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WILMINGTON, DE , UNITED STATES, June 26, 2024 /EINPresswire / -- The mobile battery market size was valued at $21.2 billion in 2020, and is projected to reach $38.6 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. Mobile batteries are the batteries used to provide electric power to mobile phones for their operations.
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Mobile phones or smartphones have become the most integral part of everyday life. Mobile phones are not only used for telephonic conversation but also for checking in to places like doctor's offices, events, movies and accessing maps. For using these above-mentioned features, mobile phones must have a longer battery life in one charging cycle. There are different types of battery chemistries used in the mobile phones which include lithium-ion, nickel based, and other batteries. Among these battery types, lithium-ion batteries are the most widely used in mobile phones.
Rise in demand for smartphones from people below the age group of 30 years across the globe is expected to drive the growth of the market during the forecast period. In addition, increase in use of two mobile phones such as smartphone and feature phones among professionals is further anticipated to fuel the global mobile battery market growth from 2021 to 2030. However, low penetration of smartphones among people with age above 60 and strong presence of featured phones across the globe is expected to hamper the growth of the market in the coming years. In addition, high concern toward personal & financial security owing to potential risks in online activities among consumers decreased the demand for smartphones which in turn is expected to restrain the growth of the smartphone battery market in the coming years. On the contrary, rise in R&D activities toward increasing battery life and performance is expected to create opportunities for key players operating in the market from 2021 to 2030.
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Depending on type, the lithium-ion battery segment held the highest market share of about 69.75% in 2020, and is expected to maintain its dominance during the mobile battery market forecast period. This is attributed to rise in demand for lithium-ion batteries, owing to increase in need for smartphones and incorporation of additional features such as games, camera, music players, and video players, which require more energy due to increased utilization of the processor.
On the basis of application, the smartphones segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to consistent growth of smartphones in the global mobile industry owing to the rise in demand for smartphones among age group of 18 to 30 years for social media, gaming apps, and others. In addition, rise in replacement of feature phone with smartphones increases the demand for mobile batteries in this segment and thereby is expected to drive the global mobile battery market during the analyzed time frame.
On the basis of sales channel, the offline segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to key advantages associated with offline distributors such as maintenance & services, replacement, faster problem resolving associated with battery functions and others. In addition, consumers across the globe are conservative and price sensitive across sales channels which resulted in driving the trend toward shopping of key mobile accessories such as mobile batteries, covers and others owing to their faith in offline platform.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered a dominant share in 2020, and is anticipated to maintain this dominance during the forecast period. This is attributed to presence of key players and huge consumer base in the region. In addition, increase in investments and R&D toward improving battery life and enhancing the performance of mobile phones is further projected to fuel the market growth in the region.
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Key Findings of the Study:
In 2020, the lithium-ion battery segment accounted for about 69.75% of the share in the global mobile battery market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the smartphones segment accounted for 82.2% mobile battery market share in the year 2020, and is anticipated to grow at a rate of 6.4% in terms of revenue, increasing its share in the global mobile battery market.
Online is the fastest-growing sales channel segment in the global mobile battery market, expected to grow at a CAGR of 6.4% during 2021-2030.
Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 6.6%, throughout the forecast period.
In 2020, Asia-Pacific dominated the global mobile battery market with more than 39.4% of the share, in terms of revenue.
David Correa
Allied Market Research
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