Portland, OR, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global portable battery market generated $10.9 billion in 2020, and is projected to reach $27.5 billion by 2030, witnessing a CAGR of 10.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in adoption of electric vehicles & sales of consumer electronics, and increase in investment in the renewable sector drive the growth of the global portable battery market. However, risk of fire & electrolyte leakage, and high cost restrain the market to some extent. On the other hand, rapid innovation and advancements in the technology present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of all commercial and industrial markets, thereby impacting the global demand of portable batteries negatively.
- It further caused lack of labor force, and disrupted the whole supply chain. This, in turn, resulted to difficulty in supply of raw materials and finished goods.
- Nevertheless, the government has invested in the development of renewable energy resources such as solar and wind energy during the pandemic time, which, in turn, has increased the adoption of electric power-driven vehicles in commercial and industrial sectors.
The report offers detailed segmentation of the global portable battery market based on form capacity, application, technology, and region.
Based on technology, the lithium iron polymer segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the nickel metal hydride segment is estimated to register the highest CAGR of 13.2% from 2021 to 2030.
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Based on application, the smartphones segment held the largest market share in 2020, holding around half of the total market share, and is expected to continue its leadership status during the forecast period. However, the automotive applications segment is projected to register the highest CAGR of 10.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is also projected to manifest the fastest CAGR of 18.7% during the forecast period. Other regions mentioned in the report include North America, Europe, and LAMEA.
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Leading players of the global portable battery market analyzed in the research include A123 Systems LLC, BYD Company Ltd., Contemporary Amperax Technology Co., Limited., eCobalt Solutions, Johnson Controls, LG Chem, Panasonic Corporation, Samsung, Tesla Inc., and Toshiba Corporation.
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