Portable Battery Market
According to a new report published by Allied Market Research, the global portable battery market size was valued at $10.8 billion in 2020, and is projected to reach $27.5 billion by 2030, with global portable battery market forecast expected at a CAGR of 10.4% from 2021 to 2030.
A portable battery, often referred to as a power bank, is a compact energy storage device designed to charge electronic devices on the go. Measured in milliampere-hours (mAh), indicating how much charge the battery can store. Common capacities range from 5,000 mAh to 30,000 mAh or more.
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The Asia-Pacific portable battery market is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
Asia-Pacific dominates the portable battery market share, due to rapidly increasing population base and increasing disposable income across the countries such as India and China.
The key players operating in the global portable battery industry include A123 Systems LLC, BYD Company Ltd., Contemporary Amperax Technology Co., Limited., eCobalt Solutions, Johnson Controls, LG Chem, Panasonic Corporation, Samsung, Tesla Inc., and Toshiba Corporation.
Recent investments of the Indian government toward lithium-ion battery manufacturing plant in Gujarat and surge in demand for portable electronic gadgets in the country are driving the growth of the market.
Rise in awareness regarding healthcare coupled with increase in use of portable medical equipment during the pandemic outbreak have positively impacted the growth of the market.
Rapidly expanding automotive sector across the globe, rapidly burgeoning electric vehicle sales, and rapidly growing demand for lithium-iron polymer batteries in several application areas, such as smartphones, tablets, are expected to create increased opportunities for the portable battery market during the forecast period.
Advantageous properties possessed by portable battery as compared with other battery types are expected to fuel the growth of the portable battery market during the forecast period.
The global portable battery market growth is majorly driven by rapidly urbanization and increase in infrastructural activities across the globe, especially in the developing countries such as India, Indonesia, and Brazil and others, which have escalated the demand for portable batteries.
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The presence of leading automotive leaders such as General Motors, Tesla, Ford, and Chrysler is expected to have a positive impact on the development of the market. This is attributed to rise in awareness regarding the advantages of electric-driven vehicles.
The presence of portable electronic manufacture giants such as Dell, Motorola, Materials Handling Group, and other government agencies is further anticipated to provide remunerative opportunities for the global market during the forecast period.
The conversion of electricity is carried out with the help of a chemical reaction, which may increase fire risks due to unfavorable weather conditions, leading to property damage and rising life risks for the staff working on the equipment.
Portable batteries consist of electrolyte, which increases the risk of leakage, thus causing heavy causalities. This factor acts as a key restraining factor of the global market.
High cost associated with raw materials and huge investment required for the development of new batteries increase the overall expenses of portable batteries, thereby restraining the growth of portable battery market, globally.
Applications
Travel: Keeps devices charged during flights or long trips.
Outdoor Activities: Great for camping, hiking, or festivals.
Emergency Power: Useful during power outages or natural disasters.
On the basis of technology, the global portable battery market is segmented into lead acid, Nickel Metal Hydride, Lithium-ion polymer, Nickel-cadmium, and others.
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On the basis of capacity, the global market is segmented into 0-3000mAh, 3000-5000mAh, 5100-10000mAh and others (Range more than 10,000mAh). The applications covered in the study include smartphones, tablets, automotive applications and others.
