Portable Battery Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

Based on the Technology :

Based on the technology, the market is segregated into lead acid, nickel-cadmium, nickel-metal hydride, lithium-ion polymer, and others. The lithium-ion polymer segment accounted for the largest revenue share in the year 2022. Lithium-ion polymer batteries have a high energy density as they store large amount of energy in a lightweight and compact design. Moreover, Li-ion batteries withstand a high number of charging and discharging cycles. Consequently, the long lifespan of Li-ion batteries is accelerating the growth of the market. For instance, in May 2023, Toshiba Corporation introduced MOSFETs for battery protection circuits in lithium-ion (Li-ion) battery packs for charging of mobile devices.

The lead-acid batteries are expected to emerge as the fastest-growing segment during the forecast period. Lead-acid batteries play a crucial role in automotive batteries and Uninterruptible Power Supply Systems (UPS). Lead-acid batteries deliver high power output well-suited for automotive applications. Moreover, lead-acid batteries are durable and withstand a wide range of environmental conditions. Furthermore, the recyclable nature of lead-acid batteries is expected to drive the market growth during the forecast period.

Based on the Battery Capacity :

Based on the battery capacity, the market is separated into 0-2500mAh, 2500-5000mAh, 5000-10,400mAh, and above 10,400mAh. The 5000-10,400mAh segment accounted for the largest revenue share in the year 2022. Portable batteries possess high battery capacity as they store a significant amount of energy for charging electronic devices. Moreover, portable batteries in this range have a number of USD ports for charging multiple devices simultaneously. For instance, in April 2023, Stuffcool - Nissan Enterprises Limited launched 5,000mAh power bank called Snap Lightning for Apple products featuring a built-in lightning port to connect iPhones, iPads, or AirPods. Subsequently, the application of 5000-10,400mAh portable batteries for charging smartphones, tablets, and smart wearables is accelerating the growth of the market.

The above 10,400mAh segment is expected to witness the fastest CAGR growth during the forecast period. Portable batteries with capacities above 10,400mAh offer exceptionally high-power storage capacity for charging laptops, gaming consoles, and other high-power devices. Moreover, portable batteries in this range support fast charging technologies, thereby reducing the charging time for electronic devices. Consequently, the increasing adoption of electronic devices with advanced features is expected to drive the market growth during the forecast period.

Based on the Application :

Based on the application, the market is trifurcated into smartphones, wearable accessories, automotive, and others. The smartphones segment accounted for the largest revenue share of 45.6% in the year 2022. The increasing adoption of smartphones among consumers for communication and entertainment purposes is driving the growth of the market. Power banks such as block power bank, credit card power bank, and wireless power banks are essential for efficient charging of smartphones in the absence of traditional wall outlet. As a result, the cost-effectiveness, portability, and convenience offered by power banks is propelling the growth of the market.

The automotive segment is expected to witness the fastest CAGR growth during the forecast period. Portable batteries play a vital role in the automotive industry for efficient charging of electric and hybrid electric vehicles in the absence of EV charging infrastructure. Portable batteries are used to enhance the driving range of electric vehicles by supplying additional power to the vehicles. Portable batteries for EVs consist of a power cord, a charging unit, and connectors that are appropriate for various EV models and charging protocols. Thus, the small, lightweight, and portable nature of batteries is propelling the growth of the market.

Based on the Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022. The increasing adoption of consumer electronics devices including smartphones, laptops, and tablets in the region is driving the growth of the market. The growing reliance on consumer electronics devices has increased the demand for portable batteries for smooth and seamless operation of devices. Moreover, technological advancements in battery systems with improved capacity, fast charging capabilities, and advanced features are further driving the growth of the market.

The Asia-Pacific region accounted for the revenue share of USD 3,486.99 million in 2022 and is expected to reach USD 7,368.25 million in 2030, registering a CAGR of 10.0% during the forecast period. Additionally, in the region, China accounted for the largest revenue share of 34.60% in the year 2022. The rapid expansion of automotive industry in the Asia-Pacific region is driving the growth of the market. The development of electric and hybrid electric vehicles has increased the demand for portable batteries for efficient functioning of the vehicles. Moreover, the rising trend of smart wearables such as smartwatches and fitness trackers are propelling the demand for portable batteries. For instance, in May 2021, Xiaomi launched 10,000 mAh wireless power bank featuring Qi magnetic inductive technology for charging of multiple devices including headphones, gaming consoles, cameras and laptops simultaneously. Furthermore, the rapidly growing e-commerce industry in the region is driving the growth of portable battery market.