Mr. Ishwar Kumhar, CEO of Brandworks Technology Pvt Ltd
With the increased use of smartphones and mobility devices, the use of portable power banks and wall chargers has increased. Especially after the launch of 5G mobile network technology, the power consumption of devices has further increased, resulting in the need for frequent charging of the devices. Although power banks and wall chargers are different devices, they serve the same purpose to some extent.
Asia is the largest market, and North America is a growing one. The market for both has grown tenfold in the past few years, with just a slight dip during the pandemic, from which companies seem to have recovered quickly. Even though there is significant growth in the market for both devices. Portable power banks seem to be more in demand. The days when portable power banks used to be heavy and, frankly, non-portable have passed. With the increase in demand for it, there has been a rise in competition too. Resulting in lighter and more advanced portable power banks for a great steal.
Albeit portable power banks are assumed to be slow compared to wall chargers, with significant changes to the newer chargers, they are available at different charging speeds and for different durations as per a user’s lifestyle requirements. The 8,001 mAh–20,000 mAh segment accounted for a market share of 35.0% in 2022 and is expected to generate the highest revenue over the forecast period. The 8,001 mAh–20,000 mAh capacity range segment is known as “high-capacity power banks. The demand for these high-capacity power banks is increasing as more consumers seek to charge their devices multiple times without having to recharge the power bank itself. Factors like heavy internet usage, extensive digitization, and the insufficient battery capacity of smartphones and other mobile consumer electronic products have contributed to driving the market growth of portable chargers. Fast wall chargers have been a boon too. They serve their purpose of charging devices faster, which is why they’re a preferred buy.
Moreover, as charging time is a key consideration for many consumers, fast-charging technology has become increasingly popular in the market. Some power banks now support fast charging protocols, such as Qualcomm Quick Charge or USB Power Delivery, which can significantly reduce charging times.
With the arrival of GaN (gallium nitride) technology in wall chargers, they have become more efficient, more compact in size, and have considerably superior thermal performance. GaN chargers range in power from 20W to 240W to satisfy a wide range of charging needs.
The global cable and charger market size was USD 33.94 billion in 2021 and is expected to register a revenue CAGR of 9.2% over the forecast period of 2030. Increasing demand for smartphones and electronic devices is driving market revenue growth.
Both power banks and wall chargers offer users a choice of power sources to suit their needs. While power banks are portable and convenient for outdoor and travel use, they are also preferred as a backup source in the event of no electricity. Wall chargers are suitable for indoor use and provide a fast and reliable power supply. As such, both power sources have their advantages and limitations, and users can choose the option that best suits their needs. In conclusion, it is unlikely that the power bank market will collapse due to the emergence of high-power chargers. Both products serve different purposes and will coexist in the market, providing consumers with a choice of power sources to suit their needs. Both power banks and wall chargers will continue to serve different purposes and coexist in the market, offering users a choice of power sources to suit their needs.
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