Portable charger market is projected to reach $17.3 billion globally by 2031 at a CAGR of 9.8%: Allied Market Research

Increasing demand for compact electronic devices equipped with rechargeable batteries such as smartphones, laptops and tablets, advantages of portable devices such as portability, durability and more, the advent of 4G networks and the consequent use of internet services that made these devices less efficient in terms of power consumption and improved purchasing power of consumers are driving the growth of the global portable charger market.

PORTLAND, Ore., August 26, 2022 /PRNewswire/ — Allied Market Research released a report titled “Portable Charger Market by type (single solar panel, LED light and adjustable voltage), application (mobile phones, digital cameras, MP3 and MP4 devices, automobile, laptop and others), and sales channel (online {company website and third-party online channel}), and offline {Hypermarket/Supermarket, Specialty Stores and Others}): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global portable charger industry generated $6.8 billion in 2021 and is expected to be achieved $17.3 billion by 2031, witnessing a CAGR of 9.8% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.

drivers and opportunities

Increase in demand for compact electronic devices with rechargeable batteries such as smartphones, laptops and tablets, advantages of portable devices such as durability, portability, multiple sockets, fast charging and low range costs, the advent of 4G networks and consistent use of internet services related to these devices less efficient in terms of electricity consumption and improved consumer purchasing power are driving the growth of the global portable charger market. However, some of the portable power banks are heavy and bulky, which is difficult to carry around. This factor hinders market growth. On the other hand, innovative advances in practical chargers such as B. Versatile remote chargers, new opportunities for the market in the coming years.

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Covid-19 scenario

  • The Covid-19 pandemic affected almost every industry around the world. Most governments imposed strict regulations and lockdowns that shut down manufacturing industries and disrupted the supply chain.
  • Electronics manufacturing centers have been temporarily closed to curb the spread of the virus. This affected the supply chain of the semiconductor market by creating shortages of materials, components and finished products.
  • Lack of business continuity negatively impacted sales and shareholder returns.
  • However, the portable charger market gained momentum with post-lockdown investment.

The single solar panel segment dominating the roost during the forecast period

Based on type, the single solar panel segment was the largest market in 2021, contributing to more than half of the global portable charger market and is expected to maintain its leading position during the forecast period. Supporting initiatives by the organization, including the International Finance Corporation, the Global Off-Grid Association and the World Bank, to improve energy access for the off-grid are driving demand for single solar panels. However, the adjustable voltage segment is expected to register the fastest CAGR of 10.4% from 2022 to 2031. Increasing usage of wearable smart electronic devices across the world and rising internet penetration are driving the growth of the market. In addition, the existence of an efficient distribution channel of the consumer electronics industry helps to increase the supply of electronic products to meet the demand of the world population, which in turn drives the voltage-regulated charger market.

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The mobile phone segment is set to lead during the forecast period

Depending on the application, the mobile phone segment contributed to more than two-fifths of the global portable charger market in 2021 and is expected to maintain its dominance during the forecast period. The development of telecommunications infrastructure, the emergence of budget-oriented smartphones, the increase in consumers’ disposable income and an increasing number of product launches are all contributing to the growth of the smartphone industry. However, the automotive segment is expected to register the fastest CAGR of 10.6% from 2022 to 2031.

The offline segment will maintain its leading position in terms of revenue over the forecast period

Based on distribution channel, the offline segment has achieved the highest market share of nearly three quarters of the global portable charger market and is expected to maintain remarkable growth during the forecast period. The increase in commercial activities and consumers’ need for leisure activities led to an increasing demand for offline stores. However, the online segment is expected to manifest itself the fastest CAGR 10.3% from 2022 to 2031 as portable chargers can be conveniently sold through online sales channels. Strict online marketing, complemented by huge options, availability of detailed information, discounts and free home delivery offered by companies, increased the popularity of this sales channel.

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Asia Pacific to hold its lion’s share over the forecast period

Based on region, Asia Pacific was the largest market in 2021, capturing more than two-fifths of the global portable charger market and is expected to take the lead during the forecast period. The same segment is forecast to register the highest CAGR of 10.4% over the forecast period. This is due to the large population and increasing use of electronic devices in the area.

Leading Market Players

  • Anchor Innovations
  • Sony Europe B.V
  • Accutronics Ltd.
  • Rizk National Industries LLC
  • Chengdu Khons Technology Co.Ltd.
  • Omnicharge Inc.
  • platinum
  • Samsung SCI Co.Ltd.
  • Lzen electronics
  • ARD Accessories Pvt. GmbH.
  • Belkin International Inc.
  • Microsoft Corporation
  • Voltaic Systems
  • Xiaomi technology
  • Sony Corporation
  • Panasonic Corporation
  • GP Batteries International

The report analyzes these major players in the global portable charger market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance and product portfolio, etc.

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