The global flexible battery market size is estimated to be USD 219.7 million in 2024. Displaying a CAGR of 24.9% through 2034, the sector is slated to be worth USD 2,028.8 million by the end of the forecast period.
The development of flexible batteries is still in its nascent stages. Therefore, the sector is characterized by rapid development as well as a substantial amount of experimentation. Research plays a key role in the development of new products. Therefore, heavy investment is desired by manufacturers.
Batteries that are flexible are especially sought after for portable and wearable devices. Portable and wearable devices are flexible themselves and thus in need of batteries that help them become more flexible. By the use of batteries that are not rigid, the functionality of wearable devices has the potential to be easier.
Global Flexible Battery Industry Assessment
| Attributes | Description |
|---|---|
| Estimated Flexible Battery Market Size (2024E) | USD 219.7 million |
| Projected Flexible Battery Market Value (2034F) | USD 2,028.8 million |
| Value-based CAGR (2024 to 2034) | 24.9% |
Demand for these batteries is bolstered by the continued miniaturization of electronic devices. The miniaturization of batteries naturally follows the minimalist trends in devices. Flexible batteries serve miniaturized devices well and are thus penned in for a bright future.
One significant sector where the product’s use is expanding is the medical sector. Wearable devices are being relied upon more prominently by medical personnel. The devices allow doctors real-time monitoring as well as access to more data.
With the focus on making wearable devices as comfortable as possible for patients, these devices are undergoing miniaturization. Flexible and compact batteries are helping in this cause. Technologically advanced applications naturally attract more innovation. The product is thus becoming more common in applications such as the Industrial of Things (IoT).
Standard rigid batteries are bulky and increase the weight of electric gadgets. As a solution, an increasing number of consumers prefer gadgets with conformal batteries. The batteries allow for a lightweight feel while still providing the capabilities of traditional batteries.
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Bending and Twisting Capabilities Appreciated by Customers
Several customers are pleased by the bending and twisting abilities of the batteries. In addition to giving enhanced flexibility to electronic gadgets and protecting them from wear and tear, the batteries also add an aesthetic appeal to devices. The batteries allow customers to show off their devices even more.
Both the rechargeable and one-time charging options in the batteries are being accepted by end users. The variety in these devices is also being increased by the development of power springs that are more flexible than ever before. Thus, the demand for conformal batteries is growing through both their functional and aesthetic appeal.
Different Materials Allow for Expansion of Demand
In line with the nascent nature of the sector, the materials being used for the manufacture of the product are also widening at a rapid pace. Traditional materials like zinc carbon and lithium-ion are widely accepted in flexible versions of batteries, just as in traditional versions. However, other novel materials like those based on nanoparticle systems are also being experimented with.
Self-recharging batteries are an exciting avenue for stakeholders. Powered by solar capabilities, through the proliferation of these batteries, sustainability initiatives are also helped. Thus, product innovation in the industry is being driven by experimentation with material.
Price of Batteries is a Concern for Investors
While the product offers an array of attractive features to consumers, the price also puts off a significant number of potential customers. The production of conformal batteries has not evolved as much as standard batteries.
Producers are striving towards the optimal production process, investing significant money in research and development. That also means, however, that the cost of production is significant, making the batteries costly.
A substantial quantity of consumers have become used to standard batteries and are reluctant to make the switch to flexible ones. This is another restraining factor for the flexible battery sector.
The flexible battery market size was tipped to be USD 122.5 million in 2019. Throughout the historical period, the industry developed at a CAGR of 9.1%, reaching a size of USD 189.2 million in 2023. While the overall chart of the sector was positive in the historical period, one major interruption served to impede the upward trajectory of the product.
The pandemic resulted in the shutting down of factories, of both bendable batteries as well as electronic gadgets. As a result, the development of the batteries stalled, putting research back several years. However, the lifting of restrictions saw the sector head back in the right direction.
The progress of the sector in the forecast period is set to far outpace the development in the historical period. Several factors contribute to the fast progress of the industry predicted for the forecast period.
Foldable smartphones are becoming more common. Customers are enamored of the retro look’s fusion with modern technology, adding an aesthetic appeal to functionality. Foldable batteries are preferred by manufacturers of foldable phones. The standard rigid battery has the potential to inhibit the foldability of the smartphone. Thus, bendable batteries are emerging as a top choice for vendors of foldable smartphones.
Principal Consultant
Some tier 1 companies that have a notable presence in the industry include Samsung SDI Co., Ltd., LG Chem Ltd., Panasonic Corporation, Apple Inc., and Blue Spark Technologies, Inc. Companies comprising the top tier are characterized by their overall effectiveness in battery development. Tier 1 players are also concentrating on making batteries more lightweight, for example, LG Chem Ltd.
Some prominent Tier 2 companies in the sector include Imprint Energy, Jenax Inc., and Rocket Poland Sp. z o.o. While not having the financial capabilities of Tier 1 companies, these companies still strive to maintain significant revenue capabilities. Like tier 1 companies the focus is also on overall battery development.
Some notable Tier 3 companies are Jenax Inc. Imprint Energy, Energy Diagnostics, and Rocket Electric. Although not have the right to keep up with the developments in research of Tier 1 and Tier 2 companies, Tier 3 companies still thrive due to finding their niche. For example, Imprint Energy’s batteries are suitable for smart labels and medical patches.
The rise of electronic gadgets in the Asia Pacific has been prolific, which has only improved the industry’s prospects in the region. In North America and Europe, the popularity of foldable phones has exploded, giving more scope to the industry in these regions.
| Countries | CAGR 2024 to 2034 |
|---|---|
| China | 27.9% |
| United States | 13.9% |
| United Kingdom | 9.7% |
| Japan | 10.5% |
| India | 37.1% |
The industry is penned in to progress at a CAGR of 13.9% in the United States. The flexible battery market is growing in the United States due to increased investment in research and development, driven by a strong focus on innovation and technological advancements.
The demand for portable and wearable electronics, as well as medical devices, has surged, creating a need for flexible, lightweight, and durable power sources. Additionally, government support and initiatives promoting clean energy and advanced energy storage solutions are further reasons for the industry’s growth. The high degree of collaboration between industry players and public institutions for research purposes also fuels the sector in the region.
The demand in India for flexible batteries is set to register a CAGR of 37.1%, making the country one of the most promising ones in the Asian sector. The increasing reliance of the population on electronic gadgets is helping fuel the flexible battery market growth in India.
Increased addiction to social media is seeing all types of electronic gadgets, but especially smartphones, become a common commodity in Indian homes. Such projects like the Make in India initiative by the Indian government have seen electronic manufacturing get a boost in India. With more scope for innovation, there are production facilities available for flexible batteries.
The sector in the United Kingdom is anticipated to book a CAGR of 9.7% over the next ten years. Manufacturers in the United Kingdom are experimenting with novel materials to ensure the demand for the product remains fresh.
Innovations in electric gadgets also serve to increase the scope of the product in the United Kingdom. From foldable laptops that double as tablets to foldable smartphones, the United Kingdom is witnessing an increased proliferation of compact electronic devices.
Innovations in these devices are also fueling innovation in the type of batteries they use. Thus, the flexible battery market is in for positive progress over the next ten years in the country.
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Thin-film flexible battery rules the roost in the product type segment. Rechargeable flexible batteries are the most sought-after in the chargeability segment. By highlighting the leaders in the segments, investors get to know the prime areas of investment. The trend points toward lightweight and rechargeable batteries.
| Segment | Thin-film Flexible Battery (Product Type) |
|---|---|
| Value Share (2024) | 35.3% |
When it comes to the product type, the choice of consumers is clear. The thin-film flexible battery segment is anticipated to account for 35.3% of the share in the flexible battery market in 2024.
The trend among batteries, especially flexible ones, is that of lightweight ones earning the confidence of consumers. Thin-film batteries are naturally lightweight in nature and are thus earning the confidence of end users.
These batteries are also preferred in wearable and portable electronic devices due to their capacity to go the distance when it comes to battery life. The constant miniaturization of electronic devices also helps in the proliferation of thin-film flexible batteries.
| Segment | Rechargeable Flexible Batteries (Chargeability) |
|---|---|
| Value Share (2024) | 64.6% |
Rechargeable batteries are anticipated to account for 64.6% of the industry share in 2024. The majority of consumers prefer long-lasting batteries to single-use batteries. Rechargeable batteries not only save the cost of consumers but are also more convenient. Having gotten used to charging smartphones, laptops, tablets, and a myriad of other electronic devices, there is increased comfort associated with rechargeable batteries for consumers.
Applications like wearable electronics and IoT devices, where long-term usability is crucial, are reliant on rechargeable batteries as well. Additionally, advancements in rechargeable battery technology have improved energy density, efficiency, and lifespan, making them more attractive to consumers and manufacturers.
The flexible battery market is highly competitive and characterized by the presence of numerous established players and emerging companies striving for a share of the pie. Key players including Samsung SDI, LG Chem, Panasonic Corporation, and STMicroelectronics dominate the industry with their advanced technologies and extensive research and development capabilities.
These companies are focused on developing high-performance, durable, and lightweight batteries for a range of applications, including wearable electronics, medical devices, and IoT gadgets.
In addition to the industry giants, several innovative smaller firms, such as Blue Spark Technologies, Imprint Energy, and Jenax Inc., are making significant strides with their unique approaches. These companies are leveraging new materials and manufacturing processes to create ultrathin, flexible batteries that meet the specific needs of consumers who are looking for niche capabilities.
The competition is further intensified by typical happenings like strategic partnerships, mergers, and acquisitions aimed at enhancing technological capabilities and expanding market reach. For instance, collaborations between battery manufacturers and consumer electronics companies are common, as they seek to integrate flexible batteries into devices, according to consumer need.
Overall, the competitive landscape of the flexible battery market is shaped by continuous innovation, with companies investing heavily in research and development to gain a competitive edge and capture a larger share of the growing industry.
Industry Updates
Based on product type, the industry is branched into thin-film flexible battery, printed flexible battery, curved flexible battery, and other flexible battery types.
Based on the chargeability, the flexible battery market is bifurcated into rechargeable flexible batteries and single-use flexible batteries.
The sector has been analyzed across key countries of North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
The industry size is USD 219.7 million as of 2024.
A CAGR of 24.9% is predicted over the forecast period.
The industry is set to reach USD 2,028.8 million by 2034.
Apple Inc., Blue Spark Technology, and LG Chem Ltd.
A CAGR of 13.9% is predicted through 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Battery Type
6.2. Chargeability
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Battery Type
7.1. Thin-film Flexible Battery
7.2. Printed Flexible Battery
7.3. Curved Flexible Battery
7.4. Other Types
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Chargeability
8.1. Rechargeable Flexible Batteries
8.2. Single-use Flexible Batteries
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. South Asia
9.5. East Asia
9.6. Eastern Europe
9.7. Middle East & Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Sales Forecast 2024 to 2034 by Battery Type and Chargeability for 30 Countries
18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
19. Company Profile
19.1. Apple Inc.
19.2. Blue Spark Technology
19.3. Brightvolt Inc.
19.4. Enfucell Oy
19.5. LG Chem Ltd.
19.6. NEC Energy Solutions Inc.
19.7. Panasonic Corporation
19.8. Samsung SDI Co. Ltd.
19.9. ST Microelectronics N.V.
19.10. Ultralife Corporation
Chemicals & Materials
June 2024
REP-GB-5474
309 pages
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Flexible Battery Market
