Portable Battery Pack Market

Market Synopsis

Global Portable Battery Pack market is valued at USD 12.12 Billion in 2022 and is expected to attain a value of USD 26.35 Billion by 2030 at a CAGR of 10.20% during the forecast period, 2023–2030. Demand for Portable Battery Pack is increasing day by day and growing appreciably with the boom in mobile technology. The advent of smartphones has created a huge demand for power banks as they are now considered as necessities. Mobile devices such as smartphones, tablets and laptops use rechargeable batteries to run them. The major reason behind the demand of battery packs is that these devices do not last long hours after full charge. These days, people want their mobile phones to have longer battery life so that they can work seamlessly without charging the device again and again.

The amount of people using smart phones and other electronic devices, such as tablets and notebooks, has increased over the last ten years. The number of individuals owning these items has also grown rapidly. Most households today own at least one laptop and one tablet device, while nearly half own a desktop computer. As daily lives become more dependent on these devices in recent years, the demand for backup batteries that are compatible with most devices has increased immensely. Power banks are used to recharge smartphones or any device that can be attached to it by cable. This product is usually built into pockets due to its size but they can be extended in order to accommodate larger mobile device sizes for charging purposes when necessary.

Market Segmentation:

The global Portable Battery Pack market is segmented into Technology, Capacity, Applications, Regions. On the basis of technology, the global Portable Battery Pack market is categorized into lead acid, nickel metal hydride, lithium-ion polymer, nickel-cadmium, and others. By capacity, it is segregated into 0-3000mAh, 3000-5000mAh, 5100-10000mAh, and others (range more than 10,000mAh). By applications, the global Portable Battery Pack market is categorized into, smartphones, tablets, automotive applications, and others.

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High Penetration of Smartphones and Their Emerging Application

The main reasons behind this growth are its widespread application across different industries such as healthcare, education, government & defense, hospitality & tourism and BFSI coupled with the growing need for mobile applications and devices. The major factor that is driving this market across the globe is the increasing demand of these products in retail and commercial sector, fueled by rising smartphone penetration and smart wearable devices. The power bank demand has been fueled by high penetration of smartphones and their emerging application areas such as entertainment, gaming apps, social networking, work management etc. Portable Battery Pack manufacturers add new features to these portable power banks such as fast charging, security features etc.

Portable Power Banks are Gaining Traction

Power Banks are rechargeable batteries inside a casing that provides additional battery life or charges smartphones and tablet computers. The customers who opt for this product range finds it extremely beneficial as they can easily carry these batteries around and use it whenever required. As per our market research, we have found out that more than 65% of the people choose to purchase power banks and most of them tend to be college students. People often carry their smartphones when they go out for a party or any other meeting thus the need of power banks has increased drastically.

Lithium-ion Battery to Dominate the Portable Battery Pack Market

This is the most popular type of power bank available on the market today. Lithium-ion cells are meant to be recharged up to 500 times, which means that it can have its energy capacity reduced by half over several years of use. Lithium-ion power banks are popular today because of their ability to store large amounts of rechargeable energy without compromising portability. They are usually carried around by heavy mobile phone, tablet or laptop users who find it difficult to stay plugged in at all times without worrying about battery degradation.

Power banks come in different capacities, measured in milliamp hours (mAh). A good example is the RAVPower Portable Charger External Battery Pack with Qualcomm Quick Charge 3.0 which offers 20800mAh capacity. This device can charge most phones eight times before needing a recharge itself. Most buyers want portable batteries that can last for days or weeks on short use and still be able to charge the latest devices at full speed using USB Type C ports. Power banks that use lithium-ion batteries are usually preferred over other types, especially since they are available in more capacity.

Asia Pacific is the Largest Producer and Consumer of Portable Battery Pack

Asia Pacific region is the largest producer and consumer of portable battery. Asia-Pacific accounted for 37% of global portable power consumption in 2018, followed by North America, Europe. As per our findings, China, Japan and India are the largest contributor to the market. The regional Portable Battery Pack market is driven by the high penetration of mobile devices such as smartphones, tablets and laptops driving increased demand for replacement batteries. Low power density has been a problem in fuel cells; however, technological advancements and low cost of materials may improve prospects for this industry.

Power banks are found to be considerably more popular in Asian countries, such as China and India where the market demand is high. In contrast, North America and Western Europe have a less significant number of individuals who rely on power banks for their daily energy needs. It was also found that the younger generations were more inclined to own these devices, with those from ages 18 to 29 being the most likely group to do so.

Competitive Landscape

There is a huge competition between manufacturers of portable power banks. Today, manufacturers are trying to distinguish their product from competitors with unique features. Portable power bank models are becoming more sophisticated, as people have high expectations on the new functions and features, they offer. As for now, portable chargers are available in different types of design, size and functions. The most popular ones include original devices that can be recharged by solar energy.

Some of the key vendors in the global Portable Battery Pack market are Energizer Holding Inc. (U.S), BYD Battery Co. Ltd (China), LG Chem Power Inc. (South Korea), Panasonic Corporation (Japan), Mophie Inc. (U.S), Simplo Technology Co. Ltd. (Taiwan), Samsung SDI Co. Ltd. (South Korea), and Sony Corporation (Japan).

The Portable Battery Pack is Segmented as Follows: