Govt. Initiatives drives demand
The Indian button cell market is projected to cross US$88 million in 2024 from more than US$59 million, posting a CAGR of over 7% during 2019-2024, owing to growing government initiatives and increasing demand from Tier-II and Tier-III cities.
Starting from April 2019, the Indian Government is targeting to replace all conventional meters with smart prepaid meters, which would increase the demand for button cells in the country.
Moreover, technological advancements such as phasing out of mercury usage in button cells and miniaturization of electronic devices and button cells are boosting the competition among button cell manufacturers, said Dublin-based ResearchAndMarkets in projecting market.
In order to cope up with the increasing cost, manufacturers of button cells, electronics, and button cell holder/retainer are focusing on producing low-cost products.
For instance, in 2014, Memory Protection Devices Inc (MPD), a coin cell/battery cell holder and retainer provider, introduced new cell battery strap, which requires less raw materials.
Some of the major players operating in the India button cell market are Murata Manufacturing Co Ltd, Panasonic Corporation, Maxell Holdings Ltd, Energizer Holdings Inc, Toshiba Corporation, Berkshire Hathaway Inc (Duracell International Inc), Seiko Instruments Inc, Renata AG SA, Camelion Battery Company Limited and East (Shenzhen) Technology Co Ltd. fiinews.com
