Increasing Smartphone Adoption and Battery Life Concerns are the factors propelling the Mobile Power Bank Market growth.
According to TechSci Research report, “Global Mobile Power Bank Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”. Global Mobile Power Bank is anticipated to project robust growth in the forecast period with a CAGR of 7.05% through 2029. Screen time has become part of the fabric of everyday life for most. According to Comparitech’s latest available data, people average 6 hours 58 minutes of screen time per day globally, while the average screen time in the United States is 7 hours 4 minutes per day which is 7 minutes more than the global average. Thus, for a phone or laptop to stay on standby, its needs to be ensured that it is powered on at all times, and a portable power bank is considered a handier option than ever.
Power banks can be bulky or take too much time to charge a smartphone. So, vendors are constantly innovating to reduce the size and weight and, at the same time, also increase their capacity to charge quickly. Stuffcool launched a new 15W wireless charging power bank with a 20W PD wired output. The new Stuffcool wireless power bank is lightweight and has a slim design, with an LED indicator to show the battery percentage while charging and discharging, a micro USB port, and a USB Type-C charging port.
The increasing adoption of power banks that can offer high-speed charging is expected to drive market growth for power banks with a capacity range of 10,000mAh – 20000mAh. Companies are also trying to provide fast charging through all their charging ports to leverage their competitive advantage.
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Based on Charging Mode, Wireless is expected to hold the largest share of Mobile Power Bank market for during the forecast period, The fastest emerging trend in the future of the workplace is turning out to be the concept of ‘work from anywhere.’ Workplaces are getting on board with innovative technology-enabled wireless charging and are integrating this into their existing technology to provide an excellent touchless experience for employees. They are also using the resulting data to optimize the safety and efficiency of their areas.
Amid the rise of Qi, some power bank manufacturers have started making non-compliant or counterfeit products with misleading labels like “Qi compatible” or “Qi-enabled,” often with illegally-used Qi logos. Different consumers surveyed by technology associations across the globe agreed that Qi-Certified offers distinct advantages in a wireless charging power bank product to ensure safety, compatibility, and reliability.
The shift to de-densifying real estate to allow for social distancing, coupled with dynamic work patterns, naturally leads to looking at hotelling shared desks. However, shared resources don’t come without safety challenges, and any process needs a simple way for employees to identify available desks by cleaning schedules and a social distancing policy. This will further boost the demand for wireless power banks in the post-COVID-19 pandemic scenario.
The rising implementation of 5G will result in an increased power drawn by the devices in order to provide for the added speed and bandwidth. Wireless charging power banks will become increasingly popular in such a case as they combine the convenience of having additional power when away from main chargers so that mobile devices like smartphones can be charged when on the move. Wireless charging power banks require more electronic components within them and provide more functionality than a standard power bank. As such, they tend to be more expensive than the simpler, more traditional wired power banks.
Based on Region, Asia Pacific will dominate the market, The growth of the Asia-Pacific power bank market is boosted by the increasing use of consumer electronic devices, especially smartphones and tablets, increased power consumption of electronic devices owing to technological advancements, and electric outage.
Moreover, rising disposable income, growing urban population, and increasing penetration of smartphones and tablets in rural regions are some of the significant factors that are expected to fuel the adoption of power banks in Asia-Pacific over the forecast period.
An increase in the user base of electronic devices is mainly stimulating the growth of the power bank market in the Asia Pacific countries. This is backed by growing government initiatives to aid the smartphone and electronic manufacturing sector and technological advancements leading to a reduction in lithium-ion battery costs.
For instance, in the recent past, India’s draft National Policy on Electronics (NPE) released by the IT ministry has set an ambitious target of creating a USD 400 billion electronics manufacturing industry by 2025, with the mobile phone devices segment accounting for three-fourths of the production.
Key market players in the Global Mobile Power Bank Market are following: –
- Xiaomi Corporation
- Lenovo Group Limited
- BBK Electronics (Realme)
- Panasonic Corporation
- Koninklijke Philips NV
- Sony Corporation
- ADATA Technology Co. Ltd
- Ambrane India Pvt. Ltd.
- Intex Technologies (India) Ltd
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“The global mobile power bank market is primarily driven by the widespread adoption of smartphones and the ever-increasing reliance on electronic devices for various aspects of our daily lives. As smartphone usage becomes ubiquitous, concerns over battery life have become a significant driver, prompting users to seek portable power solutions. The rapid growth of the mobile device ecosystem, including tablets, laptops, and wearables, further fuels the demand for power banks to ensure uninterrupted use. The digitalization of services, such as mobile payments, navigation, and e-commerce, also necessitates reliable power sources, promoting the use of power banks. Additionally, the travel and tourism industry’s growth has made power banks indispensable for users on the move. Emerging markets with expanding access to mobile technology and often unreliable power supply have become significant drivers for the mobile power bank market. Overall, as technology advances and our dependence on mobile devices continues to grow, the demand for mobile power banks is expected to remain robust, making them a crucial accessory for users worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Mobile Power Bank Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Capacity Range (500-5999mAh, 6000-9999mAh, 10,000mAh -13000mAh, more than 13000mAh), Charging Mode (Wired, Wireless), By Region, By Competition 2019-2029 has evaluated the future growth potential of Global Mobile Power Bank Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Mobile Power Bank Market.
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