According to the report published by Allied Market Research, the global portable battery market generated $10.9 billion in 2020, and is projected to reach $27.5 billion by 2030, witnessing a CAGR of 10.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in adoption of electric vehicles & sales of consumer electronics, and increase in investment in the renewable sector drive the growth of the global portable battery market. However, risk of fire & electrolyte leakage, and high cost restrain the market to some extent. On the other hand, rapid innovation and advancements in the technology present new opportunities in the upcoming years.
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Factors such as growth in adoption of electric vehicles, increase in renewable sector, and sale of consumer electronics are expected to drive the growth of the portable battery market. Factors such as fire risk, high cost, and electrolyte leakage limit the growth of the global portable battery market. Advancements in technologies such as IoT-based devices and rise in demand for new medical and consumer products such as hearing aids, bands, digital watches are expected to be the opportunistic in portable battery market worldwide.
The report offers detailed segmentation of the global portable battery market based on form capacity, application, technology, and region.
Based on technology, the lithium iron polymer segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the nickel metal hydride segment is estimated to register the highest CAGR of 13.2% from 2021 to 2030.
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Based on application, the smartphones segment held the largest market share in 2020, holding around half of the total market share, and is expected to continue its leadership status during the forecast period. However, the automotive applications segment is projected to register the highest CAGR of 10.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is also projected to manifest the fastest CAGR of 18.7% during the forecast period. Other regions mentioned in the report include North America, Europe, and LAMEA.
Leading players of the global portable battery market analyzed in the research 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.
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COVID-19 scenario:
- 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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.