium expose it to geopolitical tensions, particularly in critical resource control. With the top three producing countries, led by China, processing over 80% of essential minerals for lithium batteries, concerns arise regarding the vulnerability of the lithium battery supply chain. China's dominance, controlling more than 50% of the market share, raises alarms about potential disruptions due to geopolitical tensions, war, global pandemics, or natural disasters. Australia, boasting the world's largest battery-grade lithium deposits, is entangled in the superpower competition between China and the United States over lithium control. As China heavily depends on Australian lithium for downstream productions, any further escalation of geopolitical tensions could reverberate through the supply chain. In response, the United States and the European Union aim to enhance their self-sufficiency in the lithium supply chain. Australia faces a delicate balancing act, navigating industrial policies to ensure lithium contributes to a clean energy future amid geopolitical uncertainties, where policymakers must make informed choices aligning with national security, addressing stakeholder concerns, and balancing current and future needs.

Global Electronic Gadget Batteries Market

Segmental Information

Global Electronic Gadget Batteries Market – By Sales Channel

By sales channel, the Global Electronic Gadget Batteries Market is bifurcated into OEM and Aftermarket (Replacement Batteries) segments. The OEM segment holds a higher share in the Global Electronic Gadget Batteries Market by sales channel. It is primarily driven by the critical role of lithium-ion batteries in enhancing device efficiency, extending battery life, and ensuring price competitiveness for mobile computing OEMs. Preceding the COVID-19 crisis, reports of OEMs grappling with production challenges due to battery shortages were already emerging. The pandemic's initial wave and subsequent resumptions heightened demand, straining mobile computing device production and impacting essential components. Given that batteries contribute 8-10% or more to the value of these devices, established OEMs and battery suppliers seek tighter supply chain control to prevent revenue and job shifts, thereby propelling market growth in this category.

Global Electronic Gadget Batteries Market – By Region

The in-depth research report on the Global Electronic Gadget Batteries Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Asia Pacific region holds the highest share in the Global Electronic Gadget Batteries Market and is expected to maintain its dominance during the forecast period. It is primarily due to widespread adoption of smartphones, tablets, laptops, and wearable devices. This surge in adoption has generated a substantial demand for rechargeable batteries, attributed to the growing reliance on these gadgets for communication, entertainment, and productivity. The Asia Pacific region is experiencing rapid urbanization, coupled with an expanding middle class and increased disposable incomes. This economic development has translated into higher consumer spending on electronic gadgets, contributing to a heightened demand for reliable and long-lasting batteries in the region.

Competitive Landscape

The Global Electronic Gadget Batteries Market is fragmented, with numerous players serving the market. The key players dominating the Global Electronic Gadget Batteries Market include Panasonic Corporation, Sony Corporation, Energizer Holdings, Inc., Duracell Inc., LG Chem Ltd, Samsung SDI Co., Ltd, BYD Company Limited, GP Batteries International Limited, Toshiba Corporation, and EaglePicher Technologies, LLC. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Global Electronic Gadget Batteries Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Electronic Gadget Batteries Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Electronic Gadget Batteries Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com