消费类锂电池：市场多元化，需求持续增长

Industry Investment Rating - Leading Market-A (Maintained) [1] Core Views - Consumer lithium batteries are mainly used in mobile phones, laptops, smart wearable devices, and power tools, with polymer soft-pack being the dominant form due to its advantages in energy density and flexibility [2] - Emerging consumer electronics and AI technology are driving a new wave of device upgrades, creating significant potential demand for consumer batteries [2] - Cobalt-based lithium batteries with soft-pack solutions are the mainstream for 3C consumer batteries, with stacked batteries showing advantages in energy density and fast charging [2] - The consumer lithium battery market is expected to grow steadily, with Chinese battery manufacturers expanding globally to enhance competitiveness [2] Consumer Lithium Battery Development History - The consumer lithium battery industry has evolved through four stages: germination (1991-1999), initiation (2000-2006), rapid development (2007-2016), and maturity (2017-2022) [5] - The smartphone era significantly boosted demand for consumer batteries, with China, Japan, and South Korea forming a competitive landscape [4] Types of Consumer Batteries - Consumer batteries are mainly used in 3C products (computers, communication, and consumer electronics) and are divided into primary (non-rechargeable) and secondary (rechargeable) batteries, with lithium-ion batteries being the mainstream [7] Packaging Forms of Consumer Batteries - Lithium-ion batteries are categorized into cylindrical, prismatic, and polymer soft-pack batteries, with soft-pack batteries being the most suitable for consumer electronics due to their lightweight and flexible design [10] Polymer Soft-Pack Consumer Lithium Batteries - Polymer soft-pack batteries have seen steady growth, with a 5-year CAGR of 16.3% from 2017 to 2021, driven by smartphones and laptops [13] - In 2023, global polymer soft-pack battery shipments reached 5.48 billion units, a 2.6% YoY decline, with smartphones and laptops accounting for nearly 50% of the market [13] Button Batteries in TWS Earbuds - Button batteries have become the mainstream for TWS earbuds due to their compact size and high energy density, with each TWS earbud requiring two button batteries and one soft-pack battery for the charging case [16] Shaped Lithium Batteries - Shaped lithium batteries, such as L-shaped and curved batteries, are increasingly used in smartphones and wearable devices to maximize internal space and improve battery capacity [19] Consumer Lithium Battery Market Size - Global consumer lithium battery shipments reached 113.2 GWh in 2023, a 0.9% YoY decline, accounting for 9.41% of total lithium battery shipments [20] - China's consumer lithium battery shipments were stable, with 49 GWh in 2023, a 2.1% YoY increase, accounting for 5.54% of total lithium battery shipments [20] Market Concentration in Consumer Lithium Batteries - The global consumer lithium battery market is highly concentrated, with the top 5 companies accounting for over 75% of the market share in 2022 [22] Policies in the Consumer Lithium Battery Industry - Various policies have been introduced to support the development of the lithium battery industry, including energy conservation, recycling, and technological innovation [24] Laptop Market Maturity - The laptop market is mature, with global PC shipments declining by 12.9% YoY in 2023, but demand for lightweight and thin batteries is driving the shift from cylindrical to soft-pack batteries [27] Tablet Market Recovery - The tablet market is recovering, with global shipments reaching 129 million units in 2023, a 20.5% YoY decline, but showing signs of growth in 2024 [30] Smartphone Market Saturation - The smartphone market is relatively saturated, with global shipments declining by 4.32% YoY in 2023, but AI technology is expected to drive a new wave of upgrades [32] AI in Laptops and Smartphones - AI technology is injecting new vitality into the laptop and smartphone markets, with AI-enabled devices expected to see significant growth in 2024 [35] Growth Potential in Smart Wearable Devices - Smart wearable devices, such as smartwatches and TWS earbuds, have significant growth potential, with global shipments reaching 498 million units in 2023, a 1.7% YoY increase [37] TWS Earbuds Market Dominance - TWS earbuds have become the mainstream in the headphone market, with global shipments reaching 143 million units in H1 2024, a 10.2% YoY increase [41] Electric Tools Market Expansion - The global electric tools market is expanding, with a market size of $28.85 billion in 2023, a 3.4$20.88 billion in 2023, with closed-system e-cigarettes accounting for 63.3% of the market [61] E-Cigarette Regulations - China has implemented strict regulations on e-cigarettes, including bans on flavored e-cigarettes and online sales, leading to a more standardized market [65] E-Cigarette Export Market - China is the largest manufacturer and exporter of e-cigarettes, with exports reaching $11.08 billion in 2023, a 12.5$7.28 billion, to expand their global presence [87]