Portable charger market to reach $17.3 bn by 2031

According to Allied Market Research report, the global portable charger industry generated $6.8 billion in 2021, and is estimated to reach $17.3 billion by 2031, witnessing a CAGR of 9.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers and Opportunities
Surge in demand for compact electronic devices equipped with rechargeable batteries such as smartphones, laptops and tablets, benefits offered by portable devices such as durability, portability, multiple sockets, fast charging, and low range cost, the advent of 4G networks and consistent use of internet services which made these devices less efficient in terms of power consumption, and improved consumer purchasing power drive the growth of the global portable charger market. However, some of the portable power banks are heavy and bulky, which are difficult to carry around. This factor hampers the market growth. On the other hand, innovative advancements in convenient chargers, such as remote versatile chargers present new opportunities for the market in the coming years.

Covid-19 scenario

• The Covid-19 pandemic impacted almost all industries across the world. Most governments imposed strict regulations and lockdowns, which led to the halt of manufacturing industries and disruptions in supply chain.
• Electronics manufacturing hubs were temporarily shut down to limit the spread of the virus. This affected the supply chain of semiconductor market by creating shortages of materials, components and finished goods.
• Lack of business continuity caused negative impacts on revenue and shareholder returns.
• However, the portable charger market gained momentum through investments post lockdowns.

The single solar plate segment to rule the roost during the forecast period
Based on type, the single solar plate segment was the largest market in 2021, contributing to more than half of the global portable charger market, and is expected to maintain its leadership status during the forecast period. Supportive initiatives by the organization including International Finance Corporation, Global Off-Grid Association, and World Bank on increasing energy access to people not connected to the electric grid drive the demand for single solar plates. However, the voltage adjustable segment is projected to witness the fastest CAGR of 10.4% from 2022 to 2031. Increase in use of portable smart electronic gadgets across the globe and the growing penetration of the internet drive the growth of the market. Moreover, the presence of efficient distribution channel of the consumer electronics industry helps increase the supply of electronic products to meet the demand of the global population, which, in turn, drive the voltage adjustable type power charger market.

The mobile phones segment to lead the trail during the forecast period
Based on application, the mobiles phones 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 telecom infrastructure, the emergence of budget-centric smartphone, increase in disposable income of consumers and a rise in number of product launches contribute to the growth of the smartphone industry. However, the automotive segment is projected to witness the fastest CAGR of 10.6% from 2022 to 2031.

The offline segment to maintain its lead position in terms of revenue during the forecast period
Based on sales channel, the offline segment grabbed the highest market share of nearly three-fourths of the global portable charger market, and is expected to maintain a noteworthy growth during the forecast period. The increase in the commercial activities and the need for leisure activities among consumers led to the rise in demand for offline stores. However, the online segment is projected to manifest the fastest CAGR of 10.3% from 2022 to 2031, as portable chargers can be conveniently sold through online sales channels. Rigorous online marketing supplemented with huge options, availability of detailed information, discount and free home delivery offered by companies increased the popularity of this distribution channel.

Asia-Pacific to hold its lion’s share during 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 lead the trail during the forecast period. The same segment is projected to manifest the highest CAGR of 10.4% during the forecast period. This is due to huge population and the increased utilization of electronic appliances in the region.

CT Bureau