In 2023 the global portable battery-powered products market will be worth US$ 1,334.4 billion. By 2033, it is expected to reach a valuation of US$ 3,210.0 billion. It is anticipated to experience a noteworthy CAGR of 9.2% from 2023 to 2033. The market for portable battery-powered products is anticipated to create a definite revenue generation of US$ 1,875.6 billion through 2033.
The increasing popularity of wearables and portable electronic gadgets primarily drives the market for portable battery-powered products in Asia Pacific. In India, China, and Japan, the demand for wireless earbuds, fitness trackers, smartwatches, tablets, and smartphones is predicted to increase significantly by 2033.
Consumers will come to expect these products to be durable, light, and small as technology develops. As a result, well-known producers in Asia Pacific plan to concentrate on satisfying these demands by introducing improved battery efficiency and technology. The IoT, remote sensors, and medical gadgets are all predicted to become a part of this trend as they expand beyond personal and consumer electronics.
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For instance, Sony intends to expand its audio device selection in India. It has started sending media invites for the debut of its innovative audio product. The company said it will release a new audio product in September 2023 with the model number WF-1000XM5.
Sales of portable battery-powered products are expected to increase in Europe due to a rising emphasis on sustainability and growing environmental concerns. Batteries are expected to open up new opportunities as nations such as Germany, France, Italy, and the United Kingdom switch to greener energy sources to lessen their carbon footprint.
They are anticipated to quicken the adoption of electric vehicles and renewable energy storage. To cut carbon emissions, consumers and governmental organizations throughout Europe are likely to encourage the usage of electric cars (EVs).
According to Eurostat, Germany had the most prominent fleet of electric passenger cars in the European Union in 2021 (618,460 units). Norway has the most significant percentage of electric vehicles (15.5% in 2021) in the total inventory of passenger cars.
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A handful of businesses are expected to invest huge sums in renewable energy sources such as wind and solar to achieve their sustainability objectives. Advanced energy storage technologies are anticipated to be needed due to these advancements.
Batteries might help push the trend toward renewable energy generation and consumption by providing ways to store energy for a long time. The production of sustainable battery-powered goods can increase due to the growing demand for environmentally friendly goods and the pressing need to move toward a clean future.
Key Takeaways from Portable Battery-powered Products Market Study
- The global portable battery-powered products industry grew at a decent CAGR of 11.5% in the historical period between 2018 and 2022.
- The United States portable battery-powered products industry is projected to witness a CAGR of 9.3% in the assessment period.
- The United Kingdom is likely to register a CAGR of 10.0% in the forecast period.
- In terms of rechargeable battery technologies, the nickel-cadmium segment is set to witness a CAGR of 9.0% from 2023 to 2033.
- Based on single-use batteries, the alkaline and zinc-carbon segment is projected to record a CAGR of 8.9% in the evaluation period.
“The market for portable battery-powered products is anticipated to benefit from skyrocketing demand for medical equipment. The rising popularity of home healthcare and remote patient monitoring is impelling growth prospects. Government agencies are expected to introduce portable battery-powered medical gadgets that adhere to stringent dependability standards.” – says Sneha Varghese (Senior Consultant, Consumer Products & Goods)
Competitive Landscape
To compete with their rivals, leading producers of portable battery-powered products are concentrating on developing more effective and cutting-edge battery technology. Energy density is being improved, charge times are being slashed, and battery life is being increased. The introduction of solid-state batteries, which would provide better energy storage capacity and safety, would aid them in competing.
It is anticipated that a number of portable battery-powered products with smart connections and related capabilities will be released. Leading manufacturers of portable battery-powered products are getting ready to release brand-new smartphone applications that will let users monitor and operate their equipment. Additionally, they are providing capabilities that will allow users to connect their platforms with their devices.
- Greenworks presented a UTV, three e-bikes, and an electric Go-Kart in September 2023, a battery-powered outdoor power equipment maker based in North Carolina. With this introduction, the company hopes to increase its market share in the battery-powered mobility sector. These chic battery-powered machines promise users low transportation costs, increased comfort, no gas, and a lot more fun. They are a more practical, cost-effective, and ecologically beneficial way to move around.
- DongCheng Tools, a reputable power tool manufacturer, debuted its latest user-friendly and well-built garden tool line in April 2023. The company offers two cutting-edge devices, the 40VFuel Multi-Head String Trimmer and the 40VFUEL Brushless Cordless Leaf Blower. These were created to satisfy the demanding gardening needs of customers.
Portable Battery-powered Products Market Outlook by Category
By Rechargeable Battery Technologies:
- Nickel-cadmium
- Nickel-metal Hydride
- Lithium-ion
- Lithium-polymer
- Specialty Rechargeable Batteries
By Single-use Batteries:
- Alkaline and Zinc-carbon
- Lithium (Primary)
- Other Primary Batteries
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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