PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463788
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463788
Market Overview
The electronic gadget batteries market size stood at USD 15.9 billion in 2023, and it is expected to advance at a compound annual growth rate of 16.3% during 2024- 2030, to reach USD 45.6 billion by 2030. This growth of the industry can be credited to the augmented customer fondness for portable devices and development in urbanization.
Furthermore, the core reason is that today's mobile devices like smartphones or tablets are already capable of running desktop or online apps thanks to their hardware and software power. A processor, random memory and storage, Wi-Fi, an operating system, and other components of hardware and software that exist in personal computers are all present in portable devices.
Therefore, the rechargeable batteries play a crucial role in powering electronic devices. Besides, the chosen technology of the battery plays a key role in the operation of devices, user interface, and mobility.
Wearable electronics may become increasingly crucial for governments, health systems, education institutions, and corporations due to new tech applications and the world response to COVID-19.
However, while these devices produce strong new tools to enhance workplace wellness, quality of care, and safety of operations, they are a signal of a significant rise in demand for batteries. The past several years has witnessed a huge expansion in the sportswear sector. In 2018 the global sales of manufacturers ranged from 120 to 123 million units, which were estimated to reach up to 190 million in 2022. Consequently, the wearables segment is expected to fuel the mobile computing battery market growth over the next few years.
Key Insights
In 2023, the portable PCs category generated the largest revenue share of 40%.
This is mainly because compact PC batteries, particularly lithium-ion batteries, are extensively utilized in laptops, notebooks, and Chromebooks, allowing them to work without a power cord.
These batteries are available in several configurations to outfit different specifications, letting laptops run for numerous hours.
Mobile phone batteries, too, have a significant share in the market because of the rapidly growing usage of cellular phones, especially the developed countries, while the usage penetration rates are more than ninety percent.
This has also propelled the mobile phone batteries demand as mobile phones especially smartphones the widespread acceptance has taken place to the usage of daily life.
In 2023, the OEMs are the key end users, holding a 65% share.
Lithium-ion batteries are vital for OEMs to attain goals such as growing device effectiveness, battery life, and cost affordability in mobile computing.
Before the COVID-19 catastrophe, there were reports of OEMs going through production concerns because of battery and cell scarcity.
The epidemic and subsequent restarts strained mobile computing device production as the need rushed, affecting vital item productivity.
The APAC region is dominating the market and the region is also projected to lead the industry in the future as well.
The region's supremacy is because of the growing utilization of smartphones and smartwatches, and also the existence of electronic device manufacturing hubs such as Japan, China, South Korea, Vietnam, and India.
In India small companies are advancing, leading to surges in exports and increasing revenue from electronic gadget sales. Investments in the Indian IT industry are also increasing.