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The Flat Lithium-ion (Li-ion) Battery Market size is forecast to increase by USD 23.25 billion, at a CAGR of 13.8% between 2023 and 2028. The market analysis and report includes historic market data from 2018-2022. The market is witnessing a growing demand for an increase in the recycling of Li-ion batteries, the emergence of ultrathin lithium polymer batteries, and a growing demand for action cameras.
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An increase in recycling of Li-ion batteries is an emerging trend shaping the market growth. Flat Li-ion batteries are used for various applications in EVs and portable electronic devices. The typical lifespan of a flat Li-ion battery is 3-5 years. Li-ion batteries contain toxic and flammable components as well as valuable metals such as lithium, cobalt, and nickel. Hence, these batteries are required to be recycled instead of disposed in landfills. Also, Li-ion batteries are expensive to manufacture due to the high material cost and the complex production processes. This also increases the need for recycling these batteries.
Moreover, the recycled materials from Li-ion batteries can be reused in new batteries, reducing the production cost by around one-fourth. Such initiatives are likely to improve the recycling of Li-ion batteries. Such activities are likely to increase the demand for recycled Li-ion batteries and significantly fuel the growth of the market during the forecast period.
The consumer electronics segment is estimated to witness significant growth during the forecast period. The consumer electronics segment had the largest flat lithium-ion (Li-ion) battery market share in 2021 in the global flat Li-ion battery market. Flat Li-ion batteries are used in various types of consumer electronics, including smartphones, tablets, laptops, digital cameras, personal computers, television sets, electrical household appliances, electronic medical equipment, microelectronic components, and automation systems.
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The growing use of electronic devices is driving the growth of the consumer electronics segment in the flat lithium-ion battery market. The rising Internet penetration, along with the increasing awareness among consumers about the emergence of novel technologies, is also fueling the flat lithium-ion battery market growth and trends of the consumer electronics segment. Furthermore, the growing demand for the connected home concept is encouraging the rise in the need for various types of consumer electronics, such as smart appliances, smart televisions, and others. The high replacement cycles due to the availability of technologically advanced versions of products and the dropping of prices of many electronic devices also encourage continued consumption. The consumer electronics segment is expected to grow and will positively impact the growth of the global flat Li-ion battery market during the forecast period.
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APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is expected to have the largest share in the flat li-ion battery market. The increasing demand for smartphones and tablets in various countries, including India, China, Japan, South Korea, and Thailand, is expected to drive the demand for flat Li-ion batteries in APAC. Australia had the world's third-largest reserves of lithium and was the largest producer, representing around half of the global lithium output. Most of the lithium produced is exported overseas for downstream processing and battery cell production.
The rise in the adoption of wearable technology is notably driving the market growth. Wearable technology constitutes smart electronic devices that can be incorporated into clothing or worn as implants or accessories. Some of the most commonly used wearable devices are smartwatches and activity trackers. The wearable technology market is expected to experience significant growth. There are various applications of wearable technology, such as in professional sports, healthcare, fashion, and others. In the case of professional sports, wearable technology has applications in monitoring and real-time feedback for athletes. Wearables are becoming lighter and smaller with improvements in technology.
Therefore, the amount of energy provided by batteries has to be adapted accordingly. Reliable batteries are essential for wearable devices that produce precise and continuous records of vital data. This, in turn, creates a demand for flat Li-ion batteries. Some of the major vendors of flat Li-ion batteries are expanding their manufacturing departments. Such factors are expected to propel the demand for lithium-ion batteries, which, in turn, will drive the growth of the market during the market forecast period.
Safety hazards associated with Li-ion batteries are a significant challenge hindering market growth. The flat Li-ion battery market is experiencing significant growth. However, there are various safety hazards associated with the use of flat Li-ion batteries, as they contain a flammable electrolyte and may become pressurized if damaged. If Li-ion battery cells are charged too quickly, they can cause a short circuit, leading to explosions and fires. In Li-ion batteries, the microscopic metal particles may come in contact with other parts of the battery cell, leading to a short circuit within the cell. Li-ion batteries can explode if subjected to a high electrical load without overcharge protection.
However, the excess swelling in batteries occurs mainly due to faulty manufacturing. The pressure from swelling can crack the battery cover and break the display and electronic circuit board in devices such as smartphones. Thus, such factors are expected to reduce the demand for flat Li-ion batteries, which, in turn, will hamper the growth of the market during the market growth and forecasting period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market research and growth strategies.
Global Flat Lithium-ion (Li-ion) Battery Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bahco - The company offers flat lithium-ion batteries such as Compact Lithium-Ion Batteries 36 Wh BCL1B03IB.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The flat lithium-ion (Li-ion) battery market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028
Flat Lithium-ion (Li-ion) Battery Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.8% |
Market Growth 2024-2028 |
USD 23.25 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.33 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 43% |
Key countries |
US, China, South Korea, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bahco, DNK POWER Co. Ltd., EIT InnoEnergy SE, Hitachi Ltd., LiPol Battery Co. Ltd., Lithium Battery Co., Lund Instrument Engineering Inc., MeriTech Power Ltd., MOTOMA, NGK Insulators Ltd., Panasonic Holdings Corp., Shenzhen A and S Power Technology Co. Ltd., Shenzhen CSIP Science and Technology Co. Ltd., Shenzhen SUJOR Energy Technology Co. Ltd., Shenzhen VATS Power Source Ltd., SparkFun Electronics, TDK Corp., Telemax India Industries Pvt. Ltd., Ufine Battery, Ultralife Corp., and Ulvac Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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