The power bank market was valued at USD 8.61 billion in 2019, at a CAGR of 7% over the forecast period 2020 - 2025. With the advent of rapid digitalization, the demand for portable electronic gadgets has increased substantially. As a result, power banks are being rapidly adopted as the most widely used option for a portable charger and a source of battery backup for devices with USB capability. Other major factors, such as mobility and versatility of power banks, have also augmented their demand.
- Also, the increasing use of products equipped with rechargeable batteries, such as iPads, Bluetooth speakers, wireless headsets, smartphones, laptops, tablets, etc. are driving the growth of the power bank market.
- Also, the emergence of e-commerce, the demand for mobile devices, and portable chargers are increasing. Also, the availability of low-cost power banks on these online portals have further augmented the market growth.
- Further, internet usage in smart devices leads to the fast discharge of batteries in the devices. Hence, the rising internet penetration has driven the consumption of power banks, especially in emerging countries.
- Also, the increasing need for wireless, portable, and connected devices in enterprises is fuelling market growth.
- However, the emerging trends of wireless charging and improved battery capacity of electronic devices are expected to hamper the market growth.
Scope of the Report
A power bank is a gadget that acts as a power reservoir for charging mobile devices such as smartphones, tablets, and others. Increase in adoption of mobile and connected devices has augmented the demand for power banks to ensure incessant use of these devices with sufficient power backup.
Key Market Trends
Laptops are Expected to Exhibit Maximum Application
- The use of laptops for everyday purposes has increased drastically, due to the increased power, battery life, portability, and display quality, over a desktop. According to a study conducted by Ofcom in 2018, the penetration rate of the laptop in the United Kingdom increased from 47% in 2009 to 63% in 2018.
- Also, total laptop sales are expected to reach 171 million units in 2023, up from 166 million units in 2019, globally. Desktop sales are expected to contract, from 88.4 million units in 2019 to 79.5 million units by 2023.
- However, the primary objective of a laptop over a desktop is that ensures connectivity so that people can continue the work from any part of the world. Also, the increased internet connectivity and reach are proliferating the use of laptops to ensure uninterrupted work.
- Further, the increasing work from home and BYOD trends in offices are augmenting the adoption of laptops over desktops in workspaces. However, uninterrupted delivery of work could be ensured only with continuous power in the laptop, increasing the need for portable chargers for laptops.
- Portable laptop chargers will help keep the laptops powered up so that people can be more efficient in their tasks without delaying their work. Also, these chargers are compatible with a variety of systems, are lightweight, and have the proper power outputs needed to charge the device.
Asia-Pacific Expected to Grow Significantly
- The Asia-Pacific region is expected to grow at the highest growth rate for the power bank market. An increase in the adoption of power banks in the region can be attributed to the upsurge in the number of smartphone users in the region.
- Also, India is the second-largest market globally for smartphones after China. Further, India is one of the most lucrative markets for smartphone companies because the number of mobile users in India exceeds the entire population of the United States. Hence, the need for power banks is increasing in the region due to the increased usage of smart and portable devices.
- Furthermore, various product launches and advancements in electronic devices are anticipated to offer lucrative opportunities for the growth of the Asia-Pacific power bank market.
The competitive landscape of the global power bank market is fragmented due to the presence of many vendors globally offering power banks. The market does not provide major lucrative opportunities for new market entrants. Also, the existing players are launching new technology-integrated products offering features different from the competitors in the market. Further, the vendors are planning to expand the usage of their power banks to various end-user verticals.
- August 2019 - Xiaomi launched its updated Mi PowerBank 2i 20000mAh for the Indian market. The company has added a major useful feature to make it more relevant to modern smartphone owners. It now has extended support for 18W fast charging. The fast charging option will be available on both the USB ports, meaning that one can charge two phones at a time at full 18W fast charging speeds, provided that the phone supports 18W fast charging.
- May 2019 - Samsung India announced the launch of two new devices, the Wireless Power Bank and Wireless Charging Duo Pad, expanding its portfolio in the wireless ecosystem. The two devices are designed to meet the needs of the connected lifestyle. The Wireless Power Bank and Wireless Charging Duo Pad are also compatible with Samsung’s wearable range such as Galaxy Buds and Galaxy Watch.
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