Wireless Segment is Expected to Dominate the Global Mobile Power Bank Market
Increasing
Smartphone Adoption and Battery Life Concerns are the factors propelling the
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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