Flexible batteries are thin, bendable energy storage devices that can power next-generation wearables, smart cards, and other applications that require flexibility or would benefit from thin, lightweight, and form-fitting power sources. Flexible batteries hold the promise of enabling new possibilities for the design of consumer electronics and other applications by being thin, lightweight, and able to conform to irregular or curving surfaces. They are suitable for applications such as wearables, smart cards, and medical skin patches. Flexible batteries can be made from materials like lithium-ion polymers, which allow them to flex and bend without breaking internal connections.
The global flexible battery market is estimated to be valued at US$ 187.18 million 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 Dynamics:
High Demand for Portable and Flexible Consumer Electronics: The increasing demand for portable and flexible consumer electronics such as wearables, smart cards, and medical skin patches is driving the flexible battery market growth. As flexible displays and electronics are becoming increasingly attractive for applications where form factor, flexibility and portability are key, the need for matching flexible battery technology is expected to rise significantly over the forecast period.
Growing Demand for Wearable Devices: Wearable devices such as smartwatches, smart bands and smart glasses require flexible and lightweight batteries that can be incorporated directly into the products without hampering the aesthetic appeal, flexibility or wearing experience. As wearable technology grows in popularity, the demand for flexible batteries optimized for such applications is likely to grow at a robust pace. The use of flexible batteries can help device manufacturers develop sleeker and more feature-rich wearables.
Segment Analysis
The global flexible battery market is dominated by the consumer electronics sub-segment. Flexible batteries are increasingly being used in wearable devices such as smartwatches, fitness trackers, and other smart accessories due to properties like lightweight, flexibility, and thinness. Flexible batteries allow manufacturers to develop innovative product designs for wearable devices that conform to body movement which is driving the growth of this sub-segment.
PEST Analysis
Political: There are no significant political risks for the flexible battery market currently. Most governments are supporting research and development for innovative battery technologies.
Economic: The global economy is recovering from the pandemic which is boosting the consumer electronics industry and demand for flexible batteries. The high growth of the wearable device market will drive market opportunities.
Social: Increasing health awareness and fitness trends are fueling demand for wearable devices and flexible batteries that power them. Rising adoption of smart accessories indicates growth potential.
Technological: Major players are investing heavily in R&D to develop advanced flexible battery chemistries with higher energy density and bendability. Technologies like thin-film and paper-based batteries are improving flexibility and design scope.
Key Takeaways
The Global Flexible Battery Market Growth is expected to witness high over the forecast period of 2024 to 2031 supported by a CAGR of 6.5%.
Regional analysis shows that Asia Pacific currently dominates and is expected to maintain its dominance through 2031, led by major manufacturing hubs in countries like China, South Korea, and Japan. Key players in the flexible battery market include Samsung, LG, Panasonic, ST Microelectronics, and Enfucell.
Key players operating in the flexible battery market are Samsung, LG, Panasonic, ST Microelectronics, and Enfucell. Samsung and LG have established leadership in manufacturing flexible batteries for electronics. Panasonic works closely with Tesla and Toyota on electric vehicle battery packs. ST Microelectronics focuses on technologies to develop flexible battery management systems. Enfucell develops printed silicon-based battery technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
