Power Bank Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Power Bank Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Power Bank Market is expected to register a CAGR of 8.3% over the forecast period 2022 - 2027. The market for power banks has historically been subjected to moderate growth due to the rise in demand for consumer electronics with improved features and usage. This is projected to fuel the market's growth during the forecast period.

Key Highlights

• Power banks can be bulky, or it may 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. The Fingers Pro PD-QC power bank is one such device that can prove to be useful with its ability to charge a phone without any wire. The power bank offers wireless charging of compatible devices while simultaneously supporting wired charging as well.​
• The increasing adoption of power banks that can offer high-speed charging is expected to drive the market growth for power banks with a capacity range of 10,000mAh - 20000mAh. Comp nies are also trying to provide fast charging through all their charging ports to leverage their competitive advantage.​
• The e-commerce industry transformed the way business is done across the world. For instance, according to the recent stats published by IBEF, the Indian e-commerce industry is predicted to grow by 21.5% in 2022, reaching USD 74.8 billion. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. Suc increasing e-commerce figures from emerging economies will further boost the growth of the power bank market over the forecast period.
• Many players have entered the power bank market in recent years and are providing power banks of various capacities, prices, and designs. However, not all power banks are of superior quality as they tend to last even less than six months. Low-quality power banks not only charge the device improperly but could also damage it, thereby restricting the market growth.
• As a result of COVID-19, the previously expected growth of power banks across applications is likely to decline as the pandemic restricts the supply chain and adoption due to the severe disruptions to businesses and the global economy. The epidemic has resulted in limited production leading to a sharp decline in business inputs. ​

Key Market TrendsWireless​ Charging is Expected to Drive the Market Growth

• 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.

Asia-Pacific to Witness Highest Growth

• 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.​
• In July 2021, Mi India launched the Mi HyperSonic power bank. The new device by Mi features a triple port design that includes a USB Type-C and two USB Type-A ports. It can be used to fast charge both smartphones and laptops. Other than the fast charging capability, the power bank also features a low-power charging mode for devices with low-power output, such as Bluetooth headsets, fitness bands, smartwatches, etc.
• 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.​

Competitive Landscape

The 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.

• May 2022 - US-based Zendure launched SuperMini GO, a wireless power bank with MagSafe-compatible magnetic docking. The device wirelessly charges Qi-compatible mobile devices, including phones and tablets, and it magnetically docks to MagSafe products for a secure connection while delivering up to 15W of wireless power.
• October 2021 - Xiaomi launched the Xiaomi Power Bank Pocket Edition Pro in China, with 33W fast charging support. The power bank features two ports (1 x USB Type-C, 1 x USB Type-A). It can be used to charge different types of devices as it is USB PD (Power Delivery) compatible.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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