Portable Battery Market

Portable Battery Market Market Size

Portable Battery Market is predicted to grow at a CAGR of 11.1% in the forecast period (2024-2034), with the market size valued at USD 14.8 billion in 2023 and projected to reach USD 47.4 billion by 2034.

Portable battery is a rechargeable electric battery that is designed for multiple charging and discharging functions. Portable batteries are used across various sectors and manufactured using lithium-ion or lithium-polymer technology due to their high power density and efficiency. They come in a variety of capacities, measured in milliampere-hours (mAh), and can power a wide range of devices, from smartphones, and automotive to laptops and cameras. They are valuable for users who require additional power for their devices while traveling or spending a long amount of time away from fixed power sources. Furthermore, modern portable batteries often come with multiple connections for charging many devices at the same time, and they may incorporate advanced features like quick charging and smart technologies to maximize power supply and safety.

Market Highlights 

Portable Battery Market is expected to exhibit a CAGR of 11.1% during the forecast period, 2024-2034

Portable battery market is anticipated to reach USD 47.4 billion, growing at a CAGR of 11.1% during the forecast period, driven by the increasing demand for electronic-powered devices such as smartphones and tablets, which require reliable power sources for active charging. Additionally, innovations in battery technology have significantly improved their performance and charging speeds, which makes them more appealing to customers. Moreover, the growing number of electric vehicles (EVs) and the integration of renewable energy systems further boost the demand, as both industries depend on high-capacity portable batteries. Therefore, the global push for cleaner energy solutions is expected to push growth in the portable battery market, ensuring that portable batteries remain relevant in the future.

Source: Fatpos Global

Portable Battery Market Segmentation

Lithium-ion batteries segment is leading the market due to its better recharge cycles and energy density

Portable Battery Market is classified based on Type into, Lithium-Ion Battery, Lead Acid Battery, Fuel Cell, Nickel-Cadmium Battery, NiMH Battery, and Others. Lithium-ion batteries hold the largest market share due to their ability to store energy in a lighter and compact form which increases their density and makes them portable. Li-ion batteries have a longer lifespan in comparison to NiMH or Lead-Acid batteries since they can withstand more recharge cycles. Moreover, the advantage of having a lower self-discharge rate, means that they can hold their charge for a longer period. Furthermore, modern Li-Ion batteries have built-in safety measures that protect against any form of explosion and overheating. Their adaptability makes it possible to tailor them in numerous sizes to fit different devices, which further explains the reason for their market dominance.

Consumer Electronics segment has captured a substantial market share owing to device compatibility and convenience

Portable Battery Market is segmented based on Application into Consumer Electronics, Electric Vehicles, Automotive Batteries, and Others. The consumer electronics segment holds the largest share due to rapid growth in the smartphone and wearables industry. Due to rapid industrial growth, there has been a greater need for portable batteries, which are necessary to power gadgets while they are in motion. Portable batteries come in a variety of capacities, from those that suit smartwatches to those that can charge tablets and multiple devices at once. Smartphones have shorter battery lifespan and require more frequent charging, thus increasing the demand for portable batteries. The compact design of these batteries as well as their numerous charging ports, make them incredibly portable and appropriate for the consumer's mobile lifestyle.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Growing Demand for Wearable Electronics Has Presented Growth Opportunities

Increasing popularity of wearable electronics such as smartwatches, fitness trackers, and wireless earbuds has been positive for the portable battery market. Wearables are becoming increasingly efficient but they need to be recharged more frequently than smartphones due to their lower battery lives. This rising demand has led to a need for portable batteries that are capable of sustaining these devices throughout the day. In addition, a variety of portable battery capacities and functions are needed due to the diversity of wearable devices. For instance, some users may require a smaller, high-output power bank, while others may need a bigger one. Therefore, the need for portable batteries has increased as more people look out for active and outdoor lifestyles while searching for dependable power sources to charge their gadgets during extended activities without the convenience of traditional charging stations.

Rise in Disposable Income and Consumer Spending on Electronic Accessories has significantly impacted market growth

Rising disposable income across the globe has resulted in higher consumer spending on different technologies and accessories such as portable batteries. Portable batteries are now more reasonably priced and available to a wider range of consumers due to advancements in manufacturing and large-scale production. Moreover, investment in these practical power solutions for electronic gadgets is supported by their reasonable pricing. Also, consumer preferences have shifted toward accessories that increase productivity and mobile connectivity, which has made portable batteries an essential niche product. Therefore, with advanced features such as faster charging, wireless compatibility, and greater capacity, portable batteries have attracted consumers.

Restraints

Strict Government Regulations on E-waste Disposal have developed into a Significant Industrial Challenge

Government regulations that govern the disposal of e-waste provide the portable battery business with opportunities and challenges. Due to mandatory recycling procedures and design modifications to eliminate illegal elements, producers might experience high expenses in meeting these requirements, which could ultimately result in higher prices. Furthermore, as it becomes more difficult for consumers to dispose of batteries safely, these laws may discourage consumers from making purchases. However, such challenges can be balanced by the production of eco-friendly and sustainable batteries that could result in longer lifespans and have less influence on the environment.

Recent Developments

• In 2023, BYD Company Ltd., launched the BYD Blend Battery, which uses a combination of lithium iron phosphate (LFP) and lithium-polymer (Li-Po) cells for improved safety and fast charging capabilities for smartphones. They have announced plans to expand their portable battery production capacity to meet the growing demand for power banks in the Asia-Pacific region.
• In 2023, Samsung SDI Co., Ltd, introduced its new "Fast Charge" power bank series, boasting faster charging speeds for compatible devices. They have partnered with a leading electronics manufacturer to develop next-generation portable batteries with higher energy density.
• In 2023, Panasonic Corporation, entered the ultra-slim portable battery market with a new line of power banks designed for maximum portability. They have focused on research and development of more sustainable and eco-friendly materials for portable battery production.
• In 2023, LG Chem Ltd, acquired a smaller portable battery manufacturer to expand its product portfolio and reach new market segments. They also launched a new series of portable batteries with integrated wireless charging capabilities for a more convenient user experience.
• In 2023, Contemporary Amperex Technology Co. Limited (CATL) invested in research on solid-state battery technology, which has the potential to revolutionize the portable battery market in the future.

Portable Battery Market

Key Players:

• BYD Company Ltd.
• Samsung SDI Co., Ltd.
• LG Chem Ltd.
• Contemporary Amperex Technology Co. Limited (CATL)
• Sony Corporation
• Anker Innovations
• Toshiba Corporation
• Tesla, Inc.
• Panasonic Corporation
• Mophie Inc.
• Simplo Technology Co., Ltd.
• Duracell Inc.
• GP Batteries International Limited
• Energizer Holdings, Inc.
• Murata Manufacturing Co., Ltd.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Portable Battery Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific region has maintained its dominance in the market and seen a surge in consumption which is driven by an increasing use of smartphones and other electronic devices. This region is a key production hub for portable batteries and provides both competitive prices and a wide range of product options. In addition, government initiatives and programs are improving lithium-ion battery manufacturing facilities, thus directly influencing its growth. Furthermore, the increasing per-capita income of the region allows consumers to invest in electronic accessories, such as portable batteries, to meet their digital lifestyle needs.

Simultaneously, North America and Europe are important markets due to their existing technology infrastructure, along with their combined market size. Besides, Latin America, the Middle East, and Africa have markets that are growing, but their current size is smaller due to various parameters such as infrastructure development and low disposable income levels.

Source: Fatpos Global

Impact of Covid-19 on Portable Battery Market

Covid-19 pandemic had a varied impact on the portable battery market. On the downside, lockdowns and restricted traveling led to a decline in the demand for portable batteries, which limited consumer spending on non-essential items. However, positive outcomes such as the transition to remote work and remote learning increased the dependence on electronic devices, which potentially boosted the demand for portable batteries to keep devices powered. Additionally, the surge in e-commerce activities contributed to maintaining sales through online platforms. Therefore, while the market initially experienced declines, adjustments to new living and working patterns helped reduce some of the negative impacts.

Portable Battery Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Portable Battery Market Scope and Segments:

Frequently Asked Questions (FAQ):