With 8.2 CAGR, Power Bank Market Size to Reach USD 18.32 Bn by 2029 | Power Bank Industry: Global Trends, Growth, and Future Prospects

According to Exactitude Consultancy the Global Power Bank Market Size is expected to reach USD 18.32 Bn by 2029, growing at an 8.2% CAGR of Between Forecast Period 2023 to 2029. A Comprehensive Analysis of the Power Bank Industry: Emerging Trends, Robust Growth, and Promising Opportunities

PUNE, India, May 29, 2023 /PRNewswire/ -- Exactitude Consultancy explores the current market and new opportunities in the growing Power Bank Market.

Is technological advancement or price competition driving the market? Read more to get insights from the report. By 2029, due to the growing Information & Technology, and electronics the demand for the Power bank market will be increasing, which will result in a market growth of the market is around USD 18.32 billion.

According to the latest market research completed and published by Exactitude Consultancy, the Power bank market is expected to grow at a CAGR of more than 8.2% over the forecast period from 2022 to 2029. This is likely to grow the market value from USD 9.08 billion in 2020 to USD 18.32 billion in 2029. The report discusses the market considering the key market players, their brands, the advancements made in the power bank market, and the result it provides for the use of the consumer. Other critical aspects of the market considered while writing the report are the phenomena recognizing the application of different types of Power banks, and the segments they are used.

With their robust operating systems like Android, Symbian, and iOS, smartphones have become an essential part of daily life. These systems enable users to play games, run multimedia players, use video calling, and stay connected to the outside world via high-speed internet services, all of which result in high battery consumption. Mobile power banks are portable battery chargers that allow users to charge their mobile devices whenever and wherever they choose. It is a medium-sized electrical gadget with an electronic circuit to manage the power flow range and a specific battery. Depending on the capacity (mAh), mobile power banks enable users to store electrical energy for charging up small computing devices like smartphones and tablets.

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The Report Scope and Market Definition and Market Segments Considered for The Study:

The report's purview can be summed up as follows: The worldwide Power bank market has been divided into the following categories by Emergen Research for this report.

Segment Analysis: Based on battery type, indicator, capacity, application, and region, the global market for Power banks is divided into these categories.

Lithium-ion and lithium polymer batteries are the two main battery types utilized in power banks. Lithium polymer batteries are rechargeable batteries that have a lithium-ion battery inside a soft polymer casing. Comparatively speaking, lithium polymer power banks are smaller and lighter than lithium-ion power banks. Lithium ions are used by rechargeable lithium-ion batteries, to transfer ions from the electrolyte's negative electrode to the positive electrode. Per unit of mass and space, these batteries offer a high voltage and charge storage capacity. Low, medium, and high price ranges are some of the power bank pricing ranges. Mobile devices such as cell phones, tablets, digital cameras, computers, and others can all be charged using power banks.

Power Bank Market Drivers

• Increasing Demand for Portable Electronic Devices

The rising popularity of smartphones, tablets, smartwatches, and other portable devices has resulted in a higher demand for power banks. These devices often have limited battery capacities, and users require additional power sources to keep them charged throughout the day.

• Growing Need for Continuous Power Supply

As people rely more on their devices for communication, work, and entertainment, the need for uninterrupted power supply has become crucial. Power banks offer a portable and reliable solution for charging devices on the go, ensuring continuous usage.

• Emergence of Fast Charging Technologies

The emergence of fast charging technologies, such as Qualcomm Quick Charge and USB Power Delivery, has significantly impacted the power bank market. These technologies enable users to charge their devices quickly, reducing downtime and enhancing the overall user experience.

Power Bank Market Restraints

• Intense Competition in the Market

The power bank market is highly competitive, with numerous manufacturers and brands vying for market share. This intense competition often leads to price wars and a race to offer the latest features at affordable prices. This can create challenges for both established players and new entrants.

• Challenges in Battery Technology

Power banks rely on lithium-ion batteries, which come with their own set of challenges. Battery technology has improved over the years, but issues such as limited lifespan, capacity degradation over time, and safety concerns still persist. These

Regional Growth Insights:

As the electronics sector is rising in several developing nations like China and India, the Asia Pacific area is anticipated to grow at the quickest rate. Indian electronics sales are projected to increase by 41% annually until 2020, reaching USD 400 billion, according to the Bharatiya Brand Equity Foundation (IBEF). In addition to these factors, rising investments in the electronics sector contribute to the market growth for power banks. Thailand Board of Investment reports that from 0.9% in 2017 to 6.3% in 2018, the investment value growth rate in the electronic industry. Also, as electronic devices' export capacities rise, the market for power banks expands.

The main obstacle is the poor quality of power banks.

A lot of players have just entered the power bank industry and are now offering power banks with different capacities, costs, and styles. Unfortunately, not all power banks are of high quality, as some only last for a short period, such as six months. Low-quality power banks have the potential to explode, overheat, and degrade the battery life of a phone. They are typically offered at low prices to draw customers. A few producers employ used batteries, which raises the possibility of an explosion. Hence, low-quality power banks may prevent the market from expanding.

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Competitive landscape and companies covered in the global Power Bank Market report:

Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.

There is almost no difference in the product range for applications in the market. Almost all the top companies offer all the products thus making it much of a marketing and incentive-based market rather than innovation. Major players operating in the global Power bank market include Anker Innovations, AUKEY, Xiaomi, ADATA, RAVPower, GRIFFIN, Lenovo, mophie, AMBRANE, NTEX, and others

Industry Development:

• 7 February 2023: Lenovo and WEKA announced a new global agreement focused on offering solutions for next-generation data management architectures and performance-intensive workloads for delivery in more than 160 markets worldwide. These comprehensive solutions will accelerate artificial intelligence (AI) and analytics for high-performance workloads, including finance, genomics, life science, media, and entertainment applications around the world by fast-moving time to insights while reducing associated prices.
• 31 January 2023: Lenovo™ announced at Information Systems Europe (ISE 2023) in Barcelona the all-new Think Smart™ View Plus running Microsoft Teams display1, a standalone collaboration display with premium audio, video, and whiteboarding features. The smart collaboration solution is purpose-built for hot desking, phone booths, executive desks, and home office use cases.

Objectives of the research and the key questions answered:

The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, the information technology industries, governments, and research personnel.

Key Questions Answered: -

1. What is the expected growth rate of the power bank market over the next 7 years?
2. Who are the major players in the power bank market and what is their market share?
3. What are the end-user industries driving demand for the market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-Pacific, the Middle East, and Africa?
5. How is the economic environment affecting the power bank market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the power bank market?
7. What is the current and forecasted size and growth rate of the global power bank market?
8. What are the key drivers of growth in the power bank market?
9. Who are the major players in the market and what is their market share?
10. What are the distribution channels and supply chain dynamics in the power bank market?
11. What are the technological advancements and innovations in the power bank market and their impact on product development and growth?
12. What are the regulatory considerations and their impact on the market?
13. What are the challenges faced by players in the power bank market and how are they addressing these challenges?
14. What are the opportunities for growth and expansion in the power bank market?
15. What are the product offerings and specifications of leading players in the market?

Exactitude Consultancy Services Key Objectives:

• Increasing sales and market share
• Developing new technology
• Improving profitability
• Entering new markets
• Enhancing brand reputation

Power Bank Market Research FAQs:

What is the market for power banks?

The global power bank market was valued at 10.62 billion in 2022 and is projected to reach 18.32 billion by 2029, growing at a CAGR of 8.2% from 2022 to 2029

Which companies is best for power bank?

The major players operating in the global Power Bank industry include the major market players Anker Innovations, AUKEY, Xiaomi, ADATA, RAVPower, GRIFFIN, Lenovo, mophie, AMBRANE, NTEX, and others

What is the future scope of power bank?

The Power Bank Market is expected to register a CAGR of 8.2% over the forecast period 2023 - 2029. The industry for power banks has historically been subjected to moderate growth due to the growth in demand for consumer electronics with improved landscapes and usage.

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