Portable Battery Market size was over USD 16.2 billion in 2024 and is estimated to reach USD 54.2 billion by the end of 2037, expanding at a CAGR of 10.6% during the forecast timeline, i.e., 2025-2037. In 2025, the industry size of the portable battery is evaluated at USD 17.9 billion.
The widespread adoption of smartphones, laptops, tablets, and wearable devices is driving the demand for portable batteries. As per the World Economic Forum, in 2022, there were about USD 8.58 billion active mobile subscriptions globally. These devices rely on efficient, long-lasting batteries to enhance user experience, leading to consistent growth in the portable battery market.
Furthermore, the rising popularity of electric vehicles (EVs) is a significant driver for the industry, especially in relation to EV charging stations, power storage, and backup systems. As per the International Energy Agency, in 2023, about one out of every five vehicles sold was electric. In 2023, sales of electric cars approached 14 million, with the United States, Europe, and China accounting for 95% of these sales. As the demand for EVs continues to grow, so does the need for reliable and efficient charging infrastructure. Portable batteries play a crucial role in providing power solutions for charging stations, enabling energy storage for off-grid locations, and supporting backup systems during power outages. This trend drives the overall demand for advanced portable battery solutions across various sectors.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
10.6% |
|
Base Year Market Size (2024) |
USD 16.2 billion |
|
Forecast Year Market Size (2037) |
USD 54.2 billion |
|
Regional Scope |
|
Technology (Lithium-ion Polymer, Lead Acid, Nickel Metal Hydride, Nickel Cadmium, Others)
By 2037, lithium-ion polymer segment is estimated to capture over 43.5% portable battery market share. The segment is growing due to its advantage of being lightweight, compact, and flexible, making it ideal for use in portable electronic devices, wearables, and electric vehicles. Lithium-ion polymer batteries offer higher energy densities and faster charging times compared to traditional lithium-ion batteries. In addition to not containing hazardous lead or cadmium, Li-ion batteries have a low self-discharge rate of only 1.5% to 2% per month. Their ability to be molded into various shapes allows for better integration in space-constrained applications, driving their increasing demand.
Application (Tablets, Automotive, Smartphones, Others)
In terms of application, the smartphone segment is expected to hold the majority of market share in the global portable battery market. With the growing reliance on smartphones for communication, entertainment, and work, the demand for efficient and long-lasting portable batteries has surged. Approximately 91% of people in the US own a smartphone. Increasing smartphone penetration, especially in developing regions, coupled with advancements in high-performance batteries to support energy-intensive features like gaming and 5G connectivity, drives this segment’s dominance in the market.
Our in-depth analysis of the global market includes the following segments:
|
Technology |
|
|
Application |
|
|
Battery Capacity |
|
APAC Market Statistics
APAC in portable battery market is poised to account for more than 45% revenue share by the end of 2037. The rapid adoption of smartphones across the region with an adoption rate of around 94% by 2030, particularly in India and Southeast Asia, is a key driver. With increasing digitalization and mobile internet usage, the demand for portable batteries, including power banks and internal device batteries, is soaring.
India is anticipated to register a considerable share during the forecast period in the APAC region. Government incentives for EV production and infrastructure development further contribute to this growth. In 2023, there were 15.29 million registered electric vehicles in India, up from 1.3 million in 2018. Additionally, the e-commerce boom has made portable batteries more accessible, while the increasing adoption of gadgets like tablets, laptops, and wearables supports market growth. These devices rely on compact, efficient, and long-lasting power solutions, fueling the portable battery market.
China is a prominent player in the AAPC industry. The country’s renewable energy adoption promotes the use of portable batteries for energy storage in off-grid solar and wind systems. Government incentives and policies encourage innovation and investment in portable battery solutions. The country has a booming consumer electronics industry that drives the demand for portable batteries. With high smartphone, laptop, and wearable device adoption, the need for compact, efficient, and durable batteries is rising, supporting market growth. China is a major mobile phone manufacturer, exporter, and consumer. It manufactured 1.47 billion mobile phones in 2020, thus propelling the market for portable batteries.
North America Market Analysis
The portable battery market in North America is predicted to generate notable revenue by the end of 2037. The rapid adoption of EVs in the region is a significant driver for portable batteries, which are essential for EV charging infrastructure, mobile charging solutions, and energy storage systems. 74.8 percent of EVs sold in the US in 2Q24 were made in North America, according to Research Nester estimates. This demand is further supported by government incentives and regulations that encourage the adoption of EVs.
The U.S. market is projected to witness significant growth due to the increasing adoption of smartphones, laptops, tablets, and wearable devices. For instance, 13 million more Americans used the Internet in 2023 than in 2021, according to new NTIA data. These devices require efficient, rechargeable batteries to support advanced functionalities and extended usage, boosting market demand. Moreover, innovation in battery technologies, such as lithium-ion and solid-state batteries, enhances energy density, safety, and longevity, making portable batteries more reliable and adaptable to diverse applications.
Canada pushes toward electrification and sustainable transportation, boosting the demand for portable batteries, particularly for EV charging infrastructure and energy storage systems. Government incentives for EV adoption and growing public awareness of sustainability drive this trend. A USD 14.9 million federal investment for 20 initiatives aimed at promoting zero-emission vehicle (ZEV) regulations and rules, infrastructure, and education throughout Canada. Additionally, the country invests in solar and wind energy projects fueling the need for portable batteries for energy storage and utilization of renewable energy in remote and off-grid areas, aligning with clean energy goals.
A variety of well-known brands, up-and-coming companies, and niche manufacturers make up the dynamic competitive landscape of the global portable battery market. One important component of competition is innovation. For instance, in September 2024, EcoFlow, a prominent supplier of portable power and renewable energy solutions, introduced four new product lines to satisfy a wide range of consumer needs. Well-known companies in the sector use strategies like mergers and acquisitions, strategic alliances, and product innovation to improve their market position.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?