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Growing use of smartphones and surging need for longer battery backup are key market growth drivers
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Battery Pack Market Size Worth USD 132.68 Billion in 2028 www.emergenresearch.com Growing use of smartphones and surging need for longer battery backup are key market growth drivers
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Market Summary The global 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. 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 device usually has a temperature sensor that notifies when the device is fully charged. Battery packs are most widely used in cordless machines and tools and battery electric vehicles. Some of the key advantages of these devices are their flexible design and ease of use. Battery packs are extensively used in medical devices such as patient monitors, ultrasound devices, imaging systems, surgical devices, motorized wheelchairs, and defibrillators. www.emergenresearch.com
Market Summary • Some Key Highlights From the Report • 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. • Request Free Sample Copy@ https://www.emergenresearch.com/request-sample/739 www.emergenresearch.com
Market Summary • For the purpose of this report, the global battery packmarket 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 • Others • Battery Type Outlook (Revenue, USD Billion; 2018-2028) • Lithium-ion battery • Nickel metal hydride battery • Lithium-polymer battery • Nickel cadmium battery • Others • Read More@ https://www.emergenresearch.com/industry-report/battery-pack-market
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