Technavio’s latest report on the batteries market for smart wearables provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global batteries market for smart wearables from 2017-2021. (Graphic: Business Wire)
Thanikachalam Chandrasekaran, a lead research analyst from Technavio, specializing in research on energy storage sector, says, “The global batteries market for smart wearables will experience a significant growth of close to 29% during the forecast period. The market is highly dependent on the unit shipment of the smart wearable devices owing to the increasing demand for wearable electronics from diverse industries like military and protection, architecture, sports and fitness, transportation, fashion and entertainment, and medical.”
The wearable devices market is highly evolving with the existing products being updated in about 12 to 24-month time. This is due to the increasing technology sophistication. Unfortunately, battery technology has not been able to keep up with the new products. The annual battery capacity has only improved by about 6%-8%, highlighting the limitations of wearables.
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The top three emerging trends driving the batteries market for smart wearables according to Technavio energy research analysts are:
Development of next-generation batteries
From 2008 to 2012, the sale of consumer electronics saw lackluster growth due to the 2008 economic recession, followed by the Eurozone crisis. Post-2012, however, the market has been witnessing steady growth owing to factors such as increased disposable income of consumers, the launch of new products, and a reviving global economy.
“Consumer electronics is one area where innovations take place at a very fast pace, resulting in a yearly upgrade of existing products, therefore rendering the previous version of the electronic devices outdated. However, battery technology has not been able to keep up with the development pace of smart devices,” according to Thanikachalam.
Increasing number of smart wearable products
Wearables are the next big thing among tech enthusiasts, which has led to the proliferation of smart wearables, from technology that is worn on the wrist to fabrics and textiles that are printed with the technology. The growing emphasis on health and fitness has driven the need for wearables, creating a highly attractive market.
Major technology, fashion, and sports companies are developing a wide range of smart wearables focusing on health and fitness needs. Some companies have formed a strategic partnership to support and promote the development of wearable device technology.
Improvements in wearable battery technology
The need for an increase in functionality of a smartwatch and a fitness tracker has led to the adoption of higher resolution screen and always on display, which requires better battery technology. Consumers want the added functionality but do not want to compromise on the battery life and extending the battery life is a critical aspect to gain market acceptance.
LG Chem, one of the leading suppliers of battery technology in 2015, developed the world’s first hexagon battery to boost the smartwatch market. The design would utilize the additional space resulting in improved battery capacity by 20%, thereby translating to longer lasting battery.
The key vendors are as follows:
- Enfucell
- Guangzhou FULLRIVER Battery New Technology
- LG Chem
- Panasonic Industrial Devices & Solutions
- Samsung SDI
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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