Portable Battery Pack Market is Expected to Rise by 2028
The Portable Battery Pack Market accounted for USD USD 11.6 Billion billion in 2021 and is expected to grow to USD USD 24.9 Billion billion by 2028 at a CAGR of 10.5%%. Portable Battery Packs are a way to power the cell phone and provide easy mobile charging for smartphones, phablets, tablets and other 3C accessories. They are multi-tasking, small in size, safe, reliable and have a long life.
Advances in battery technology, increased security requirements, an increase in the number of smart devices and the growth of the consumer electronics market are factors that drive the global market for a Portable Battery Pack. During the production of a portable battery, manufacturers must adhere to strict controls, as the battery generally stores energy in the form of chemical reactions, which can lead to fires under adverse weather conditions. Fire hazards, low conversion efficiency, high cost of raw material is expected to hamper the growth of the portable battery market. Due to the epidemic and global capture measures, targets for the production of portable batteries have almost been suspended due to declining demand from end-users. However, all remedial measures are being taken to promote market growth, in the wake of COVID-19. Increase in awareness among the people regarding healthcare coupled with rise in usage and advantages of portable medical equipment during the pandemic outbreak has created opportunities for the growth of the portable battery market.
Based on power range, the global market can be divided on the basis of its capacity as 1000mAh to 2500mAh, 2510mAh to 5000mAh, 5010mAh to 7500mAh, 7510mAh to 10,000mAh, and more than 10,000mAh. Based on type of product and application the global market is divided into smartphones, tablets, portable media players, and more. The increasing use of smartphones and tablets, as well as the growing demand for uninterrupted use of these gadgets, has increased the demand for Portable Battery Packs. Based on technology the market is divided into Li-ion, Nickel Metal Hydride, Li-Polymer, and Nickel Cadmium. Li-ion and Li-Polymer are the most widely used Portable Battery Packs. The technology to be used varies depending on the density, the cellular voltage, the adjustment requirement, and the operating temperature requirement of a particular system.
Asia-Pacific leads the portable battery market due to the presence of developing countries such as India and China. The presence of a huge population further acts as a key driving factor of the market. China produces more than 77% of all lithium-ion batteries that enter the global market in which most of them are used as an energy source for portable electronic and medical devices. The recent investments of the Indian government toward a lithium-ion battery manufacturing plant in Gujarat and surge in demand for portable electronic appliances in the country due to the existence of excess income are driving the growth of the market. Besides Asia Pacific region, North America holds a significant market share. While Europe, Latin America, the Middle East and Africa are estimated to grow steadily.
Some of the major key players in the market are Energizer Holding Inc. (U.S), BYD Battery Co. Ltd (China), LG Chem Power Inc. (South Korea), Panasonic Corporation (Japan), Mophie Inc. (U.S), Simplo Technology Co. Ltd. (Taiwan), Samsung SDI Co. Ltd. (South Korea), and Sony Corporation (Japan)..
Browse the full Report - Portable Battery Pack Market by Technology (Lead acid, Nickel metal hydride, Lithium-ion polymer, Nickel-cadmium), by Capacity (0-3000mAh, 3000-5000mAh, 5100-10000mAh, Others), by Applications (Smartphones, Tablets, Automotive Application, Others), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)