The portable charging units market was valued at US$ 11.47 Bn in 2018 and expected to grow at a CAGR of 18.7% during the forecast period from 2019 to 2027.
"Rise in smartphone sales worldwide will boost the demand for Portable Charging Units Market"
The surge in smartphones demand across the globe coupled with rising technological advancements in consumer electronics are anticipated to drive the global portable charging units market throughout the forecast period from 2019-2027. The rise in the adoption of smart devices and the decline in power bank costs are further expected to uplift the market demand in the years to come. The Asia Pacific dominated the global portable charging units market in 2018.
The rise in smartphone power consumption and the rising adoption of wearable devices are some other factors expected to enhance the market demand over the estimated period. The surge in capacity requirements by smart devices along with quick economic development are some of the other factors anticipated to enhance the market growth during the forecast period. In addition, the launch of new products by major companies is one of the important factors anticipated to drive market demand. For instance, in February 2020, RAVPower launched a new 60W PD power bank for Apple MacBook Pro. The aforementioned newly launched device is portable power reservoir, pocket-friendly, & powerful and compatible with various devices such as iPhone 11 Pro Max, MacBook Pro, Samsung Galaxy S10 and others. However, the recycling cost of Li-ion batteries and complex design processes are some restraints projected to hinder the market demand over the forecast period.
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New product launches with advanced technical features along with geographic expansion are expected to be the major growth strategies for the market players in years to come. The portable charging units market is highly fragmented due to the presence of numerous global, regional and local players.
In February 2017, Anker Innovations launched Anker Power Core Fusion, a 5000mAh portable battery charger with a built-in A/C pin. The aforementioned device is a complete solution for smartphone charging.
• In October 2019, in China Lenovo Group Limited launched a 50W think plus power bank with 14000mAh battery. The abovementioned power bank comes with high-temperature, short circuit protection and compatible with USB QC 3.0/2.0, PD2.0.
Key Market Movements:
Globally, the portable charging units market is growing at a CAGR of 18.7% for the projected period from 2019 to 2027
• Asia Pacific accounted for major share in the global market in 2018 owing to the growing adoption of smartphones and rapid urbanization. The region expected to continue its dominance over the forecast period due to a surge in economic growth coupled with the presence of prominent market players in the region.
• In 2018, North America contributed to a substantial share in the global market. Early technological adoption and presence of some major players such as Belkin International, Inc., Griffin Technology, Duracell, Inc., and others.
• Based on the battery type, the Lithium-ion battery segment accounted for the largest share in 2018. The segment contributed to more than 65% of the global market share. Higher energy density, less manufacturing cost, and low maintenance costs are the major factors for segment dominance.
• Innovative product launch is anticipated to be the major strategy by key players
List of Companies Covered:
• Samsung Group
• Xiaomi Corporation
• GRIFFIN Technology
• Lenovo Group Limited
• Vertex, Inc.
• Duracell Inc.
• Belkin International, Inc.
• Sony Corporation
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