Portable Battery Market Subjected to Expand to Showcase Rampant Growth by 2023
In its research report, Market Research
Future (MRFR), emphasizes that the global portable
Battery Market 2020 is
expected to grow significantly, securing a substantial market valuation of USD
18 Billion and a healthy 17% CAGR over the review period.
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Drivers and Restraints
Through the growth of innovative devices
the portable battery market 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.
Segmental
Analysis
The
global portable battery market is analyzed on the basis of technology, capacity
type, and applications.
Based on the technology, the market has
been segmented into lithium-polymer battery, lithium-ion battery,
nickel-cadmium battery, and nickel-metal hydride battery.
Based on the
technology, the market has been segmented into 000-2500 mAh, 2600-5000 mAh,
5100-10400, mAh and above 10400 mAh.
Based on the technology, the market has been segmented into
smartphones, tablets, media devices and portable, and wearable accessories.
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Regional
Analysis
The
geographical overview of the global portable battery market has been conducted
in four major regions, including North America, the Asia Pacific, Europe, and
the rest of the world.
Owing to the high use
of cell phones and other portable devices, Asia-Pacific dominates the global
portable battery market with the greatest market share. In addition, rapid
migration from rural to urban areas is expected to help the mobile phone
segment over the forecast period, especially in countries such as China and
Indonesia. In order to gain a competitive advantage in the cell phone sector,
main market players rely heavily on broad distribution networks such as
multi-brand distributors and cell accessories retailers to better cater for
customers. The region's emerging economies like India, Vietnam, Myanmar and
China are making greater efforts to extend and modernize wireless app services.
It is further expected that Thailand, Singapore, and the Philippines will
contribute to regional market expansion over the forecast period. Countries
such as Japan, Malaysia, and Australia are rising to build new battery designs,
and expected to play a major role in Asia-Pacific market expansion.
Due
to the growing demand for high-capacity range devices in this area, North
America is expected to rise during the forecast period, which will in turn
accelerate the growth of the global portable battery pack market.
Competitive
Analysis
The major market
players operating in the global market as identified by MRFR are Advanced
Battery Systems Inc. (US), Casio Computer Co.Ltd. (Japan),Acer Inc. (Taiwan),
Sony Corporation (Japan), Alcatel-Lucent S.A. (France), Dell Inc. (US), Siemens
AG (Germany), Nikon Corporation (Japan), Sharp Electronics Corporation (Japan),
and Seiko Holdings Corporation (Japan)
Other players in markets are BYD
Company Ltd. (China), Samsung Sdi Co. Ltd. (South Korea), China Bak Battery,
Inc. (China), Energizer Holding Inc. (US), Duracell International Inc. (US), LG
Chem Inc. (US), Mophie Inc. (US), Panasonic Corporation (Japan), Lenovo group
Ltd. (Hong Kong), Simplo Technology Co. Ltd. (Taiwan) among others.
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