Market Size of United States Household Battery Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Household Battery Market Analysis
The US household battery market is expected to register a CAGR of over 5% during the forecast period.
The market was negatively impacted by COVID-19. The market has now reached pre-pandemic levels.
- With the increasing population and economic growth, the use of electronic appliances in the country is expected to grow over time. Household batteries are primarily used in electronic goods like smartphones, cameras, and many other electronic devices. The primary driver of the market studied is the growing use of electronic devices and technological development for longer-duration backup capabilities. Declining lithium-ion battery prices and technological developments are expected to drive the US household battery market during the forecast period.
- However, the demand-supply mismatch for raw material supply to manufacturing the batteries is expected to hinder the market growth during the forecast period.
- With an estimated population of around 398 million by 2050, the electronic market in the United States is expected to expand significantly. Technologies, such as developments in cell phone technology, and the implementation of artificial technology on electronic goods, are expected to transform digital technology to the way ahead. Moreover, the economy of the United States is expected to increase to USD 71,000 billion by 2050. Growth in the economy indicates growth in the lifestyle of people, thereby having a huge possibility for the adoption of updated technology, which is expected to create an opportunity for the market to grow in the near future.
