The mobile computing battery market, valued at $8.3 billion in 2021, is expected to hit $15.18 billion by 2027, growing at a compound annual growth rate (CAGR) of 10.59% during the forecast period.
With the increasing demand for mobility, manufacturers are trying hard to pour money into innovative and efficient battery technologies. There is a rising need to build energy-dense batteries because microprocessor performance has been increasing at a rate far faster than the annual rise in battery energy capacity. Although lithium is abundant in many regions, its deposits are found in low concentrations. So, continued research has been going on to discover replacements that are more commercially viable.
With the increasing shift towards digitalization, demand for mobile computing devices has risen significantly since the last decade. In turn, this has encouraged existing manufacturers of mobile computing devices to boost production, which has fueled the demand for portable computing batteries.
In terms of application, portable PCs and cellular phones are the major demand generator for mobile computing batteries due to their high penetration. However, the demand for mobile computing batteries used in wearables is anticipated to witness the highest CAGR during the aforementioned forecast period. As we advance, battery systems and battery technology will be major factors influencing purchase behavior. This will also boost the dependence on Lithium-ion batteries, thus driving the global battery chargers. Government regulations and scientific developments in key battery elements such as cathode materials will drive major improvements in battery attributes and cost reductions over the next decade.
Since consumer spending power has expanded, laptops are now widely used for official, educational, and recreational purposes. Increased internet penetration and significant expansion in the gaming industry are two more major growth-inducing factors for portable PCs. OEMs can optimize battery performance and manufacturing productivity by having total visibility and awareness of the battery supply chain. OEMs have recently prioritized the development of numerous supply connections and cooperation with battery specialists. OEMs are progressively pursuing the highest quality and competitive technology available, including a mix of contracts with multiple companies and even in-house production, instead of having exclusive battery supply arrangements.
(All information was provided by Yahoo!)
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