Key Market Insights
"Surge in Capacity Requirements Worldwide will enhance the Market Growth"
The global portable charging units market is growing rapidly, expected to grow at a CAGR of 18.1% throughout the projected period from 2024 to 2032, starting from US$ 17.69 Bn in 2021.
The surge in capacity requirements coupled with the growing adoption of wearable devices is expected to drive the global portable charging units market over the forecast period. In 2021, the global wearable devices market had sales of more than 140 Mn units and is anticipated to expand at a CAGR of more than 16% during the forecast period. The rapid increase in the charging cycle requirement and integration of advanced technology in power banks are projected to enhance the global market in years to come. The rise in smartphone technology across the globe is one of the important factors estimated to drive the global market over the upcoming years.
Reduction in battery size and increased safety requirements are some of the major factors expected to enhance global market growth. The launch of new and advanced portable charging units for laptops and USB Type-C are other key factors for the increased market demand during the forecast period. For instance, in January 2020, Lenovo Group Limited launched a power bank for ThinkPad. The newly launched power bank comes with 2 USB type-A ports & 1 USN type-c port and supports 18W PD fast charging with 10000mAh capacity. With the newly launched device, Lenovo Group Limited is projected to increase its market presence in laptop portable chargers. However, changing government regulations along with rising competition among the market players are some of the factors anticipated to hinder the market growth throughout the forecast period.
Application Analysis
“Rising smartphone adoption worldwide to spur the segment growth”
In 2023, the smartphone segment had the largest share in the global portable charging units market. The smartphone segment contributed to more than 30% of the global market share in the same year. The global smartphone market was valued at around US$ 520 Bn in 2018 and is expected to grow with a CAGR of more than 5% in years to come. According to a recent report, more than 1,550 Mn units of smartphones have been sold in 2018 and the number is expected to increase at a rapid pace over the forecast period due to rising preference for 5G smartphone devices and rapid surge in the use of the internet services across the globe. Therefore, the segment is expected to continue its dominance during the forecast period.
“Introduction of Portable charging units for Laptops are expected to enhance the segment growth”
The growing use of laptops coupled with the introduction of portable charging units for laptops is expected to drive the laptop segment. For instance, in February 2019, ZENDURE introduced a high-capacity lightning-fast portable charger with a massive 27,000mAh capacity. The newly launched portable charger is compatible with MacBook Pro and other USB Type-C laptops which makes the product unique. Thus, the laptop segment is projected to show significant growth over the forecast period.
Regional Analysis
“Surge in adoption of smart devices to boost the Asia Pacific growth”
In 2023, Asia Pacific had the highest share in the global portable charging units market and contributed to over 40% market share in the same year. Growing smartphone sales and the presence of prominent market players (such as INTEX, Samsung Group, Xiaomi Corporation, Anker Innovations, and others) are the key reasons for the Asia Pacific dominance. The rapid increase in internet penetration along with the rise in the adoption of smart devices are the major factors expected to drive Asia Pacific growth over the forecast period. The introduction of new products in the region is one of the major factors anticipated to drive the regional market. For instance, In October 2018, Duracell, Inc. launched three portable power banks in India with a power capacity of- 10,050mAh, 3,350mAh, and 6,700 mAh. With the launch of the aforementioned power banks Duracell, Inc. entered the Indian portable power banks market.
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Portable Charging Units market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Capacity
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Battery Type
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USB Port
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Indicator
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
