The portable battery market has seen significant growth, expanding from $13.13 billion in 2023 to $14.28 billion in 2024, reflecting a CAGR of 8.7%. This growth is driven by factors such as the rising popularity of electric vehicles (EVs), increasing standards for portable batteries, a surge in research initiatives, growing demand for high-fidelity (Hi-Fi) systems, and the expansion of audiophiles. The market is expected to continue its strong growth, reaching $20.19 billion by 2028, with a CAGR of 9.1%. This anticipated growth is supported by increasing environmental awareness, a preference for portable battery packs for EVs, rising demand for portable electronics, and investments in small-scale renewable energy sources. Major trends include the adoption of electric vehicles, technological advancements, development of smart grid technologies, wireless charging technology, and upgrades in sound technology.
Major Driver In The Portable Battery Market
The surge in recreational activities is projected to drive the growth of the pool tables market. As people seek more leisure and relaxation options, the popularity of pool tables is increasing in both casual and competitive settings. The Outdoor Industry Association reported a 2.3% increase in outdoor recreation participation in the U.S. in 2022, reaching 168.1 million participants. This growing interest in recreational activities is anticipated to boost the pool tables market through 2024 and 2028.
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Portable Battery Market Competitive Landscape
Samsung Group, Tesla Inc., Sony Group Corporation, BYD Company Limited, Panasonic Corporation, LG Chem Ltd., Southwest Electronic Energy Group, Liebherr Group, EVE Energy Co. Ltd., Energizer Battery Inc., Exide Industries Ltd., Camel Group Co. Ltd., GP Batteries Intl., Amara Raja Batteries Ltd., Duracell Batteries Ltd., A123 Systems LLC, Shenzhen BAK Battery Co. Ltd., Guangdong Dynavolt Power Technology Co. Ltd., Rayovac Corporation, E-One Moli Energy Corp., Nbcell Battery
Key Portable Battery Market Trend
The portable battery market is experiencing significant advancements with the development of liquid-cooled technology. This innovation enhances battery performance and lifespan by effectively managing heat. In April 2024, Bounce Infinity, an India-based motor vehicle manufacturer, launched a portable liquid-cooled battery for its E1 electric scooter. This new battery technology improves the scooter’s range from 85 km to 112-120 km and its capacity from 1.9 kWh to 2.5 kWh. By using a fire-retardant liquid to dissipate heat, the battery addresses common overheating issues, making it ideal for high-performance electric vehicles (EVs).
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Portable Battery Market Segmentation
The portable battery market covered in this report is segmented –
1) By Type: Lead Acid Battery, Lithium-Ion Battery, Nickel Cadmium Battery, Nickel Metal Battery, Other Types
2) By Battery Capacity: 0-3,000 Milliampere-Hour (mAh), 3,100-5,000 Milliampere-Hour (mAh), 5,100-10,000 Milliampere-Hour (mAh), Other Battery Capacities
3) By Application: Smartphones, Tablets, Automotive Application, Other Applications
By Geography:The regions covered in the portable battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the portable battery market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Portable Battery Global Market Report 2024 furnishes information about the global portable battery market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
