DUBLIN, Nov. 10, 2022 /PRNewswire/ — The “Portable Battery Pack Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The portable battery pack market is projected to grow at a CAGR of 12.35% during the forecast period to reach US$17.684 billion by 2027, from US$7.825 billion in 2020. A portable battery is a rechargeable electrical component that can supply power to a device, through an inbuilt battery that can be recharged when needed.
A portable battery can hold power, charge, and discharge when required. It is most commonly used in the end-user industry, to charge devices such as mobile phones, tablets, cameras, laptops, etc. Portable batteries have also been known to be utilized in the automotive industry, for the development of electric vehicles.
The global portable battery pack market is expected to grow substantially, mainly due to the increasing adoption of smartphones and electric vehicles. However, the increasing lithium prices and scarcity may hamper the market demand for the portable battery market. The Asia Pacific region has been reported to have the largest market share, due to the increasing innovations in technology in countries like China and India, and is expected to continue leading the market in the forecasted period.
Increasing adoption of mobile devices
Smartphone and smart device adoption is increasing in countries all over the world. Smartphones have made our lives simpler by introducing functions like online shopping, online banking, social networking services, and other useful operations. Moreover, the adoption of 5G technology, which would help in faster data speeds, is expected to increase the market size of the portable battery market. The COVID-19 pandemic also led to an increase in smartphone sales, due to the adoption of remote work and online services by companies.
According to the GSMA, by the end of 2025, 5G is expected to account for over a fifth of the total internet connections in the world. According to the GSMA, by the end of 2020, 5.2 billion people, or nearly 67% of the global population, will have subscribed to mobile services. This figure is only expected to increase, owing to the advancements in the smartphone industry. With this constant demand for smartphones and their usage, the demand for portable batteries is expected to increase, since mobile batteries only contain a limited amount of battery capacity, after which they need to be charged. Therefore, the increase in smartphone usage is expected to affect the portable battery market significantly.
The increasing cost of lithium
There has been a significant increase in the price of lithium all over the world. Owing to this increase in lithium prices, many industries have been forced to increase the prices of their commodities, to maintain a stable profit. This increase in prices is due to the extensive production of lithium around the world. According to the United States Geological Survey, the worldwide (excluding the US) lithium production in 2021 was approximately 100,000 tons, which was an increase of about 21% from the previous year (82,500 tons). The unexpected growth in demand for lithium-ion batteries caused this boost in output. The rise in demand was attributable to an increase in electric vehicle (EV) manufacturing and demand. This was in response to government measures to replace combustion cars to fight the consequences of climate change.
Additionally, this increase in cost for lithium is also due to a shortage in production, which has created a lag in supply and demand for lithium and also hampered a lot of major markets. These factors may decrease the size and demand of the portable battery market, leading to slower growth.
By Capacity Range
- 1000 mAh<_500 />
- 2500 mAh<_000 />
- 5000 mAh<_500 />
- 7500 mAh<_0_000 mah=”mah” and=”and” />
By Product Type
- Portable Media Players
- Nickel Metal Hydride
- Ni-Cd (Nickel Cadmium) Battery
- Li-Polymer (Lithium Polymer) Battery
- Li-ion (Lithium-ion) Battery
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- South Africa
- Asia Pacific
- South Korea
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. PORTABLE BATTERY PACK MARKET, BY CAPACITY RANGE
6. PORTABLE BATTERY PACK MARKET, BY PRODUCT TYPE
7. PORTABLE BATTERY PACK MARKET, BY TECHNOLOGY
8. PORTABLE BATTERY PACK MARKET, BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
- Sony Corporation
- Energizer Holding
- China Bak Battery
- BYD Company
- Duracell International
- LG Chem
- Xiaomi Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vrbc3g
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/global-portable-battery-pack-market-to-reach-17-68-billion-in-2027-from-7-82-billion-in-2020–301674613.html
SOURCE Research and Markets