Portable batteries are devices are compact in nature and can be modified in size according to customer requirements. The evolution of consumer electronic devices has triggered the development of portable batteries which can be recharged using any electrical outlet. The global portable battery market report by Market Research Future (MRFR) deals with various battery technologies as well as their significant applications in various consumer electronic devices.
The global portable battery market is estimated to touch USD 18 billion at a CAGR of 17% from 2018 to 2023. The constant development of consumer electronic devices such as mobile phones, wireless devices, laptops, and others is expected to drive the market growth. Massive demand for smart devices is expected to induce demand within the market till 2023.
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The internet of things (IoT), a connected ecosystem of devices, across industries and homes is expected to drive the demand for portable batteries. Development of technologies which can charge batteries over the Internet is expected to be profitable with manufacturers producing batteries compatible with the technology. Development of next-generation devices such as diagnostic monitoring patches, fitness bands, and hearing aids are likely to drive the portable battery market growth.
Limits set by governments to reduce the detrimental effects of batteries coupled with metal content levels of cadmium, lead, and mercury can impede the market growth.
The global portable battery market is segmented by technology, capacity type, and application.
By technology, the market is segmented into lithium-polymer battery, lithium-ion battery, nickel-metal battery, and nickel-cadmium battery. The lithium-ion battery segment is expected to accrue high demand in the market due to its superior charging capacity compared to its counterparts.
By capacity type, the market is segmented into 5100-10400 mAH, above 10400 mAH, 0-2500 mAH, and 2600-5000 mAH.
By application, it is segmented into media devices and portable, tablets, smartphones, and wearable accessories. The smartphones segment is expected to perform exceptionally over the forecast period due to consumption of data by consumers as well as additional time spent by users on the Internet. Rise of disposable income levels and growing population in APAC can augur favorably for the segment. Adoption of smartphones, expansion of upper class and high net worth individuals, and migration of consumers from rural to urban areas can positively facilitate segment growth till 2022.
Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are major regions considered in the portable battery market report.
The APAC region is expected to be the most prominent in the Portable Battery Market Size due to massive consumption rates of smartphones and other consumer electronic devices. High purchasing power of consumers in Vietnam, China, and India coupled with efforts by their respective governments for modernizing the services are likely to drive the regional growth. Development of new battery designs in Japan, Malaysia, and Australia is anticipated to bode well for the market.
North America is predicted to exhibit a rapid growth rate during the forecast period due to demand for high energy capacity devices. The demand in the automotive sector due to advent of electric and plug-in vehicles is expected to open up novel growth opportunities for the portable battery market.
Prominent names in the global portable battery market include Casio Computer Co. Ltd., Acer Inc., Alcatel-Lucent S.A., Seiko Holdings Corporation, Advanced Battery Systems Inc., Sony Corporation, Siemens AG, Dell Inc., Sharp Electronics Corporation, Nikon Corporation, and others. Partnerships and launch of novel products are major strategies employed by players in the market.
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