Portable Battery-Powered Products Market to See 7.6% Annual Growth Through 2024

Industry Boosted by the Transition to 5G

July 16, 2019

WELLESLEY, Mass., July 16, 2019–The transition to 5G and the dominance of Bluetooth are two factors which drive growth of the global portable battery-powered products market, according to a report by BCC Research, “Portable Battery-Powered  Products: Global Markets.”

The market expects to see a compound annual growth rate (CAGR) of 7.6% through 2024, when it could be worth $1.5 trillion.

Major players in the market include: Mitsubishi International (MSBHY), Samsung SDI (006400), Sony Corp. (SNE) and LG Chem Ltd. (051910).

Research Highlights

  • The portable consumer electronics segment is expected to grow from $914.2 billion in 2019 to $1.2 trillion in 2024 at a CAGR of 5.5%.
  • The portable battery-powered products segment is expected to grow from $93.0 billion in 2019 to $255.1 billion in 2024 at a CAGR of 22.4%.
  • Lithium-ion secondary rechargeable batteries account for the largest market share by far, at 64% of the total market as of 2018, and are also projected to grow 9.2% annually through 2024.

Read the full report here: https://www.bccresearch.com/market-research/fuel-cell-and-battery-technologies/portable-battery-products-markets.html

“Battery-powered products and the batteries that power them grew spectacularly in the early 2000s,” writes analyst Robert Eckard. “Now, after a nearly decade-long hiatus, battery market development is back and running strong. Major manufacturers and innovators are driving the market in significant new directions, thanks to an exceptionally strong—and growing—R&D base that is making batteries safer, lighter, more durable, more portable, longer-lasting, and higher-capacity than ever before.”

The Transition to Battery Power

One of the key reasons that many battery-powered products are growing rapidly in market value is that many manufacturers—particularly in the tools, toys, novelties and medical equipment industries—are rapidly transitioning an increasing number of conventionally cord-powered products over to battery power. Entirely new applications are also surfacing.”

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Portable Battery-Powered Products: Global Markets( FCB023F )
Publish Date: Jul 2019    

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