LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global mobile phone turbo chargers market is projected to reach USD 11.41 billion by 2021, growing at a CAGR of more than 9% during the forecast period.
This research report titled ‘Global Mobile Phone Turbo Chargers Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
A turbo charger or fast charger has high voltage capacity and can provide extremely quick charging times. The increase in the number of power-intensive mobile applications is increasing, driving the demand for effective battery chargers such as turbo chargers.
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Based on product, the report categorizes the global mobile phone turbo chargers market into the following segments:
- Wall adapters
- Power banks
- Car chargers
- Travel adapters
The top three revenue-generating product segments in the global mobile phone turbo chargers market are discussed below:
“Wall adapters are the most popular product segment of the mobile phone turbo chargers market, generating over 55% of the overall revenue. The number of hours an individual spends on his or her smartphone and tablet is increasing, resulting in faster battery drain, thereby creating a demand for turbo chargers,” says Chetan Mohan, one of the lead analysts at Technavio for semiconductor equipment research.
The declining price of wall adapters and the increasing adoption of wireless chargers will further impact the growth of the market over the forecast period. The global shipments of mobile turbo chargers are expected to cross 258 thousand units by 2021, resulting in significant revenue generation.
Power banks are the latest addition to the charging devices available for mobile phones and tablets, with storage capacity ranging from 500 mAh to over 20,000 mAh. The ever-increasing digital content available to users of connected devices is leading to the relatively faster discharge of those smart devices. This has led to an increase in demand for portable on-the-go power banks. Additionally, the decline in average selling prices of power banks is leading to its increased adoption from the middle-class consumer base, thereby driving market growth.
“The strong demand for gadgets like smartphones and tablets will boost the market for car chargers, as most of these devices require constant battery back-up. Smart devices have many features and high-end specifications, making it the biggest potential market for car chargers,” says Chetan.
The increased use of global positioning system (GPS), maps, and other applications on smart devices drains the battery power fast. With technological advancements, car chargers are expected to become a standard component of car dashboards, thereby creating demand for these units from the automotive industry.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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