by Flexible batteries offer added safety, convenience, and design flexibility over traditional batteries due to their thin, lightweight, and flexible characteristics. Flexible batteries can power variety of flexible and wearable electronic devices such as smartwatches, smart clothing, smart cards, and medical patches.
The global Flexible Battery Market is estimated to be valued at US$ 187.18 M in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of electronic wearables is one of the key trends driving the growth of the flexible battery market. Wearable devices such as smartwatches and fitness trackers are gaining popularity among consumers. Flexible batteries are highly suitable for powering these wearable gadgets due to their flexibility and lightweight nature. They can be easily integrated into wearable products without compromising user comfort. According to research, the wearables market is expected to reach over US$ 60 Billion by 2023. Rapid proliferation of electronic wearables is expected to boost the demand for flexible batteries during the forecast period. Flexible battery manufacturers are continuously engaged in developing advanced flexible battery technologies that can efficiently power the next generation of wearable devices.
SWOT Analysis
Strength: Flexible batteries offer design flexibility to electronics manufacturers. Their flexibility allows them to be incorporated into wearables, smartphones and other smart electronic devices in innovative ways.
Weakness: The technology for manufacturing flexible batteries is still evolving and costs of production are currently high compared to conventional lithium-ion batteries. Durability and reliability needs further improvements.
Opportunity: Growing demand for wearable devices, smartphones, electric vehicles and other applications of flexible electronics presents a huge market opportunity for flexible batteries. Medical sector also offers scope to power implantable devices.
Threats: Stiff competition from conventional battery technologies limits the mass adoption of flexible batteries currently. Dependence on raw material price volatility can impact costs. technological advancements by competitors pose threat.
Key Takeaways
The Global Flexible Battery Market Size is expected to grow from US$ 187.18 million in 2024 to US$ 293.49 million by 2031, at a CAGR of 6.5% during the forecast period.
Asia Pacific region currently dominates the flexible battery market owing to high concentration of consumer electronics manufacturing in countries like China, South Korea, Japan and Taiwan. These countries are also emerging as key hubs for production of flexible batteries. Growing demand for wearables and smartphones from India and other Southeast Asian countries is driving market growth in the region.
Key players operating in the flexible battery market are Samsung SDI Co. Ltd., Panasonic Corporation, Ultralife Corporation, ST Microelectronics, Enfucell Oy, Blue Spark Technology, Brightvolt Inc., NEC ENERGY SOLUTIONS and ProLogium Technology Co. Ltd. The players are focusing on continuous technology advancements to improve battery performance, life, safety and lower manufacturing costs to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
