The global micro battery market is expected to reach $1.1 billion by 2024, registering a CAGR of 18.4% during the forecast period. The major factors stimulating the market growth include growing demand for compact batteries in medical devices and growing adoption of wearable devices.
Insights into the market segments
Based on application, the micro battery market is categorized into consumer electronics, automotive, medical devices, wearable devices, and others, wherein the others category includes wireless sensor networks and smart meters. Among these, the medical devices category accounted for largest share in 2018 in the market. This is due to the growing demand for micro batteries in various devices such as thermometers, glucometers, insulin pumps, and drug delivery systems. Whereas, the wearable devices category is expected to witness the fastest growth during the forecast period. This can be attributed to the growing adoption of wearable devices, such as fitness bands, headphones, and watches, primarily in China, India, and the U.S.
Globally, the Asia-Pacific (APAC) micro battery market is expected to witness the fastest growth during the forecast period. This can be attributed to the growing demand for fitness trackers in developing countries, such as India, China, and Indonesia, due to easy affordability of these trackers for measuring fitness among young population in the region. Additionally, the growing medical devices market in China is also driving the demand for micro batteries in the region.
Growing demand for wearable devices is a key factor driving the micro battery market
The micro battery market is buoyed by several factors, primarily, growing demand for wearable devices. Wearable devices, such as fitness bands, smartwatches, and wireless headsets, require micro batteries as power source. With increasing health awareness amongst populace, coupled with rising standard of living, the demand for fitness trackers and fitness bands is increasing across the globe. The demand is also rising due to the increasing production of low-cost fitness bands by Chinese companies in the market. Owing to this, the wearable devices market is growing across the globe, thereby boosting the demand for micro batteries.
Additionally, with growing geriatric population and associated diseases amongst the populace, the demand for wireless and continuous health monitoring devices is increasing. Also, healthcare players are developing medical devices with next-generation technologies to monitor patients efficiently. This is expected to fuel the growth of the wearable fitness tracker market, which in turn, boosts the demand for micro batteries, as these are an important source of power in these devices. Hence, rising demand for wearable devices is driving the micro battery market growth across the globe.
Browse report overview with detailed TOC on "Micro Battery Market Research Report: By Type (Alkaline, Silver Oxide, Lithium), Capacity (<10 mAh, 10–100 mAh, >100 mAh), Rechargeability (Non-Rechargeable, Rechargeable), Application (Consumer Electronics, Automotive, Medical Devices, Wearable Devices), Geographical Outlook (U.S., Canada, U.K., Germany, France, Italy, Russia, China, Japan, India, Thailand, South Korea, Brazil, Mexico, South Africa, Turkey, Nigeria) – Industry, Share Analysis and Demand Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/micro-battery-market
Micro Battery Market Competitive Landscape
The micro battery market is highly competitive in nature with the presence of numerous players. The major players in the market are focusing on launching new products to increase their product portfolios. For instance, in January 2019, VARTA Microbattery GmbH, a subsidiary of VARTA AG, launched three flat lithium-ion cell types, namely, CP0854, CP7840, and CP9440, which are suitable for hearables and wearables.
Some of the key players operating in the global micro battery market include Panasonic Corporation, VARTA AG, Murata Manufacturing Co. Ltd., Energizer Holdings Inc., Seiko Holdings Corporation, The Swatch Group Ltd, Maxell Holdings Ltd., Berkshire Hathaway Inc., TOSHIBA LIFESTYLE PRODUCTS & SERVICES COPORATION, and GPI International Limited.
MICRO BATTERY MARKET SEGMENTATION