Portable Battery Market Report 2024

Where is the largest and fastest growing market for portable battery? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The portable battery market size has grown strongly in recent years. It will grow from $13.13 billion in 2023 to $14.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The expansion observed during the historical period can be linked to the rising popularity of electric vehicles (EVs), elevated standards for portable batteries, an increase in initiatives and research efforts, growing demand for high-fidelity (Hi-Fi) systems, and a rise in audiophile enthusiasts.

The portable battery market size is expected to see strong growth in the next few years. It will grow to $20.19 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth is driven by heightened awareness of environmental and eco-friendly products, a growing preference for portable battery packs for EVs, rising demand for portable electronics, and investments in small-scale renewable energy sources. Key trends expected during this forecast period include the adoption of electric vehicles, advancements in technology, the evolution of smart grid technologies, the emergence of wireless charging, and innovations in sound technology.

The growing demand for consumer electronics is anticipated to drive the expansion of the portable battery market in the future. Consumer electronics are electronic devices intended for everyday use by individuals, typically for purposes such as entertainment, communication, and personal productivity. This demand is fueled by modern lifestyles, advancements in battery technology, wireless connectivity, and the increasing prevalence of remote work and online education. Portable batteries improve the functionality, convenience, and reliability of consumer electronics by providing a crucial power source that supports mobility, extended usage, and versatility in various settings. For example, LG Corporation, a South Korean consumer electronics firm, reported in its 2022 financial report that its annual revenue surged by 12.9% to $52.7 billion in 2022. Additionally, its revenue for 2022 reached $22.5 billion, marking a 10.3% increase from 2020. This rising demand for portable electronics is fueling the growth of the portable battery market.

Leading companies in the portable battery market are investing in cutting-edge technologies, such as liquid-cooled systems, to boost performance, prolong battery life, and enhance overall efficiency. Liquid-cooled technology uses a liquid to regulate the temperature of electronic components, preventing overheating and thereby improving their efficiency and longevity. For instance, Bounce Infinity, an Indian motor vehicle manufacturer, introduced a portable liquid-cooled battery for its E1 electric scooter in April 2024. This innovation extends the scooter's range from 85 km to 112-120 km and increases the battery capacity from 1.9 kWh to 2.5 kWh. Unlike traditional air-cooled batteries, the new liquid-cooled batteries use a fire-retardant liquid to absorb and transfer heat from the battery to external metal components, enabling efficient cooling through exposure to ambient air and reducing the risk of overheating, a common issue in high-performance electric vehicles (EVs).

In May 2024, EnerSys, a US-based provider of stored energy systems and technologies, acquired Bren-Tronics for an undisclosed sum. This acquisition is intended to enhance EnerSys's position in the defense sector and expand its range of lithium battery products. Bren-Tronics, also based in the US, manufactures portable power solutions for defense clients.

Major companies operating in the portable battery market are 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.

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 regions covered in the portable battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the portable battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A portable battery is a compact device that stores electrical energy for later use, offering a handy power source for recharging electronic devices when a regular power outlet isn’t available. These batteries come in various capacities and sizes to meet different power needs, ranging from small units that can charge a single phone to larger ones that can power several devices at once.

The main types of portable batteries include lead-acid, lithium-ion, nickel-cadmium, and nickel-metal hydride. Lead-acid batteries generate power through a chemical reaction between lead and sulfuric acid. Capacities of portable batteries vary, including options from 0 to 3,000 milliampere-hours (mAh), 3,100 to 5,000 mAh, and 5,100 to 10,000 mAh. These different capacities cater to various uses, such as charging smartphones, tablets, and even for automotive applications.

The portable batteries market research report is one of a series of new reports that provides portable batteries market statistics, including portable batteries industry global market size, regional shares, competitors with a portable batteries market share, detailed portable batteries market segments, market trends and opportunities, and any further data you may need to thrive in the portable batteries industry. This portable batteries market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The portable battery market consists of sales of standard power banks, high-capacity power banks, solar power banks, wireless power banks, and rugged power banks. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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