Flexible battery market is expected to be worth USD 958.4 million by 2022, at a CAGR of 46.6% between 2016 and 2022. The growth of this market is propelled by the increasing miniaturization of electronics devices, need for thin and flexible batteries in consumer electronics, and the growing demand for wearable devices.

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Thin-film battery type is expected to hold a large share of the overall flexible battery market in 2016. Thin-film batteries are used widely in applications such as smart packaging, smart cards, wearable devices, and medical devices. With the advent of technology in these applications, there is a growing demand for thin-film batteries during the forecast period. The advancement in these applications is increasing the demand for thin-film batteries and thus driving the growth further.

Rechargeable flexible battery held the largest share of this market in 2015. Applications such as consumer electronics, wearable device, medical devices, and wireless communication require rechargeable batteries with longer life span. Flexible batteries such as thin-film battery and curved battery are mostly rechargeable batteries which can be used in mobile devices and wearable devices. The increasing use of rechargeable batteries in consumer electronics and wearable device applications is expected to drive this market during the forecast period.

The APAC region is expected to be the fastest-growing region in this market. In APAC, China currently holds the largest market share and it is also expected to grow at the highest CAGR during the forecast period. China is a developing economy and has a huge consumer electronics manufacturing capacity, which is one of the emerging applications for flexible battery. The advancement of technology in the smart packaging and consumer electronics sector as well as the growing popularity of wearable devices are driving the demand for flexible battery in the APAC region. Moreover, APAC is home to major consumer electronics and wearable devices manufacturers such as Samsung Electronics Co., Ltd. (South Korea), Panasonic Corp. (Japan), Sony Corp. (Japan), and LG Electronics Inc. (South Korea), which are integrating flexible batteries into miniaturized electronic devices.

One of the key restraining factors for this market is the development of flexible batteries which requires high initial investment, especially in the area of research and development and its manufacturing setup. Key market players such as Samsung SDI Co., Ltd. (South Korea), and STMicroelectronics N.V. (Switzerland) are focusing on new product launches and developments, acquisitions, and collaborations strategies to enhance their product offerings and expand their business.