While several end-use industries including healthcare, residential, commercial, automotive, and manufacturing, showcase significant adoption of professional portable batteries, given the introduction of wireless and portable devices arising from technological advancements, the overall safety and security devices landscape is estimated to boost the aftermarket sales of professional portable batteries.
Stringency in regulation making it mandatory for organisations to use fire safety and security equipment in workplaces, will increase the demand for professional portable battery.
A recently published report on the global professional portable battery aftermarket, indicates lucrative opportunities for battery manufacturers operating in the aftermarket, considering the growing installed base of battery operated devices.
Representing a promising year-on-year growth of nine percent in 2019, the valuation of global professional portable battery aftermarket is estimated to stand at a valuation of $3.5bn, by the end of 2019. Between 2018 and 2026, the forecast period considered in the scope of study, the aftermarket sales of professional portable battery will grow at a stellar CAGR of 10.1%, reaching a revenue of $ 6.9bn.
Insights on the professional portable battery aftermarket
A senior analyst at Persistence Market Research said: “Apart from the factors mentioned above, increasing adoption of GPS devices in industrial sector, plunging prices of portable and wireless devices, robust growth of real estate and industrial sector, growing adoption of automotive safety systems, and increasing use of portable vital sign monitoring devices in homecare settings are some other crucial factors projected to impact the professional portable battery aftermarket.
“However, increasing penetration of counterfeit and private label products, in conjunction with emergence of wireless and battery-free tire pressure monitoring systems (TPMS) sensors are some critical dynamics expected to severely restrict the professional portable battery aftermarket growth.”
The global professional portable battery aftermarket is significantly vast, with tier-1 players including Duracell, Energizer, Varta, and Panasonic dominating the landscape with a substantial share of approximately 60 to 68 percent. The tier-1 players, are likely to focus on expanding their distribution channels generating significant revenue from the aftermarket division On the other hand, tier-2 and tier-3 players account for a maximum market share of 19% or lesser, individually.
The competition in developing markets is projected to remain high given the increasing demand for increasing demand for advanced technology and automated products in several end-use sectors. In developed regions, manufactures are likely to focus on retaining their existing consumer-base as competitors in the region are increasingly offering products at competitive pricing.
To counter these, there are key differentiation strategies.
Companies in the professional portable battery aftermarket are projected to enter into collaborations and acquisitions with several global and local market players to manufacture high-quality, customised, and technologically advanced products, thereby, creating significant expansion opportunities for manufacturers, at regional and global level.
Focus on collaborating with local retailers and suppliers will remain high.
Product portfolio diversification
Batter-operated device manufacturers are making significant investments in research and development initiatives to gain from the availability of a diverse range of materials suited for a different application.
Companies are increasingly launching new products integrated with specialised technologies to diversify their product portfolios. New product development is mostly aimed at manufacturing light-weight, compact, and energy-efficient batteries.