Portable Battery Market's Soaring to Hit US$ 24,357.87 Million By 2030

New York, July 17, 2023 (GLOBE NEWSWIRE) -- According to the recent report by Consegic Business Intelligence reveals the Portable Battery Market valued at USD 11,780.38 million (2022) and poised to exceed USD 24,357.87 million by 2030, soaring with an impressive 9.7% CAGR.

Portable batteries are the devices used for charging electronic devices in the absence of traditional wall socket. Portable batteries are available in different sizes and shapes for efficient charging of smartphones, laptops, and tablets while travelling. Moreover, portable batteries are equipped with built-in features including wireless charging capabilities for smooth and efficient operation of electronic devices.

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The increasing adoption of consumer electronics devices for communication and entertainment purposes is driving the growth of the market. Portable batteries play a crucial role in enabling electronic devices to operate for longer durations by providing extended power supply. For instance, in August 2022, Ambrane India Pvt Ltd. launched Aerosync PB-10 wireless power bank with 10,000mAh battery capacity that supports 18W two-way charging of smartphones.

The adoption of environment-friendly electronic devices including solar power banks is expected to present growth opportunities for the portable battery market during the forecast period. Solar power banks store energy from the sun in a rechargeable battery to allow charging on demand. However, the environmental risks associated with portable batteries are hindering the growth of the market.

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Portable Battery Market Growth Drivers:

• The increasing adoption of portable electronic gadgets due to the changing lifestyle of consumers is accelerating the growth of the market.
• The increasing demand for portable batteries for efficient charging of electric vehicles is propelling the growth of the market.
• The technological advancements in battery systems with improved capacity, fast charging capabilities, and advanced features are driving the growth of the market.

Restraints

• The environmental risks associated with portable batteries are hindering the growth of the market.

Opportunities

• The adoption of environment-friendly electronic devices including solar power banks is expected to present growth opportunities for the portable battery market during the forecast period.

Global Portable Battery Market Segmentation Details:

Based on Technology, the lithium-ion battery contributed the largest shares to the market growth in 2022. Lithium-ion batteries store a large amount of energy in a lightweight and compact design. Consequently, the high energy density of lithium ion batteries is driving the growth of the market. Moreover, the long lifespan of Li-ion batteries is accelerating the growth of the market.

Based on Battery Capacity, the 5000-10,400mAh segment accounted for the maximum revenue share in the year 2022. Portable batteries possess high battery capacity as they store a significant amount of energy for charging electronic devices. Moreover, the presence of a large number of USD ports for charging multiple devices is accelerating the growth of the market.

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Based on Application, the smartphones segment accounted for the maximum revenue share in the year 2022. The increasing adoption of smartphones among consumers for communication and entertainment purposes is driving the growth of the market. Moreover, technological advancements in battery systems such as wireless power banks for efficient charging of smartphones are further driving the growth of portable battery market.

Based on region, North America accounted for the largest revenue share in the year 2022. The growing reliance on consumer electronics devices has increased the demand for portable batteries for smooth and seamless operation of devices. Moreover, technological advancements in battery systems with improved capacity, fast charging capabilities, and advanced features are further driving the growth of the regional market.

Recent Developments

• In May 2022, Powermat launched a wireless power solution called Powermat PMT 100 supporting battery charging functionality and smart battery interfaces designed to meet the needs of small medical and smart home internet of things (IoT) devices.

Key Market Highlights

• The global portable battery market size is estimated to reach USD 24,357.87 million by 2030 and grow at a CAGR of 9.7% during the forecast period (2023-2030).
• Globally, portable battery market is divided based on technology into lead acid, nickel-cadmium, nickel-metal hydride, lithium-ion polymer, and others.
• In the context of battery capacity, the market is separated into 0-2500mAh, 2500-5000mAh, 5000-10,400mAh, and above 10,400mAh.
• Based on application, the market is separated into smartphones, wearable accessories, automotive, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in portable battery market.

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List of Major Global Portable Battery Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• A123 Systems LLC

• Samsung Electronics

• Panasonic Corporation

• Tesla Inc.

• BYD Company Ltd.

• Toshiba Corporation

• Johnson Controls

• Stellantis NV

• Lenovo

Global Portable Battery Market Segmentation: 

• By Technology

• Lead Acid
• Nickel-Cadmium
• Nickel-Metal Hydride
• Lithium-ion Polymer
• Others

• By Battery Capacity

• 0-2500mAh
• 2500-5000mAh
• 5000-10,400mAh
• Above 10,400mAh

• By Application
  • Smartphones
  • Wearable Accessories
  • Automotive
  • Others

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Key Questions Covered in the Portable Battery Market Report

• What are portable batteries?

- Portable batteries are electrical storage devices that are charged and discharged regularly to power electronic devices such as smartphones, laptops, and tablets. 

• What will be the potential market valuation for the portable battery industry by 2030?

- Portable battery market is expected to reach USD 24,357.87 million in 2030, registering a CAGR of 9.7% during the forecast period. 

• Based on current market trends and future predictions, which geographical region will have the largest impact on the portable battery growth in the coming years?

- North America accounted for the largest revenue share in the year 2022. The increasing adoption of consumer electronics devices is driving the growth of the regional market. 

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- Asia Pacific is anticipated to register the fastest CAGR growth during the forecast period. The rapid expansion of e-commerce industry in Asia-Pacific region is propelling the growth of the market.

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About Consegic Business Intelligence Pvt Ltd.

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Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.

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