In its research report, Market Research Future (MRFR), emphasizes that the global portable Battery Market 2020 is expected to grow significantly, securing a substantial market valuation of USD 18 Billion and a healthy 17% CAGR over the review period.
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Drivers and Restraints
Through the growth of innovative devices the portable battery market is increasing. It is important to recharge battery-operated electronic devices such as cell phones, wireless devices and others from time to time, which has become a key factor affecting the growth of the portable battery industry. Factors such as growth in electric vehicle adoption, growth in the renewable sector and consumer electronics sales are expected to drive the growth of the portable battery industry. The growth of the global portable battery market is limited by factors such as fire risk, high cost and electrolyte leakage. Advances in technology such as IoT-based devices and increasing demand for new medical and consumer goods such as hearing aids, bands, digital watches are projected to be the worldwide opportunistic market for portable batteries. Mainly, portable batteries are used in household applications such as calculators, flashlights, clocks, and watches. Quite stringent government policies on fuel use and fuel efficiency are also one of the key reasons for increasing demand in the market for portable batteries. Therefore, the constantly growing need for the portable electronic system due to its longer shelf life is also one of the primary factor estimated to act as a catalyst for the demand of batteries during the forecast period. Furthermore, the growth in demand for smartphones and tablets fuels the use of portable batteries and has made them unique in the consumer electronics market. In addition to the rapid growth of plugin hybrid electric vehicles, the market for portable batteries in the coming years is also expected to increase.
At the other hand, the overheating problem of portable batteries serves as a limiting factor in reaching the maximum potential for the portable battery industry. Portable batteries' greatest obstacle is the high price of the batteries. Fire risk in electronic devices and vehicles is also a major limiting factor for market development. Inadequate charging set-up is also acting as a impeding factor in the growth of the Portable Battery market.
The global portable battery market is analyzed on the basis of technology, capacity type, and applications.
Based on the technology, the market has been segmented into lithium-polymer battery, lithium-ion battery, nickel-cadmium battery, and nickel-metal hydride battery.
Based on the technology, the market has been segmented into 000-2500 mAh, 2600-5000 mAh, 5100-10400, mAh and above 10400 mAh.
Based on the technology, the market has been segmented into smartphones, tablets, media devices and portable, and wearable accessories.
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The geographical overview of the global portable battery market has been conducted in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world.
Owing to the high use of cell phones and other portable devices, Asia-Pacific dominates the global portable battery market with the greatest market share. In addition, rapid migration from rural to urban areas is expected to help the mobile phone segment over the forecast period, especially in countries such as China and Indonesia. In order to gain a competitive advantage in the cell phone sector, main market players rely heavily on broad distribution networks such as multi-brand distributors and cell accessories retailers to better cater for customers. The region's emerging economies like India, Vietnam, Myanmar and China are making greater efforts to extend and modernize wireless app services. It is further expected that Thailand, Singapore, and the Philippines will contribute to regional market expansion over the forecast period. Countries such as Japan, Malaysia, and Australia are rising to build new battery designs, and expected to play a major role in Asia-Pacific market expansion.
Due to the growing demand for high-capacity range devices in this area, North America is expected to rise during the forecast period, which will in turn accelerate the growth of the global portable battery pack market.
The major market players operating in the global market as identified by MRFR are Advanced Battery Systems Inc. (US), Casio Computer Co.Ltd. (Japan),Acer Inc. (Taiwan), Sony Corporation (Japan), Alcatel-Lucent S.A. (France), Dell Inc. (US), Siemens AG (Germany), Nikon Corporation (Japan), Sharp Electronics Corporation (Japan), and Seiko Holdings Corporation (Japan)
Other players in markets are BYD Company Ltd. (China), Samsung Sdi Co. Ltd. (South Korea), China Bak Battery, Inc. (China), Energizer Holding Inc. (US), Duracell International Inc. (US), LG Chem Inc. (US), Mophie Inc. (US), Panasonic Corporation (Japan), Lenovo group Ltd. (Hong Kong), Simplo Technology Co. Ltd. (Taiwan) among others.
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