Growing use of smartphones and surging need for longer battery backup are key market growth drivers
VANCOUVER, BC, CANADA, February 21, 2022 /EINPresswire.com/ — Battery Pack Market size is expected to reach USD 132.68 billion by 2028 at a CAGR of 17.9%, according to a new report by Emergen Research. Growth in market revenue is primarily attributed to increasing applications of battery packs in consumer electronic devices such as mobile phones and laptops, power tools, and electric vehicles. Increasing use of mobile devices such as smartphones, laptops, and tablets, growing use of cordless and portable electronic equipment, surging need for extended battery life are some of the major factors driving the growth of the global battery pack market.
A battery pack is an electrical power storage device consisting of several batteries connected in a serial configuration. The device is rechargeable and delivers the desired power density or capacity. Batteries and interconnects are the chief components of a battery pack that provide electrical conductivity between the units.
The market research report on Battery Pack market, samples and measures quality data on the overall business environment for the forecast period 2020-2027.Comprehensive data on growing investment pockets evaluated in the report on Battery Pack market are powered and backed by human answers.
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The extensive assessment of real-time data on the business environment offers a more specialized view of threats and challenges companies are likely to face in the years to come. In addition, the unique expertise of the researchers behind the study in strategic growth consulting enables product owners identifies important definition, product classification, and application. Coverage of critical data on investment feasibility, return on investment, demand and supply, import and export, consumption volume and production capability aim at supporting the business owners in multiple growth phases including the initial stages, product development and prioritizing potential geography.
The report further explores the key business players along with their in-depth profiling, product catalog, and strategic business decisions. The key players studied in the report are Epec LLC, Cadex, Steatite, Excell Battery, ProTechnologies, Energizer Holding Inc., Mophie Inc., BYD Battery Co. Ltd, LG Chem Power Inc., Panasonic Corporation, Simplo Technology Co. Ltd., Sony Corporation, and Samsung SDI Co. Ltd.
Based on product type, the phone battery packs segment is expected to register the highest growth in revenue over the forecast period. Growth of this segment is spurred by growing use of smartphones worldwide and increasing need for longer power backup for smartphones and other mobile devices.
Based on battery type, the Li-ion battery segment accounted for the highest revenue share in 2020. Growing use of Li-ion batteries in battery packs due to advantages such as high energy density, enhanced voltage capacity, and lower self-discharge rate compared to other battery types is one of the primary factors bolstering this segment’s growth.
In terms of end-use, the medical segment is projected to register the fastest revenue growth rate during the forecast period, owing to several favorable factors. Surging need for high-performance battery packs for a wide range of medical devices and equipment and growing use of wearable medical devices or gadgets such as fitness bands and hearing aids have led to a higher demand for the product.
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Regional Bifurcation of the Battery Pack Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report also aims to benefit the user by providing constructive data to gain insight into market growth, size, and investment approaches. Additionally, the report provides an extensive analysis of the Battery Pack market, including key data, such as factors influencing the growth of the market, buyers and vendors, production and consumption, and revenue.
Key Benefits of Buying the Global Battery Pack Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Battery Pack Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Battery Pack Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Battery Pack Market
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For the purpose of this report, the global battery pack market is segmented on the basis of product type, battery type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
Laptop battery pack
Power battery pack
Phone battery pack
Battery Type Outlook (Revenue, USD Billion; 2018-2028)
Nickel metal hydride battery
Nickel cadmium battery
End-use Outlook (Revenue, USD Billion; 2018-2028)
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