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Covid-19 Impact on Portable Battery Market 2021
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Summary
A New Market Study, titled “Portable Battery Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Market Synopsis
As per the research by Market Research Future Reports (MRFR), the portable battery market is estimated to value USD 18 billion, thriving at a CAGR of 17% during the forecast period. The products evolving technically is the major factor driving the global portable battery market 2020. The growing demand for tablets and smartphones is the most significant factor influencing the global market. Electronics devises such smartphones; wireless devices require time-to-time charging, which enhances the demand for portable chargers considerably.
The outbreak of COVID-19 has severely affected the global economy and daily business operations of many industries. A reduction of 10% lithium-ion battery supply has been anticipated due to the halt of production in China. The pause in the global economy has affected the global portable battery market due to the decrease in demand from consumers. However, various APAC countries like Japan and South Korea, and China have resumed the production up to 60-70% of pre-virus levels after the restrictions were lifted. The situation of 2020 is estimated to experience a further decline in demand. The sector is likely to face several hurdles due to reduced demand, limited human resources. However, several measures are being taken to mitigate the current situation and may take some time to obtain a recovery.
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Market Segmentation
The global portable battery market can be classified on the basis of technology, application, capacity type, and region.
On the basis of technology, the global portable battery market can be classified into the lithium-polymer battery, lithium-ion battery, nickel-cadmium battery, and nickel-metal hydride battery.
On the basis of application, the global portable battery market can be classified into wearable accessories,
tablets, smartphones, and media devices and portable.
On the basis of capacity type, the global portable battery market can be classified into 000-2500 mAh, 2600-5000 mAh, 5100-10400 mAh, and above 10400 mAh.
On the basis of region, the global portable battery market can be classified into Asia Pacific, North America, and the Rest of the World (RoW).
Regional Analysis
The geographical analysis of Asia Pacific, North America, and the Rest of the World (RoW) have been conducted. As per the analysis by MRFR, the APAC region is likely to dominate the global market by acquiring the largest market share. There are a great demand and consumption of mobile phones and other portable accessories. The developing economies like China, India, Vietnam, and Myanmar are playing an essential role in expanding the market. Besides these countries, Singapore, Thailand, and the Philippines are estimated to contribute significantly during the forecast period. However, due to the outbreak of COVID-19, the market has been facing severe hurdles. COVID-19 has affected the global smartphone shipments and has reduced to 13% to 272 million units in the first quarter of FY’2020 globally. China has been affected severely, and the disruption in the country has affected the supply and shipment for China is world’s one of the largest producers and exporters of electronic devices.
The second position is attained by North America. The market is likely to expand considerably during the forecast period. The region is likely to progress due to the rising demand for high capacity range equipment, which will augment the global portable battery pack market growth.
Key Players
The established players of the global portable battery market are Acer Inc. (Taiwan), Sony Corporation (Japan), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Dell Inc. (U.S.), Nikon Corporation (Japan), Sharp Electronics Corporation (Japan), Advanced Battery Systems Inc. (U.S.), Casio Computer Co.Ltd. (Japan), Seiko Holdings Corporation (Japan), and a few others.
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