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In terms of application, thin film battery market size from wearable devices segment is anticipated to reach over USD 73.5 million in 2022. Thin film batteries are widely used in wearable devices such as smartwatches and fitness bands owing to their improved recharging rate and compactness. The consumer electronics sector has been reporting growing demand for wearable devices, which are becoming more compact and energy intensive due to novel innovations. Back in September 2022, Apple Inc. an American multinational technology company, released Apple Watch Series 8, and the new Apple Watch SE equipped with an innovative temperature sensor and crash detection capability.
This is bolstering the demand for lithium-based thin film batteries due to their longer battery life, low self-discharge rate.
On the basis of product, the thin film battery market from non-rechargeable segment is poised to witness 40% growth rate between 2023 and 2032. Escalating demand for non-rechargeable thin film batteries in smart cards, consumer electronics, medical sensors, and other applications is supplementing the segment outlook. Non-rechargeable batteries also cost less than their rechargeable counterparts, which makes them more affordable and widespread. Additionally, these batteries also offer superior capacity and high initial voltage, making them ideal for the aforementioned applications.
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Asia Pacific thin film battery market valued at more than USD 89 million in 2022, driven primarily by the region’s flourishing e-commerce sector. Growing disposable incomes and B2C e-commerce boom is fostering the adoption of consumer electronics such as RFID, smart cards, and other wearable devices, which is subsequently augmenting the demand for thin film batteries in the region. As per India’s IBEF, the country’s appliances and consumer electronics industry is slated to surpass a valuation of more than USD 21.18 billion by 2025, creating ample growth opportunities for thin film batteries in the process.