The portable battery pack market is projected to grow at a CAGR of 12.35% during the forecast period to reach US$17.684 billion by 2027, from US$7.825 billion in 2020.
A portable battery is a rechargeable electrical component that can supply power to a device, through an inbuilt battery that can be recharged when needed. A portable battery can hold power, charge, and discharge when required. It is most commonly used in the end-user industry, to charge devices such as mobile phones, tablets, cameras, laptops, etc. Portable batteries have also been known to be utilized in the automotive industry, for the development of electric vehicles.
The global portable battery pack market is expected to grow substantially, mainly due to the increasing adoption of smartphones and electric vehicles. However, the increasing lithium prices and scarcity may hamper the market demand for the portable battery market. The Asia Pacific region has been reported to have the largest market share, due to the increasing innovations in technology in countries like China and India, and is expected to continue leading the market in the forecasted period.
Increasing adoption of mobile devices
Smartphone and smart device adoption is increasing in countries all over the world. Smartphones have made our lives simpler by introducing functions like online shopping, online banking, social networking services, and other useful operations. Moreover, the adoption of 5G technology, which would help in faster data speeds, is expected to increase the market size of the portable battery market. The COVID-19 pandemic also led to an increase in smartphone sales, due to the adoption of remote work and online services by companies. According to the GSMA, by the end of 2025, 5G is expected to account for over a fifth of the total internet connections in the world. According to the GSMA, by the end of 2020, 5.2 billion people, or nearly 67% of the global population, will have subscribed to mobile services. This figure is only expected to increase, owing to the advancements in the smartphone industry. With this constant demand for smartphones and their usage, the demand for portable batteries is expected to increase, since mobile batteries only contain a limited amount of battery capacity, after which they need to be charged. Therefore, the increase in smartphone usage is expected to affect the portable battery market significantly.
The increasing cost of lithium
There has been a significant increase in the price of lithium all over the world. Owing to this increase in lithium prices, many industries have been forced to increase the prices of their commodities, to maintain a stable profit. This increase in prices is due to the extensive production of lithium around the world. According to the United States Geological Survey, the worldwide (excluding the US) lithium production in 2021 was approximately 100,000 tons, which was an increase of about 21% from the previous year (82,500 tons). The unexpected growth in demand for lithium-ion batteries caused this boost in output. The rise in demand was attributable to an increase in electric vehicle (EV) manufacturing and demand. This was in response to government measures to replace combustion cars to fight the consequences of climate change.
Additionally, this increase in cost for lithium is also due to a shortage in production, which has created a lag in supply and demand for lithium and also hampered a lot of major markets. These factors may decrease the size and demand of the portable battery market, leading to slower growth.
An increase in smartphone battery capacity
Mobile phones have made our lives easier by being able to do various simple and complex tasks, without any other equipment. Besides making calls, mobile phones now offer various banking and utilitarian services. With an increase in the adoption of mobile phones, the smartphone market has seen various technological advancements. Among other developments, smartphones now come with extended battery life and usage capacity. Smartphones have been reported to have more than 6000 mAh of battery capacity. 4000-5000 mAh capacity has become an industry-standard now, allowing users to utilize their mobile phones for longer, without the risk of running out of charge. This has led to a decrease in the demand for portable batteries and owing to the upcoming technological developments, the portable battery market may suffer.
The COVID-19 pandemic resulted in most countries and major industries shutting down, leading to a massive slowdown in the global economy. The closure of the electronics and automotive industries resulted in massive losses faced by the portable battery market. As COVID-19 regulations were lifted, most industries started to mass-produce their products. This also led to an increase in the price of lithium, due to the increasing demand from the automotive and electronics industries. This negatively affected the portable battery market. However, the market is recovering, owing to the constant developments and advancements in the smartphone industry, and is expected to increase in demand in the forecasted period.
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the portable battery pack market size by 2027?
A1. The portable battery pack market is projected to reach a total market size of US$17.684 billion in 2027.
Q2. What are the growth prospects for the portable battery pack market?
A2. The global portable battery pack market is projected to grow at a CAGR of 12.35% during the forecast period.
Q3. What is the size of the global portable battery pack market?
A3. Portable Battery Pack Market was valued at US$7.825 billion in 2020.
Q4. What factors are anticipated to drive the portable battery pack market growth?
A4. The portable battery pack market is expected to grow substantially, mainly due to the increasing adoption of smartphones and electric vehicles.
Q5. Which region holds the largest market share in the portable battery pack market?
A5. The Asia Pacific region has been reported to have the largest share in the portable battery pack market, due to the increasing innovations in technology in countries like China and India.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. PORTABLE BATTERY PACK MARKET, BY CAPACITY RANGE
5.2. 1000 mAh<2500 mAh
5.3. 2500 mAh<5000 mAh
5.4. 5000 mAh<7500 mAh
5.5. 7500 mAh<10,000 mAh and above
6. PORTABLE BATTERY PACK MARKET, BY PRODUCT TYPE
6.4. Portable Media Players
7. PORTABLE BATTERY PACK MARKET, BY TECHNOLOGY
7.2. Nickel Metal Hydride
7.3. Ni-Cd (Nickel Cadmium) Battery
7.4. Li-Polymer (Lithium Polymer) Battery
7.5. Li-ion (Lithium-ion) Battery
8. PORTABLE BATTERY PACK MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.3. South Africa
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Sony Corporation
10.3. Mophie Inc.
10.4. Energizer Holding
10.5. China Bak Battery
10.6. BYD Company
10.7. Duracell International
10.8. LG Chem
10.10. Xiaomi Inc.
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