Mobile Battery Global Market Report 2024

The mobile battery market size has grown strongly in recent years. It will grow from $23.1 billion in 2023 to $24.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The expansion observed in the historical period can be attributed to the growth of emerging markets, an increase in smartphone penetration, and a rise in disposable income. Factors that adversely impacted growth in the historic period included stringent government regulations.

The mobile battery market size is expected to see strong growth in the next few years. It will grow to $30.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to government support, global population growth, and urbanization, evolving consumer preferences, and increasing research and development (R&D) activities. Key trends projected for the forecast period include a focus on fast charging technologies, technological advancements to facilitate the development of new products, an emphasis on graphene-powered batteries for high electrical conductivity and durability, and the adoption of solid-state batteries as a safer option.

The global surge in demand for smartphones is propelling the expansion of the mobile battery market. The demand for mobile battery products is intricately linked to the sales of mobile phones, given that mobile phones require batteries for charging. According to TechRadar, a technology-focused online publication, the global sales of smartphones by the world's top five manufacturers witnessed growth in 2021. Samsung, for instance, saw a 7.6% increase to 272 million units, accounting for 19% of the market. Apple experienced a 19.7% rise in device sales to 239 million, leading to a 16.7% growth in market share. Other manufacturers, including Xiaomi, Oppo, and Vivo, also observed a roughly one-third increase in shipments. Consequently, the widespread adoption of smartphones is a key driver fostering the growth of the mobile battery market.

The forecast period is anticipated to see a boost in the mobile battery market due to increased research and development (R&D) activities. R&D efforts in mobile batteries aim to deliver innovative and cost-effective solutions while enhancing key performance metrics such as energy density, cycle life, and power density. Manufacturers are responding to consumer demands for longer-lasting, faster-charging, and more energy-efficient batteries by investing in R&D initiatives. For example, in June 2023, the U.S. Department of Energy allocated over $192 million for battery recycling and the establishment of an advanced mobile battery research and development consortium, emphasizing the importance of sustainable battery solutions. These R&D endeavors are expected to drive innovation, improve product performance, and contribute to the sustained growth of the mobile battery market.

Technological advancement stands out as a prominent trend in the mobile battery market. Battery research companies are continually integrating the latest technologies to offer enhanced products. Xiaomi, for instance, developed a new battery technology for smartphones in 2021, introducing High-Silicon Lithium battery technology. This technology promises a 10% increase in battery capacity within the same volume by incorporating negative electrodes with 300% more silicon. Xiaomi's innovative approach, coupled with in-house chip and advanced algorithms, aims to significantly enhance battery performance. Mass production of these high-silicon lithium batteries is scheduled for the second half of 2022.

The mobile battery market is witnessing a trend toward increased fast charging technologies. Major companies in the market are prioritizing the development of batteries with efficient fast charging capabilities. In December 2021, Samsung SDI launched the PRiMX battery brand, featuring super-fast charging technology. PRiMX batteries minimize lithium-ion transport distance and time by reducing internal battery cell resistance. This technology holds promise for applications requiring rapid charging and extended lifespan, including electric vehicles, mobile devices, energy storage systems, and wearable technology.

In July 2021, Enovix Corporation, specializing in advanced silicon-anode lithium-ion battery development, merged with Rodgers Silicon Valley Acquisition Corp. The merger facilitated trading on the Nasdaq Global Select Market under new ticker symbols (ENVX for Enovix common stock and ENVXW for Enovix warrants). Enovix aims to expand manufacturing to meet global demand in the mobile computing industry and continue developing cells for electric vehicles. Rodgers Silicon Valley Acquisition Corp. operates in mergers, acquisitions, and share exchanges.

Major companies operating in the mobile battery market report are LG Chem, SK Innovation, Samsung SDI Co. Ltd., BYD Company Ltd., Sunwoda Electronic Co. Ltd., Panasonic Corporation, Zhuhai CosMX Battery Co. Ltd., Contemporary Amperex Technology Limited, Murata Manufacturing Co. Ltd., TWS, DESAY Battery Co. Ltd., Amperex Technology Limited (ATL), China BAK Battery, Exide Industries Limited, HBL Power Systems Limited, Samwha Capacitor Group, Hello Bom, BSLBATT, Amron Batteries, Varta AG, Saft Groupe S.A., Leclanché, BMZ Group, Accutronics Ltd., Northvolt, SibPribor, Kursk Battery Plant, RUSNANO Group, Zavod AIT LLC, American Crane & Equipment Corp, Scott's Emergency Lighting and Power Generation, Dantona Industries Inc., Tenergy Corporation, Motion Industries Inc., Hollingsworth & Vose Co, EnerSys, Energizer Holdings Inc., Eveready Batteries, Duracell Inc., Acumuladores Moura S. A, Sertrading (Br) Ltda, Flextronics International Tecnologia Ltda, Clarion Energy Solutions Brasil Ltda, Industrias Tudor Sp De Bateriais Ltda, Abu Abdul Hakim Automotive Parts Est, Precision Electro Mech Est, AASP General Trading, Abbas Liaqat Trading LLC, Agetco General Trading LLC, First National Battery.

Asia-Pacific was the largest region in the mobile battery market in 2023. The regions covered in the mobile battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mobile battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of mobile batteries include lithium-ion, lithium polymer, nickel-cadmium, nickel-metal hydride, and other variants. A lithium-ion battery, commonly known as a Li-ion battery, is a rechargeable battery composed of cells through which lithium ions move from the negative electrode to the positive electrode via an electrolyte during discharge, and vice versa during charging. Mobile batteries are available for purchase through both online and offline channels, catering to smartphones and non-smartphones alike.

The mobile battery market research report is one of a series of new reports that provides mobile battery market statistics, including mobile battery industry global market size, regional shares, competitors with a mobile battery market share, detailed mobile battery market segments, market trends and opportunities, and any further data you may need to thrive in the mobile battery industry. This mobile battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mobile battery market consists of sales of nickel-cadmium (NiCd), NiMH (NiMH), lithium-ion (Li-ion), and lithium polymer (Li-pol) batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.