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:
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.
Leading Key Players:
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Portable Battery Pack Market Segmentation:
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 06, 2024