Rising Adoption of Wireless Headsets Necessitates Robust Power Bank Demand by 18% CAGR through 2029 – PR Newswire

Power Bank Industry to Witness a Boom with Increased Affordability of Smartphones and Trend of Wireless Accessories

Fact.MR’s latest report on the power bank market provides a 10-year forecast through 2019 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report is segmented into capacity, energy source, battery type, distribution channel, and region.

NEW YORK, Aug. 24, 2022 /PRNewswire/ — The global power bank market is expected to grow at a staggering 18% CAGR between 2019 and 2029. As per the study, sales in the power bank market are expected to surge by 5.3x over the forecast period.

Growing prominence of numerous mobile apps and social media platforms has increased the amount of time people spend on their phones, thereby driving the demand for power banks. Owing to rising sales of portable mobile devices like smartphones and tablets, the need for mobile phone accessories, including power banks, is expanding steadily.

Moreover, increased affordability of smartphones due to price reductions, product or technology improvements and portfolio diversification are anticipated to augur well for the global market. Surging popularity of wireless power banks that eliminate the requirement of cables to charge electronic devices and promote hassle-free charging capability would also spur the market.

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Demand for power banks is growing at a fast pace with the rising use of smartphones, tablets, notepads, and other accessories like digital watches and headphones. As per the India Brand Equity Foundation (IBEF), the country’s headset market revenue is anticipated to reach US$ 77 Million by 2027 on the back of rising demand for wireless headsets. It is further expected to propel the need for advanced power banks with fast-charging capacities.

Emergence of new technologies like the Internet of Things (IoT), artificial intelligence, and mixed reality, together with the widespread use of the internet, have fueled the introduction of new technologically advanced power banks. In August 2022, for instance, Anker launched MagSafe Power Bank ahead of the introduction of iPhone 14.

The new product has a 5,000mAh internal battery that can offer 7.5W speeds over the magnetic wireless charging pad. It can be purchased directly from Amazon and is priced at US$ 49.99. Thus, increasing number of new product launches by prominent companies and start-up firms worldwide would drive the market.

Key Takeaways:

  • Based on battery type, the lithium polymer segment is anticipated to account for about 20% of the global power bank market share in the assessment period.
  • The lithium-ion category is likely to remain at the forefront by generating a share of over 80% by the end of 2029.
  • East Asia is projected to emerge as a leading region in the power bank market and generate a share of nearly 27% in the evaluation period.
  • North America power bank market is estimated to hold a market share of more than 26% in the forthcoming years.
  • The global power bank market is projected to create an incremental opportunity and grow by 5.3x during the forecast period.

Growth …….

Source: https://www.prnewswire.com/news-releases/rising-adoption-of-wireless-headsets-necessitates-robust-power-bank-demand-by-18-cagr-through-2029-301611515.html

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