Portable Battery Market Expected to Reach $27.5 Billion by 2030

According to a new report published by Allied Market Research, titled, "Portable Battery Market by Technology, by Capacity and Application: Global Opportunity Analysis and Industry, 2020-2030," the global portable battery market size was valued at $10.8 billion in 2020, and is projected to reach $27.5 billion by 2030, with global portable battery market forecast expected at a CAGR of 10.4% from 2021 to 2030.

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.

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.

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.

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.

Impact Of Covid-19 On The Global Portable Battery Market

• Implementation of stringent government regulations across the globe to curb the spread of the coronavirus has created a negative impact on the development of most of the commercial and industrial markets.
• The COVID-19 pandemic has significantly affected the portable battery market, as most of the commercial electronics manufacturers have postponed the product launch. The outbreak of virus has further led to economic and power crisis due to improper supply of raw materials.
• Most of the countries in the world depend on fossil fuels from other countries to generate electricity. This is one of the factors, which lead to electricity crisis during this pandemic period. To overcome this crisis, the government has invested in the development of renewable energy resources such as solar and wind energy.
• Increase in awareness among people regarding the environment and healthcare during the pandemic time leads to the development of portable medical equipment, which, in turn, has increased the adoption of electric power-driven vehicles in commercial and industrial sectors.

Key findings of the study

• By region, the Asia-Pacific portable battery market is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• As per Portable Battery market analysis, by technology, the lithium-ion polymer segment accounted for the largest market share in 2020.
• On the basis of battery capacity, the 3,100-5,000mAh segment accounted for the largest portable battery market share in 2020.
• On the basis of application, the smartphone segment accounted for the largest market share in 2020.