The growth of the global portable battery market is majorly driven by rapidly urbanization and increase in infrastructural activities across the globe, especially in the developing countries such as India, Indonesia, and Brazil and others, which have escalated the demand for portable batteries. In addition, the presence of leading automotive leaders such as General Motors, Tesla, Ford, and Chrysler is expected to have a positive impact on the development of the market. This is attributed to rise in awareness regarding the advantages of electric-driven vehicles. The presence of portable electronic manufacture giants such as Dell, Motorola, Materials Handling Group, and other government agencies is further anticipated to provide remunerative opportunities for the global market during the forecast period. Global portable battery market is projected to reach $27.5 billion, growing at a CAGR of 10.4% from 2021 to 2030.
Asia-Pacific dominates the portable battery market, due to rapidly increasing population base and increasing disposable income across the countries such as India and China. Furthermore, recent investments of the Indian government toward lithium-ion battery manufacturing plant in Gujarat and surge in demand for portable electronic gadgets in the country are driving the growth of the market. Rise in awareness regarding healthcare coupled with increase in use of portable medical equipment during the pandemic outbreak have positively impacted the growth of the market.
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However, portable batteries consist of electrolyte, which increases the risk of leakage, thus causing heavy causalities. This factor acts as a key restraining factor of the global market. In addition, the conversion of electricity is carried out with the help of a chemical reaction, which may increase fire risks due to unfavorable weather conditions, leading to property damage and rising life risks for the staff working on the equipment. Furthermore, high cost associated with raw materials and huge investment required for the development of new batteries increase the overall expenses of portable batteries, thereby restraining the growth of portable battery market, globally.
On the basis of technology, the global portable battery market is segmented into lead acid, Nickel Metal Hydride, Lithium-ion polymer, Nickel-cadmium, and others. On the basis of capacity, the global market is segmented into 0-3000mAh, 3000-5000mAh, 5100-10000mAh and others (Range more than 10,000mAh). The applications covered in the study include smartphones, tablets, automotive applications and others.
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Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The key players operating in the global portable battery industry include A123 Systems LLC, BYD Company Ltd., Contemporary Amperax Technology Co., Limited., eCobalt Solutions, Johnson Controls, LG Chem, Panasonic Corporation, Samsung, Tesla Inc., and Toshiba Corporation. These players have adopted key development strategies such as new product developments, investments, joint venture, and acquisition to strengthen their foothold in the global market.
Get detailed COVID-19 impact analysis on the Portable Battery Market
Impact Of Covid-19 On The Global Portable Battery Market:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of all commercial and industrial markets, thereby impacting the global demand of portable batteries negatively.
- It further caused lack of labor force, and disrupted the whole supply chain. This, in turn, resulted to difficulty in supply of raw materials and finished goods.
- Nevertheless, the government has invested in the development of renewable energy resources such as solar and wind energy during the pandemic time, which, in turn, has increased the adoption of electric power-driven vehicles in commercial and industrial sectors
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