Market Synopsis
In its research report, Market Research Future (MRFR), emphasizes that the global portable battery market 2020 is expected to grow signficantly, securing a substantial market valuation of USD 18 Billion and a healthy 17% CAGR over the review period.
Drivers and Restraints
Through the growth of innovative devices the Portable Battery Market Analysis is increasing. It is important to recharge battery-operated electronic devices such as cell phones, wireless devices and others from time to time, which has become a key factor affecting the growth of the portable battery industry. Factors such as growth in electric vehicle adoption, growth in the renewable sector and consumer electronics sales are expected to drive the growth of the portable battery industry. The growth of the global portable battery market is limited by factors such as fire risk, high cost and electrolyte leakage. Advances in technology such as IoT-based devices and increasing demand for new medical and consumer goods such as hearing aids, bands, digital watches are projected to be the worldwide opportunistic market for portable batteries. Mainly, portable batteries are used in household applications such as calculators, flashlights, clocks, and watches. Quite stringent government policies on fuel use and fuel efficiency are also one of the key reasons for increasing demand in the market for portable batteries. Therefore, the constantly growing need for the portable electronic system due to its longer shelf life is also one of the primary factor estimated to act as a catalyst for the demand of batteries during the forecast period. Furthermore, the growth in demand for smartphones and tablets fuels the use of portable batteries and has made them unique in the consumer electronics market. In addition to the rapid growth of plugin hybrid electric vehicles, the market for portable batteries in the coming years is also expected to increase.
At the other hand, the overheating problem of portable batteries serves as a limiting factor in reaching the maximum potential for the portable battery industry. Portable batteries' greatest obstacle is the high price of the batteries. Fire risk in electronic devices and vehicles is also a major limiting factor for market development. Inadequate charging set-up is also acting as a impeding factor in the growth of the Portable Battery market.
Market Segmentation
The global portable battery market can be classified on the basis of technology, application, capacity type, and region.
On the basis of technology, the global portable battery market can be classified into the lithium-polymer battery, lithium-ion battery, nickel-cadmium battery, and nickel-metal hydride battery.
On the basis of application, the global portable battery market can be classified into wearable accessories,
tablets, smartphones, and media devices and portable.
On the basis of capacity type, the global portable battery market can be classified into 000-2500 mAh, 2600-5000 mAh, 5100-10400 mAh, and above 10400 mAh.
On the basis of region, the global portable battery market can be classified into Asia Pacific, North America, and the Rest of the World (RoW).
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Regional Analysis
The geographical analysis of Asia Pacific, North America, and the Rest of the World (RoW) have been conducted. As per the analysis by MRFR, the APAC region is likely to dominate the global market by acquiring the largest market share. There are a great demand and consumption of mobile phones and other portable accessories. The developing economies like China, India, Vietnam, and Myanmar are playing an essential role in expanding the market. Besides these countries, Singapore, Thailand, and the Philippines are estimated to contribute significantly during the forecast period. However, due to the outbreak of COVID-19, the market has been facing severe hurdles. COVID-19 has affected the global smartphone shipments and has reduced to 13% to 272 million units in the first quarter of FY’2020 globally. China has been affected severely, and the disruption in the country has affected the supply and shipment for China is world’s one of the largest producers and exporters of electronic devices.
The second position is attained by North America. The market is likely to expand considerably during the forecast period. The region is likely to progress due to the rising demand for high capacity range equipment, which will augment the global portable battery pack market growth.
Key Players
The established players of the global portable battery market are Acer Inc. (Taiwan), Sony Corporation (Japan), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Dell Inc. (U.S.), Nikon Corporation (Japan), Sharp Electronics Corporation (Japan), Advanced Battery Systems Inc. (U.S.), Casio Computer Co.Ltd. (Japan), Seiko Holdings Corporation (Japan), and a few others.
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