Market Research Future (MRFR) expects the global cordless phone battery market to reach an approximate valuation of USD 63.35 Billion by 2023. MRFR also mentions in its new report that the market is capable of achieving a growth rate of 9% from 2018 to 2023, which is the forecast period.
The leading companies in the worldwide market for cordless phone battery are Eagle-Picher Technologies LLC (USA), Johnson Controls International Plc (Ireland), BYD Company Ltd. (China), GPB International Limited (Hong Kong), Samsung SDI Co. Ltd. (South Korea), Beckett Energy Systems (USA), LG Chem (South Korea), Ultralife Corporation (USA), Jiangmen TWD Technology Co. Ltd. (China), E-One Moli Energy Corp. (Taiwan), Panasonic Corporation (Japan), Energizer Holdings Inc. (USA), FDK Corporation (Japan), Duracell Inc. (USA), Highpower International Inc. (China), GS Yuasa Corporation (Japan), to mention a few.
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Top Drivers and Primary Challenges
Cordless phone battery refers to a rechargeable battery that is not only cost-effective but also environment-friendly. Their life span ranges from one to three years and comes in a variety of shapes and sizes. These batteries are used in various applications, such as aerospace & military defense, medical equipment, and consumer electronics.
The rapid use of lithium-ion batteries in consumer electronics like tablets, phones, smart wearables, and laptops is touted to be one of the chief factors responsible for the strong growth of the cordless phone battery market. Lithium-ion battery offers a host of benefits in consumer electronics, including high energy density, less self-discharge rate as well as lightweight. In this respect, integration of such qualities of lithium-ion batteries in consumer electronics is expected to accelerate the demand for cordless phone battery market in the near future. Additionally, lithium-ion batteries also enjoy immense demand from the automotive industry, as it is used in the manufacturing of electric and hybrid vehicles.
Furthermore, using lithium-ion batteries in electric as well as hybrid vehicles helps reduce the utilization of natural resources and also helps bring down the carbon emission generated by vehicles. Another factor that boosts the product demand is the cheaper maintenance cost of electric vehicles compared to the vehicles that use petrol since these electric and hybrid vehicles do not need frequent car servicing or oil checking. Therefore, the surging adoption of electric and hybrid vehicles across various regions can fuel the demand for lithium-ion batteries in the following years, benefitting the cordless phone battery market.
The worldwide Cordless Phone Battery Market Size (COVID-19 Impact Analysis) can be segmented with respect to type, capacity, and application.
Given the type segment, the global cordless phone battery market covers Nickel Cadmium (NiCad), Lithium-ion (Li-ion), and Nickel Metal Hydride (NiMH). The MRFR study says that lithium-ion batteries can gain the largest share in the market during the conjectured period. Rising use of lithium-ion batteries in consumer electronics like tablets, medical devices, and smartphones, given their features like high energy density and lightweight, can boost the growth of the lithium-ion battery market.
Capacity-wise, the global cordless phone battery market can be considered for 300-600mAh,650-1200mAh, 1200 mAh above.
Application-based market segments are automobile, consumer electronics, aerospace, power, medical equipment, and military & defense.
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The geographical distribution of the global cordless phone market covers North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
North America controls the biggest share in the global cordless phone battery market, thanks to the presence of prominent vendors like Energizer Holdings Inc. (USA), Eagle-Picher Technologies, LLC (USA), Beckett Energy Systems (USA) and others.
The APAC market for cordless phone battery has the potential to attain the highest CAGR from 2018 to 2023, backed by the constant technological developments coupled with the increasing investments by emerging countries like India and China. Another factor inducing market growth in the region is the rising concentration of significant players such as E-One Moli Energy Corp. (Taiwan), BYD Company Ltd. (China), Panasonic Corporation (Japan), GPB International Limited (Hong Kong), FDK Corporation (Japan), Highpower International Inc. (China), Jiangmen TWD Technology Co.Ltd. (China), GS Yuasa Corporation (Japan), and others.
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