The North America Micro Battery Market would witness market growth of 22.0% CAGR during the forecast period (2023-2030).
The development of new applications is intended to meet diverse industry requirements, and this is anticipated to present substantial potential for market players throughout the forecast period. The interoperability of these battery packs with mobile devices and Bluetooth service is anticipated to create sizable potential prospects for the market in the near future. Other factors influencing the growth of this market include the rise in smart wearable electronics products, the growing use of smartphones and smart devices, and IoT applications.
Smart textiles, often called e-textiles, are printed materials that detect physiological factors like blood pressure, heart rate, and body temperature and adjust the clothing temperature accordingly. This fabric is becoming increasingly popular in the fitness and sports industries. Adapting to various environmental conditions is possible with a new generation of smart fabrics that detect, react, and sense.
The demand for electronic component miniaturization is increasing due to the increasing miniaturization of mobile phones, medical devices, and smartwatches. The need for miniaturization is also increasing because it is difficult to shrink the size of electronic devices using conventional batteries. Micro batteries are also now necessary due to the smaller form factors of implantable and wearable devices.
Electric hybrids, plug-in hybrids, and all EVs supported 198,000 U.S. employees in 2016 and 242,700 U.S. employees by 2019. The expanding electrification of the U.S. transportation industry has already proven this growth in employment related to EVs. Mexico ranks sixth among countries producing heavy-duty commercial vehicles, with 14 manufacturers and assemblers of buses, trucks, tractor trucks, and engines. More than 24,000 people are employed across the nation by these firms' 11 manufacturing plants. With rise in the automotive sector and mainly the adoption of EVs in the region, the market is estimated to grow in North America.
The US market dominated the North America Micro Battery Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $461.8 million by 2030. The Canada market is estimated to witness a CAGR of 24.7% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 23.6% during (2023 - 2030).
Based on Battery Type, the market is segmented into Secondary, and Primary. Based on Type, the market is segmented into Thin Film Batteries, Printed Batteries, Solid-state Chip Batteries, and Button Batteries. Based on Material, the market is segmented into Lithium, Alkaline, and Silver Oxide & Others. Based on Application, the market is segmented into Medical Devices, Smart Packaging, Consumer Electronics, Smart Cards, Wireless Sensors, and Others. Based on Capacity, the market is segmented into 10-100 mAh, Below 10 mAh, and More than 100 mAh. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Micro Battery Market is Projected to reach USD 2.1 Billion by 2030, at a CAGR of 22.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, VARTA AG, Murata Manufacturing Co., Ltd., TDK Corporation, Berkshire Hathaway, Inc. (Duracell, Inc.), Ultralife Corporation, Maxwell Technologies (UCAP Power, Inc.), Cymbet Corporation, Enfucell Oy, Koch Industries, Inc. (Molex LLC).
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