The electronic gadget batteries market size is expected to advance at a CAGR of 16.3% during 2024–2030, to reach USD 45.6 billion by 2030. This is ascribed to the surging focus on the use of electronic items, the paradigm shifts toward remote work and learning, and the rising use of smartphones to automate and control various aspects of their surroundings.
Presently, devices are becoming more interconnected, which, in turn, allows the integration of online services and other gadgets. Furthermore, the functionality can be improved with the help of connectivity. Thus, the rising focus on integration and connectivity for a cohesive and interconnected technological experience drives the need for electronic gadgets. Also, the demand for such gadgets is increasing because they promote seamless communication and sharing of data, in order to provide an enhanced and unified user experience.
One such example is the tracking of fitness and health data with the use of a tracker and they can be seamlessly synchronized with the use of cloud-based services or smartphone apps for analysis. These devices complement other gadgets’ functions such as a smartwatch serves as an extension of a smartphone and allows users to control various features on a remote basis and get notifications. Also, many gadgets leverage cloud services for storage, allowing users to access their data and settings from multiple devices.
In addition, the combining of various features in a single device, such as a smartphone having a navigation device, camera, music player, and many more, minimizes the requirement for several gadgets. Further, the demand for smart home technologies and home automation devices such as security cameras, thermostats, and voice-activated assistants has increased. Thus, this factor drives the demand for electronic gadget batteries.
The North American market is expected to grow at a CAGR of 16.4% during the forecast period. This can be attributed to technological advancements, the growing consumer electronics industry, and the presence of key players in the region. In North America, the U.S. is the market leader, owing to the rapid adoption of advanced technologies and faster digital transformation and innovation in the country.
Moreover, the use of connected gadgets has increased because of the availability of advanced cellular networks and high-speed internet across the region. Because of the availability of better-connected options, several gadgets are becoming popular such as smart home devices, smartphones, and tablets. Also, wearables including smartwatches and fitness trackers are gaining popularity because of the rising adoption of health and fitness tracking devices. These gadgets monitor various health metrics, encourage physical activity, and offer personalized insights. Because of the above-mentioned factors, the market is growing across the region and is expected to grow over the coming few years.
The most significant electronic gadget batteries market players are LG Energy Solution Ltd., SAMSUNG SDI CO. LTD., Hitachi High-Tech Corporation, Ampirus Technologies, Green Cell, GUANG DONG GREENWAY TECHNOLOGY CO. LTD, Amperex Technology Limited, Atemitech, and Panasonic Corporation.