Portable Battery Pack Market Illuminates with Projected US$ 55.34 Billion by 2033, Fueled by 12.6% CAGR

The global portable battery pack market is expected to grow at a compound annual growth rate (CAGR) of 12.6% over the projected period. This industry is anticipated to achieve a market value of US$ 16.89 billion in 2023 and is projected to reach US$ 55.34 billion by 2033.

The market is positively influenced by the ongoing investments in portable battery packs by governments across the globe. For instance, the Government of India is investing in the manufacturing of lithium-ion batteries in Gujarat. This, along with the surging demand for electronic gadgets in India owing to the availability of discretionary income is fueling market growth.

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The market is also powered by the growing awareness among the masses about healthcare, in addition to the increasing use of portable medical equipment. Robust urbanization in developing economies is further fueling product demand. Significant growth opportunities in the Asia Pacific are propelling the market growth. Owing to high sales of electronic equipment, especially smartphones, the region is expected to witness a high adoption rate of portable battery packs.

Emerging regulations by the government to dispose of e-waste caused by electronics might confine the growth prospects for portable battery packs. The adoption of technologies that might render the portable battery pack obsolete is also a key threat to the market.

Key Takeaways from Portable Battery Pack Market Report:

• The United States portable battery pack industry is projected to be valued at US$ 8.57 Billion by 2033. During the forecast period, the market is expected to assume a growth rate of 3% CAGR.
• The United Kingdom market is assessed to achieve US$ 1.44 Billion by 2033 end. From 2023 to 2033, the market is anticipated to expand at a CAGR of 9%.
• The China portable battery pack industry is slated to achieve US$ 14.03 Billion by 2033. During the forecast time frame, the market is projected to perceive a significant CAGR of 14.1%.
• The Japan market is estimated to attain US$ 8.57 Billion by 2033. In the next 10 years, the market is expected to expand at a CAGR of 8%.
• In South Korea, the market is forecast to reach US$ 3.39 Billion by the end of the estimated period. During the projection period, the market is assessed to expand at a CAGR of 13%.
• Based on product type, smartphones are emerging as the top segment. During the coming years, the market is expected to expand at a CAGR of 4%.
• Based on the capacity range, 2,510 MAH to 5,000 MAH is expected to surface as the leading segment in the upcoming years. The estimated CAGR for this segment is 5%.

Recent Developments:

In the forecast period, it is projected that the advent of new charging technologies and batteries is expected to entirely change the charging scenario of electronics.

• In August 2022, Lenovo introduced a portable USB-C battery to power a laptop. The product has been launched under the category of the new Lenovo Go brand to bridge the gap between WFH and WFO. More accessories are on their way, as per the company’s statement.
• Oppo offered its line of magnetic wireless chargers in August 2021. These chargers are projected to operate the same as Apple’s MagSafe. The line contains a 20W charging output and a 4500 mAh battery.

Leading Key Players:

• BYD Co. Ltd.
• China Bak Battery Inc.
• Duracell International Inc
• Energizer Holdings, Inc.
• LG Chem Inc.
• Zagg
• Panasonic Corporation
• Samsung Sdi Co. Ltd.
• Simplo Technology Co., Ltd.
• Sony Corporation

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