According to the latest report Markets and Markets international market research institutions, the global mobile electric / portable battery market is expected to reach $9 billion by 2020, which is expected to increase to $13.4 billion by 2025, with an annual compound growth rate of 8.1 percent.
According to the report, the growth of the market will be driven by the integration of advanced technology in mobile power, due to various software applications resulting in increased power consumption of smart phones, the decline in mobile power prices and sudden changes in work.
By 2020 COVID-19 the virus pandemic was sweeping the world, resulting in a surge in demand for home-based office and distance learning to stimulate laptops, which helped the mobile power market in smartphones, tablets, portable media players, wearable devices, increased demand for digital cameras and other applications.
According to battery type, in 2019, lithium ion battery mobile power dominates the global market. Lithium-ion batteries have higher energy densities, i.e., they can store more charges at a given size or volume, and the manufacturing costs are lower because of their lower production costs and lower maintenance requirements compared to lithium polymer batteries. High energy capacity, cheap prices, lower production and maintenance costs and higher battery conversion rates are driving the development of mobile power based on lithium ion batteries.
Because of the COVID-19 pandemic, the manufacturing and consumption of lithium ion batteries will be reduced more than expected in the short term, because most lithium ion battery manufacturers are concentrated in China, and the interruption of the supply chain is a factor. The mobile power market based on lithium ion batteries may be negatively affected in the short term.
From the mobile power type, products with 2 USB ports dominated the global market in 2019. It is expected that this trend will continue during the forecast period. Charging two portable devices at a time, light weight, more efficient output and cheaper prices are factors driving the development of mobile power with two USB ports.
From the market region, the Asia-Pacific region has the largest mobile power market share in 2019, followed by North America and Europe. Markets in the Asia-Pacific region mainly include developing economies, such as China and India, which have great potential for mobile power. In China, Japan and South Korea, demand for portable consumer electronics and next-generation electronics is growing, driving the Asia-Pacific mobile power market. The mobile power market in the Asia-Pacific region is competitive, with both mature and new participants entering. These companies continually upgrade their portfolio by introducing technologically advanced products.
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