Wireless Power Bank Market Overview 2023-2031: Estimated Market Size, Major Drivers and Lucrative Segments – By The Business Research Company

Posted on 2024-03-29 by Transparency Market Research in Advertising // 0 Comments

Wilmington, United States, 2024-Mar-01 — /EPR Network/ — The realm of electronics has witnessed an unprecedented surge in innovation, driven by the insatiable demand for electronic devices such as smartphones, tablets, and laptops across the globe. In this technological landscape, wireless power banks have emerged as indispensable accessories, providing a seamless solution to the perpetual need for device charging on the go. As we delve into the dynamics of the global wireless power bank market, a promising trajectory unfolds, underpinned by robust market drivers and evolving consumer preferences.

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Key Players and Market Developments

Samsung, Octell, Kenu, Energous Corporation, Intex Technologies, Aukey, Xiaomi, Zagg Inc., Xtorm, and Benks are key entities operating in this market. Most of these players are investing in R&D of products that facilitate super-fast charging.

Market Overview:

In 2022, the global wireless power bank market was valued at US$ 1.5 billion. Forecasts suggest a steady expansion at a Compound Annual Growth Rate (CAGR) of 5.8%, culminating in a valuation of US$ 2.4 billion by the end of 2031. Central to this growth narrative is the escalating adoption of electronic gadgets worldwide, coupled with the imperative need for reliable charging solutions, particularly in regions grappling with electricity shortages.

Drivers of Market Growth:

The surge in urbanization, coupled with the proliferation of disposable income in developing economies, has fueled the proliferation of electronic devices, thereby augmenting the demand for wireless power banks. Furthermore, the advent of the COVID-19 pandemic catalyzed a paradigm shift towards remote work setups, fostering an increased reliance on electronic devices, consequently bolstering the market for wireless charging solutions.

Market Segmentation and Trends:

The wireless power bank market encompasses a diverse array of products, ranging from magnetic power banks to solar phone chargers, powered predominantly by lithium-ion or lithium polymer batteries. Notably, lithium-ion batteries are poised to dominate the market landscape, owing to their high power density and cost-effectiveness. However, the lithium polymer segment is anticipated to witness significant growth, attributed to its robustness, flexibility, and lightweight nature.

Regional Outlook:

Asia Pacific emerges as a pivotal hub for market expansion, driven by burgeoning urban populations and escalating internet penetration rates. India, in particular, stands as a key market, propelled by surging smartphone sales and the availability of economically viable wireless power bank solutions. Meanwhile, North America exhibits a healthy growth trajectory, buoyed by escalating smartphone usage and substantial investments in Research and Development (R&D) initiatives.

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Future Prospects:

Looking ahead, the future of the wireless power bank market appears promising, propelled by relentless technological advancements and evolving consumer preferences. As key players continue to innovate and diversify their product offerings, the market is poised to witness sustained growth, catering to the ever-expanding universe of electronic device users globally.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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