The Global Mobile Battery Market Is Expected To Reach $29.9 Billion In 2027, Fueled By Advancements In Fast Charging Technology - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 5, 2023 /PRNewswire/ -- As per The Business Research Company's Mobile Battery Global Market Report 2023, the global mobile battery market has experienced robust growth, with the market size expanding from $21.61 billion in 2022 to $23.05 billion in 2023, reflecting a compound annual growth rate (CAGR) of 6.7%. This growth trajectory is projected to continue, with the mobile battery market size expected to reach $29.9 billion in 2027 at a CAGR of 6.7%, driven by government support, population growth, urbanization, evolving consumer preferences, and increased research and development (R&D) activities.
Driving Force: Market Growth Factors
Several key factors are fueling the growth of the global mobile battery market. These include government support, population growth, urbanization, evolving consumer preferences, and growing R&D activities. The confluence of these factors is driving the expansion of the market, with significant growth anticipated in the coming years.
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Competitive Landscape
The global mobile battery market is characterized by fragmentation, with a multitude of players operating in the industry. In 2022, the top ten competitors collectively accounted for 12.79% of the total market share. LG Chem led the mobile battery market as the largest competitor, holding a 2.66% share, followed by SK Innovation, Samsung SDI Co. Ltd, BYD Company Ltd., Sunwoda Electronic Co. Ltd., Panasonic Corporation, Zhuhai CosMX Battery Co. Ltd., Contemporary Amperex Technology Limited, Murata Manufacturing Co. Ltd., and TWS.
Key Trend: Fast Charging Technologies
Fast charging technology has emerged as a prominent trend in the mobile battery market. This technology enables users to rapidly recharge their devices with remarkable efficiency. Major companies in the market are actively engaged in the development of batteries equipped with fast charging technology. For example, in December 2021, Samsung SDI, a South Korea-based battery and electronic materials manufacturer, introduced PRiMX, a new battery brand featuring super-fast charging technology. PRiMX batteries minimize lithium-ion transport distance and time by reducing internal battery cell resistance. They hold immense potential for various applications, including electric vehicles, mobile devices, energy storage systems, and wearable technology.
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Market Segmentation
The global mobile battery market is segmented based on:
- Type: Lithium Ion, Lithium Polymer, Nickel Cadmium, Nickel Metal Hydride, and Other Types.
- Sales Channel: Online and Offline.
- Industry: Smartphone and Non-smartphone.
Top Opportunities: Smartphone Segment
The smartphone segment presents significant growth opportunities, with projections indicating an increase of $6,046.5 million in global annual sales by 2027.
Market Growth Leader: The USA
The United States is expected to lead the mobile battery market in terms of growth, with an anticipated gain of $1,616.1 million in mobile battery market size.
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