Growing wireless power bank market driven by convenience and demand for portable charging solutions
From GlobeNewswire: 2025-01-30 03:08:00
The wireless power bank market was valued at USD 5.6 billion in 2023, with a projected CAGR of 4.9% from 2024 to 2032. The convenience of wireless charging technology for smartphones and smartwatches is driving market growth, appealing to tech-savvy consumers who prioritize efficiency and simplicity.
The demand for portable and compact charging solutions has boosted the popularity of wireless power banks, catering to modern lifestyles for work, travel, and outdoor activities. Despite convenience, some limitations include slower charging speeds and higher energy loss compared to wired chargers, raising concerns about environmental sustainability.
Lithium-ion batteries dominated the market in 2023, with a USD 4.1 billion market size, projected to grow at a 5% CAGR through 2032. These batteries offer superior energy density, stable performance, and extended cycle life, making them ideal for portable charging solutions. Advancements in technology have improved charging speeds and overall performance.
The wireless power bank market is segmented by end-user into individual/consumer, commercial, and industrial categories. The individual/consumer segment held a 59.7% market share in 2023 and is expected to grow at a 5.2% CAGR, driven by the increasing reliance on personal electronic devices requiring convenient charging solutions.
North America accounted for a USD 1.4 billion market share in 2023, with a projected 5.2% CAGR from 2024 to 2032. The region’s strong consumer electronics sector and focus on sustainability are driving the adoption of advanced wireless power banks, supporting market expansion.
Major players in the wireless power bank market include ADATA Technology, Anker Technology, Samsung SDI, and Xiaomi, among others. The industry’s growth is fueled by increasing adoption of wireless charging technology, demand for portable charging solutions, and rising power consumption of mobile devices.
Read more at GlobeNewswire: Wireless Power Bank Market to hit USD 8.5 billion by 2032,