Portable Lithium-ion Battery Market to Grow at CAGR of 16.4% through 2033 – Rising Demand for Portable Electronics to Propel Growth

The portable lithium-ion battery market size is anticipated to grow from USD 17.90 Billion in 2023 to USD 95.13 Billion in 10 years: The market ought to witness a positive growth rate owing to increasing adoption of portable consumer electronics.

Newark, May 22, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global portable lithium-ion battery market will grow from USD 17.9 Billion in 2023 to USD 95.13 Billion by 2033. One of the distinguishing capabilities of portable lithium-ion batteries is their high strength density, which is the quantity of strength they can save regarding their length and weight. This trait makes them fantastic for operations where length and weight are vital, as they permit devices to be compact and lightweight while supplying sufficient strength for extended use. As a result, lithium-ion batteries have become the number one electricity source for portable electronics, from consumer goods, including smartphones and pills, to professional equipment and clinical devices. In addition to high energy density, portable lithium-ion batteries offer other benefits, including low self-discharge quotes, rapid charging, and various working temperatures. These characteristics make them versatile and adaptive to diverse operating situations.

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Scope of Portable Lithium-Ion Battery Market

Report CoverageDetails
CAGR        16.4% from 2024 to 2033
Market Size in 2023USD 17.90 Billion
Market Size by 2033USD 95.13 Billion
Largest MarketAsia Pacific
Base Year2023
Forecast Year2024 to 2033
Historical Year2020-2022
Segments Coveredby Type, Sales Channel, Regions
Regions Covered        North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Key Insight of the Portable Lithium-ion Battery Market

North America region is expected to grow at the highest CAGR during the forecast period.

During the forecast period, North America is expected to grow at the highest CAGR within the global portable lithium-ion battery market. The North America region will significantly expand. North America is the largest market for portable lithium-ion batteries, driven by technological advances, high consumer demand, and favourable regulatory frameworks that promote sustainable energy and electricity transport. The U.S. and Canada are key contributors to the lithium-ion battery industry due to their sophisticated economies, large technology base, and strong R&D ecosystem. The regional market growth is also attributed to clean energy goals for sustainability, electric vehicle mandates, and battery manufacturing and recycling incentives.

The Li Nickel Manganese Cobalt segment is expected to grow at the highest CAGR during the forecast period.

The type segment includes Li Iron Phosphate, Li-Cobalt Oxide, Li Nickel Manganese Cobalt and others. The Li Nickel Manganese Cobalt segment is expected to grow at the highest CAGR during the forecast period. These batteries have emerged as adaptable and high-performance alternatives to standard lithium cobalt oxide batteries due to increased energy density, reduced safety risk and improved thermal stability. NMC batteries are compatible with a cathode composed of lithium, nickel manganese, cobalt oxide and an anode composed of graphite or silicon, which result in a well-balanced energy density, power output and cycle life suitable for various applications. The automobile sector has widely adopted NMC batteries in anticipation of long-range driving and fast charging endurance, and the high demand for high-capacity battery packs and battery management systems has led to a need for large-scale production.

The online sales segment is expected to grow at the highest CAGR during the forecast period.

The sales channel segment includes online sales and offline sales. The online sales segment is expected to grow at the highest CAGR during the forecast period. The growth of online sales has democratized consumers’ access to portable lithium-ion batteries, allowing them to compare different products, read relevant reviews and ratings, and make purchases from a smartphone. The e-commerce platforms are now growing at an exponential rate across the globe. More products and suppliers appear on the platform as consumers turn to online alternatives. Amazon, Alibaba, and other platforms are the world’s leading platforms that offer batteries and various accessories to consumers from different countries around the world around the clock. Its low price, rich assortment, and fast delivery attract a broad audience – small-lot buyers, individual consumers, and even large business enterprises and industrial customers.

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Recent Developments:

• In August 2021: LITHIUMWERKS has opened North America's largest facility for the production of lithium batteries and cathode powder. This new factory offers LFP cathode powders as well as the proprietary Nanophosphate powder developed by MIT, which is known for its power, safety, and durability.

Market Dynamics

Driver: Evolving Consumer Lifestyles

With consumers' changing lifestyles and preferences, demand for portable electronic devices drives the market for lithium-ion batteries. The rise of globalization, urbanization, and disposable incomes has led to a surge in the popularity of smartphones, laptops, and other portable gadgets worldwide. Consumers are increasingly interested in devices that offer mobility, convenience and connectivity, prompting manufacturers to design products with faster charging and longer battery life. This factor is boosting the market growth and development.

Restraint: Supply Chain Constraints

The global portable lithium-ion battery market is prone to supply chain constraints and disruptions disrupting raw material availability, manufacturing capacity, and product distribution. Critical raw materials, including lithium, cobalt, nickel, and graphite, are affected by price volatility, geopolitical disturbances, and supply-demand dips, affecting production costs and lead times. Additionally, the production of raw materials is clustered in a few countries and regions, particularly for critical minerals such as cobalt and lithium, which escalates the market’s exposure to supply chain disruptions and geopolitical challenges. This factor is anticipated to hamper the market growth and development.

Opportunity: Market Expansion in Emerging Economies

The global market for portable lithium-ion batteries has grown significantly, especially in emerging economies. Urbanization, technological progress, and increased consumer spending are the main factors behind this growth. The demand for mobile electronics, electric vehicles, and renewable energy solutions is colossal in Asia-Pacific, Latin America, and Africa. This segment presents a highly profitable opportunity for lithium-ion battery manufacturers and suppliers. A growing middle class, urbanization, and government initiatives to promote clean energy are contributing factors to the expansion of this market in these regions.

Some of the major players operating in the Portable Lithium-ion Battery Market are:

• BYD Company Ltd.
• GS Yuasa Corporation
• LG Chem Ltd.
• A123 Systems, LLC
• BAK Battery Co. Ltd.
• Panasonic Corporation
• Johnson Controls Inc.
• Toshiba Corporation

Key Segments Cover in the Market:

By Type:

• Li Iron Phosphate
• Li-Cobalt Oxide
• Li Nickel Manganese Cobalt
• Others

By Sales Channel:

• Online Sales
• Offline Sales

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.

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