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A power bank is a portable electrical device used to charge a rechargeable battery or secondary cell. They are mostly used in the absence of power supply to charge the in-built battery in electronic devices.
What are the factors influencing power bank market dynamics?
The global power bank market was US$ 2.5 billion in 2018 and is expected to reach US$ 8 billion by 2025.
The global power bank market has gained huge popularity all over the world, owing to the rising popularity of gadgets. The main features which make power banks popular are flexibility, reliability, portability and mobility. The low-cost and easy availability through different e-commerce websites and online portals also fuelled the market growth.
The market has experienced a rise in the number of new competitors as power banks are appearing as fast-moving consumer electronics and need low investment in manufacturing facilities. There has to be intense competition between brands due to the massive wide range of portable chargers such as Anker, RAVpower and Aukey.
The rise in competition has forced producers to develop new market solutions to maintain and broaden their consumer base. For instance, the EGG Traveller, the world’s first portable power strip with a built-in power bank and wireless charging, was introduced in Portugal by EGG Electronics in 2019. The increased demand for easy and efficient charging options has driven global manufacturers to develop with the product and make power banks with lightweight and high charging capacity. The smart devices production has also helped in driving demand for power banks.
The advent of 4G and 5G networks and the extensive use of internet services have made devices less power-efficient. This has generated enormous worldwide demand for power banks, thereby accelerating market growth. Moreover, the leading manufacturers of power banks also tend towards solar and hydrogen fuel-based power bank technologies.
However, one of the rising trends in wireless charging infrastructure has increased, the technological upgrading of the battery capacity of smartphones due to the integration of highly efficient chipsets, which may somewhat hamper the power bank market.
The growth of the power bank market has been driven by increased use of digital products with rechargeable batteries such as smartphones, tablets, iPad, Bluetooth speakers, cameras and headphones.
Other various factors driving the market growth is the development of innovations in consumer electronics like wireless technologies, artificial intelligence combined with growing penetration IoT service has fuelled the use of devices, thus boosting the market growth.