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Portable Battery Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033
Portable Battery Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to the growing popularity of electric vehicles (EVs), increasing standards for portable batteries, rising number of initiatives and research activities, growing demand For high fidelity (Hi-Fi) systems, and growth in audiophiles.
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 growth in the forecast period can be attributed to increasing awareness of environmental and eco-friendly products, increasing preference for portable battery packs for electric vehicles (EV) cars, increasing demand for portable electronics, and investments in small-scale renewable energy sources. Major trends in the forecast period include the adoption of electric vehicles, technological advancements, the development of smart grid technologies, the rise of wireless charging technology, and technological upgrades in sound technology.
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Market Drivers and Trends:
The increasing demand for consumer electronics is expected to propel the growth of the portable battery market going forward. Consumer electronics refer to electronic devices designed for everyday use by individuals, typically for entertainment, communication, and personal productivity. The demand for consumer electronics is due to modern lifestyles, advances in battery technology, wireless connectivity, and the rise of remote work and online education. Portable batteries enhance consumer electronics' functionality, convenience, and reliability by providing an essential power source that supports mobility, extended use, and versatility in various environments. For instance, in January 2023, according to the annual financial report 2022 published by LG Corporation, a South Korea-based consumer electronics company, LG's annual revenue increased by 12.9% to reach $52.70 billion in 2022. Further, revenue was recorded at $22.5 billion in 2022, up 10.3% from 2020. Therefore, the increasing demand for portable electronics drives the portable battery market.
Major companies operating in the portable battery market are developing innovative technology, such as liquid-cooled technology, to enhance performance, extend battery life, and improve overall efficiency. Liquid-cooled technology involves using a liquid to control the temperature of electronic parts, improving their efficiency and lifespan by avoiding overheating. For instance, in April 2024, Bounce Infinity, an India-based motor vehicle manufacturing company, launched a portable liquid-cooled battery. It is utilized for its E1 electric scooter. This innovation enhances the scooter's range from 85 km to 112-120 km and boosts battery capacity from 1.9 kWh to 2.5 kWh. Unlike conventional air-cooled batteries, the new liquid-cooled batteries use a fire-retardant liquid to absorb heat from the battery and transfer it to external metal components. This design enables efficient cooling through exposure to ambient air, effectively minimizing the risk of overheating-a frequent problem in high-performance electric vehicles (EVs).
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Major Key Players of the Market:
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
Portable Battery Market 2024 Key Insights:
• 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%.
• Rising Demand For Consumer Electronics Fuels Growth In Portable Battery Market
• Innovative Liquid-Cooled Technology Revolutionizes Portable Battery Market
• Asia-Pacific was the largest region in the portable battery market in 2023
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