DUBLIN, Nov. 10, 2022 /PRNewswire/ — The “Portable Battery Pack Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The portable battery pack market is projected to grow at a CAGR of 12.35% during the forecast period to reach US$17.684 billion by 2027, from US$7.825 billion in 2020. A portable battery is a rechargeable electrical component that can supply power to a device, through an inbuilt battery that can be recharged when needed.
A portable battery can hold power, charge, and discharge when required. It is most commonly used in the end-user industry, to charge devices such as mobile phones, tablets, cameras, laptops, etc. Portable batteries have also been known to be utilized in the automotive industry, for the development of electric vehicles.
The global portable battery pack market is expected to grow substantially, mainly due to the increasing adoption of smartphones and electric vehicles. However, the increasing lithium prices and scarcity may hamper the market demand for the portable battery market. The Asia Pacific region has been reported to have the largest market share, due to the increasing innovations in technology in countries like China and Indiaand is expected to continue leading the market in the forecasted period.
Increasing adoption of mobile devices
Smartphone and smart device adoption is increasing in countries all over the world. Smartphones have made our lives simpler by introducing functions like online shopping, online banking, social networking services, and other useful operations. Moreover, the adoption …