Dubai, UAE, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Portable Battery Market Report 2023-2028:
As per the recent research report published by Extrapolate, the global Portable Battery Market size is projected to reach USD 21.24 billion by 2028 from USD 8.55 billion in 2021 at a CAGR of 13.87% during the forecast period. The global industry is witnessing significant growth due to accelerating technological advancements and increased mobile phone sales.
The rising growth has led to market fragmentation and heightened product quality to satisfy end-users. With the introduction of multiple price ranges of batteries, market fragmentation plays a vital role in the pricing of the portable battery market.
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The rising sales of mobile phones, which have had a direct impact on the expansion of the sales of portable batteries are the primary factors driving the global market for portable batteries. The rising disposable income which led individuals to spend more on wearable accessories as well as other electronic devices is another driver fueling the expansion of the global market for portable batteries.
Furthermore, the market for portable batteries is expected to expand significantly as a result of the rise in investments in the creation of small-scale renewable energy sources, which will increase the demand for effective energy storage systems in households.
Competitive Landscape
The global portable battery market is highly fragmented, with prominent players such as Sony, Acer, Dell, and Nikon. These companies are employing various strategies such as partnerships, mergers, acquisitions, and R&D to maintain a foothold in the competitive landscape. For instance, in January 2023, Yoshino Technology, based in California, created portable batteries employing solid-state Li-NCM cell technology with an output of 330 W to 4,000 W. They are intended for modest industrial machinery power, off-grid applications, and household backup.
- Sony
- Acer
- Alcatel-Lucent
- Dell
- Siemens
- Nikon
- Advanced Battery Systems
- Sharp Electronics
- Casio Computer
- Seiko
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Market Segmentation by Type
- Lithium-Ion Battery
- Lithium-Polymer Battery
- Nickel-Cadmium Battery
- Nickel-Metal Hydride Battery
Lithium-ion Battery Segment Captured Over 29.6% of the Global Portable Battery Market Share
The market for portable batteries was dominated by the lithium-ion polymer segment in 2021 due to the increased use of portable batteries as a result of rapid technological advancement and innovation. The market is further growing as a result of the rapid innovation and development of portable consumer electronics technologies, as well as favorable government regulations for the introduction of electric vehicles in both developed and developing nations. With over 29.6% captured by lithium-ion batteries, this segment holds the majority of the market share.
Additionally, lithium-ion batteries are portable and offer a high-energy density power source for devices including mobile phones, smartphones, computers, tablets, digital cameras, electronic cigarettes, flashlights, and handheld gaming systems. Lithium-ion batteries are used in electric vehicles by joining numerous small batteries in a parallel circuit. Additionally, they are used in the telecommunications sector and as a power source for instruments such as cordless drills, saws, and gardening tools like whipper-snippers and hedge trimmers.
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Market Segmentation by Application
- Smartphones
- Tablets
- Media Devices
- Portable Wearable Accessories
Smartphone Segment to Dominate Global Portable Battery Market
The global portable battery market has witnessed significant revenue growth in the past few years. The smartphone segment contributed to the major share of the market in 2021 due to the accelerated adoption and application of smartphones in contemporary society. Additionally, the growing number of features in smartphones placed a significant strain on their hardware and battery capacities, which prompted a number of key players in the electrical and battery industries to invest in order to solve a number of challenges faced by the market.
Furthermore, the rise in utilization and increasing government initiatives to bolster cashless payment methods through smartphones and their convenience in linking to other devices fueled market demand, thereby propelling manufacturers to produce high-efficiency batteries. For instance, Oppo introduced its own line of magnetic wireless chargers in August 2021, which were expected to perform similarly to Apple's MagSafe. A 4500 mAh battery and a 20W charging output are also present in the MagVOOC.
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Geographic Segmentation
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
North America is a Significant Region in the Global Portable Battery Market, Accounting for Over a Quarter of Its Revenue
North America is one of the biggest and most developed regions in the world, so it is no surprise that it generates over 27.6% of the global revenue of the portable battery market. This region is home to some of the most advanced tech giants, such as Apple and Microsoft, as well as some of the most influential companies in the energy industry such as ExxonMobil and Chevron. With such powerhouse economies and a presence in the market, it is easy to see why North America leads the charge in portable battery market revenue.
One of the most important reasons has been the development of new technologies, such as portable electronic devices, that require these batteries. The prevalence of these devices, along with the necessity of using batteries, increases the demand for primary batteries. Additionally, the need for energy storage and power backup solutions has also driven demand across the region.
Section II: Primary Battery Market Report 2023-2028:
The global Primary Battery Market is projected to generate a revenue of USD 3.8 billion by 2028 from USD 2.9 billion in 2021 at a healthy CAGR of 4.30% during the projection period. In the coming years, factors such as the growing demand for consumer electronics and the increasing use of primary batteries in healthcare and military applications are expected to drive market growth.
According to Extrapolate researchers, the primary battery market is set to grow significantly due to the popularity of mobile devices including smartphones. These devices are three-fifths smaller than traditional mobile devices due to the use of primary batteries that pack high energy. The rise of portable medical equipment such as pulse generators, which use primary batteries, is also expected to boost the market growth.
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The growing adoption of lithium batteries is another factor driving market expansion. Today, almost all medical devices, including infusion pumps, drills, and surgical saws, are powered by primary lithium batteries. This rising demand from the healthcare sector is poised to further drive market growth.
Competitive Landscape
The primary battery industry has witnessed the highest growth in recent years. Dominant players in the market utilize various organic and inorganic strategies to strengthen their foothold in the industry. The prominent market players, including Duracell, Panasonic, Maxell, Energizer, and FDK, are concentrating on various organic growth techniques, including product launches, product innovations, and others such as patents and events. For instance, the consolidation of domestic production facilities into a single location was announced by FDK Corporation in March 2022 in order to strengthen its manufacturing system for large-capacity cylindrical-type primary lithium battery production lines.
- Changhong
- Duracell
- Energizer
- EVE Energy
- FDK
- GP Batteries
- Guangxi Wuzhou Sunwatt Battery
- Guangzhou Tiger Head Battery
- Hengwei Battery
- Huatai Battery
- Lijia Power Technology
- Liwang Battery
- Maxell
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Market Segmentation by Type
- Alkaline Battery
- Zinc Carbon Battery
- Primary Lithium Battery
Alkaline Battery Segment to Dominate Global Primary Battery Market
The alkaline battery segment is poised to dominate the market as it offers numerous benefits such as cost-effectiveness, environmental friendliness, leak-proof design, and high specific energy even when fully discharged. With a good safety record and the ability to be stored for up to 10 years, they are exempt from air transportation regulations under UN Transport and other laws.
Alkaline batteries are made with zinc and manganese dioxide electrodes and sodium or potassium hydroxide as the alkaline electrolyte. They offer superior energy density and better leakage resistance compared to carbon-zinc batteries while maintaining a constant voltage.
The demand for the alkaline battery market is driven by the growing use of consumer electronics, medical equipment, and the defense sector. According to the Ministry of Finance Japan and the Battery Association of Japan, sales of these batteries increased from JPY 48.45 billion in 2016 to JPY 51.11 billion in 2020. Despite a decline in sales in 2020 due to the COVID-19 pandemic, the alkaline battery segment is expected to continue its dominance in the primary battery market.
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Market Segmentation by Application
- Consumer Electronics
- Industrial
- Medical
Consumer Electronic Segment to Witness Fastest Growth Owing to Increased Consumer Purchasing Power
The consumer electronics industry is one of the fastest growing segments in the primary battery market due to several factors. Firstly, the fast pace of innovation and frequent product releases in this market results in consumers frequently purchasing new devices that require batteries. This has ultimately resulted in high demand for primary batteries. Secondly, the widespread use of portable devices, such as smartphones, laptops, and gaming devices, that rely on primary batteries further fuels demand. The convenience and ease of use of disposable batteries also drive the fast consumption of primary batteries in this industry.
Additionally, the trend toward the miniaturization of electronics has led to an increased demand for smaller and more powerful batteries to power these devices. This has resulted in the development of higher-capacity primary batteries that are used in a wider range of devices. The increasing power demands of modern devices, such as those that support higher-definition displays and more advanced functionality, also contribute to the fast consumption of primary batteries.
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Geographic Segmentation
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
North America to Hold Prominent Share in Global Primary Battery Market
The North America primary battery market is anticipated to expand significantly in the foreseeable future due to the availability of cutting-edge technology and effective production methods for a variety of batteries. The US Department of Energy (DOE) announced a USD 20.5 million investment in lithium-ion battery recycling in January 2019. This investment includes prize money for a design competition that will help create methods to recycle used lithium-ion batteries. Furthermore, the investment includes a partnership with Argonne National Laboratory, the National Renewable Energy Laboratory, and Oak Ridge National Laboratory to establish a new lithium battery R&D center.
However, the primary battery market is associated with a lower level of environmental issues. Hence, the strict organizational guidelines in Europe are projected to have a positive impact on the business environment by minimizing environmental impact and implementing sustainable energy sources for a variety of applications.
Major Points from Table of Content:
1 Research Methodology and Statistical Scope
2 Primary Battery Market Overview
3 Primary Battery Market Competitive Landscape
4 Primary Battery Industry Chain Analysis
5 The Development and Dynamics of Primary Battery Market
6 Primary Battery Market Segmentation by Type
7 Primary Battery Market Segmentation by Application
8 Primary Battery Market Segmentation by Region
9 Key Companies Profiled
9.1 Changhong
9.1.1 Changhong Primary Battery Basic Information
9.1.2 Changhong Primary Battery Product Overview
9.1.3 Changhong Primary Battery Product Market Performance
9.1.4 Changhong Business Overview
9.1.5 Changhong Primary Battery SWOT Analysis
9.1.6 Changhong Recent Developments
9.2 Duracell
9.2.1 Duracell Primary Battery Basic Information
9.2.2 Duracell Primary Battery Product Overview
9.2.3 Duracell Primary Battery Product Market Performance
9.2.4 Duracell Business Overview
9.2.5 Duracell Primary Battery SWOT Analysis
9.2.6 Duracell Recent Developments
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