April 24, 2024
Flexible Battery Market

Growing Adoption Of Wearable Technology To Propel The Growth Of Flexible Battery Market

The global Flexible Battery Market is estimated to be valued at US$ 162.48 Mn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Flexible batteries are rechargeable batteries that can be integrated in devices with curved, rollable or foldable screen such as smartphones, smart watches and smart glasses. They provide longer battery life, high energy storage capacity, lightweight, durability and flexibility. Flexible batteries use materials like graphene, carbon nanotubes and lithium-ion electrolytes which allows bending and twisting without compromising on performance.

Market key trends:

One of the key trends in the flexible battery market is rising adoption of wearable devices. Growing trend of smart wearables such as smart watches, smart glasses, fitness trackers is driving the demand for flexible batteries. As these devices come with curved screens, traditional cylindrical or prismatic batteries cannot be integrated. Flexible batteries allow device designers to experiment with new form factors. Another key trend is development of flexible lithium-ion batteries. Major players are investing in R&D to develop lithium-ion batteries that can be bent, folded or stretched without affecting its performance. This will open up opportunities for applications in electronics, automotive, consumer goods and medical devices.

Porter’s Analysis

Threat of new entrants: Low opportunity as flexible battery market is capital intensive and has high dominance of existing major players. Bargaining power of buyers: Moderate bargaining power as buyers have few substitute options but high bargaining power due to importance of products. Bargaining power of suppliers: High bargaining power of suppliers as raw material suppliers hold patents and technologies essential for manufacturing flexible batteries. Threat of new substitutes: Moderate threat as flexible batteries are substitute for rigid batteries but have their unique demand due to lightweight, flexibility and transparency features. Competitive rivalry: High competitive rivalry exist among key players to gain more market share through continuous innovations and new product launches.

Key Takeaways

The global Flexible Battery Market Growth is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for lightweight and flexible electronic devices. The Asia Pacific region dominates the global flexible battery market and is estimated to grow with highest CAGR during forecast period due to massive manufacturing base of consumer electronics in countries like China and Taiwan.

Flexible batteries have significant usage in wearable devices as their lightweight and flexibility helps to integrate them seamlessly in health monitoring equipment, smart clothing, and electronic skins. The wearable devices segment accounted for the largest market share of over 30% in 2023.

Key players operating in the flexible battery market are STMicroelectronics, LG Chem, SAMSUNG SDI CO., LTD., Panasonic Corporation, ROCKET Poland Sp. z o.o., Enfucell, Imprint Energy, Energy Diagnostics., Jenax Inc., and Molex. These players are focusing on new product launches, collaborations and geographical expansions to gain more market revenue share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it