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According to a report released by Technavio, an international market research institution, the primary lithium battery market size is expected to grow by $1.
88 billion from 2020 to 2024, and the growth momentum of the market will accelerate
at a compound annual growth rate of 6.
56%.
Primary lithium batteries have longer shelf life, as well as better energy and power density, driving their adoption
in several end-user industries, such as consumer electronics.
Compared to other conventional batteries, the demand for primary lithium batteries has increased because they have better performance
.
According to the report, 37% of the growth of the market will come from the Asia-Pacific region during the
forecast period.
China and Japan are the main markets
for primary lithium batteries in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
The growing demand for batteries in the fast-growing consumer electronics industry is one of the major factors that will boost the growth of the major lithium battery market in Asia Pacific during the
forecast period.
During the forecast period, the consumer electronics segment will account for the highest share of the lithium primary battery market, as these batteries are widely used in
wearable electronic devices such as watches, electronic calculators, remote controls, and other devices.
Thus, the growth of this segment is significant
throughout the forecast period.
However, due to the COVID-19 pandemic, the consumer electronics industry is facing certain challenges, which have had a certain negative impact
on the market growth this year.
From the perspective of future development trends, the introduction of sensor-based technology is one of the market trends of
lithium batteries.
Battery manufacturers are using primary lithium batteries for sensor-based wireless technology
.
Some manufacturers are also using sensors in different devices and consumer electronics in the future to further meet the demand
for the primary lithium battery market.
According to a report released by Technavio, an international market research institution, the primary lithium battery market size is expected to grow by $1.
88 billion from 2020 to 2024, and the growth momentum of the market will accelerate
at a compound annual growth rate of 6.
56%.
Primary lithium batteries have longer shelf life, as well as better energy and power density, driving their adoption
in several end-user industries, such as consumer electronics.
Compared to other conventional batteries, the demand for primary lithium batteries has increased because they have better performance
.
According to the report, 37% of the growth of the market will come from the Asia-Pacific region during the
forecast period.
China and Japan are the main markets
for primary lithium batteries in the Asia-Pacific region.
The market growth in this region will be faster than that in other regions
.
The growing demand for batteries in the fast-growing consumer electronics industry is one of the major factors that will boost the growth of the major lithium battery market in Asia Pacific during the
forecast period.
During the forecast period, the consumer electronics segment will account for the highest share of the lithium primary battery market, as these batteries are widely used in
wearable electronic devices such as watches, electronic calculators, remote controls, and other devices.
Thus, the growth of this segment is significant
throughout the forecast period.
However, due to the COVID-19 pandemic, the consumer electronics industry is facing certain challenges, which have had a certain negative impact
on the market growth this year.
From the perspective of future development trends, the introduction of sensor-based technology is one of the market trends of
lithium batteries.
Battery manufacturers are using primary lithium batteries for sensor-based wireless technology
.
Some manufacturers are also using sensors in different devices and consumer electronics in the future to further meet the demand
for the primary lithium battery market.
