India Power Bank Market to Grow at a High CAGR Until 2028
Rising popularity for
digital content and significant shift towards 3G and 4G networks are expected
to increase the growth of India Power Bank Market during the forecast period of
2024-2028.
According to TechSci Research
report, “India Power Bank Market – By Region, Competition Forecast &
Opportunities, 2018-2028, the India Power Bank Market is anticipated to
register a robust growth during the forecast period, 2024-2028”. The growing popularity of
smartphones and other electronic devices, the rise in power consumption of
these devices as a result of mobile technology advancements, low cost of power
banks, and the expansion of online retail platforms' customer bases are the
main factors driving the India Power Bank Market. The market for power banks in
India is also experiencing the growing impact of technical improvements and
changing consumer desire for greater functions. Vendors of portable electronics
devices are being pushed by the need to remain competitive to include new, more
potent functions while adopting new technologies to keep devices simple and
tiny.
Furthermore, the rapid
decline in price of power banks has been directly influencing the growth of India
Power Bank Market over the forecast period of 2024 to 2028. Likewise, the
increase in power consumption of smartphones and unexpected shift to
work-from-home and remote learning, owing to COVID-19 which has led to the high
demand for laptops, are also expected to flourish the growth of the India Power
Bank Market. Additionally, it is projected that the incorporation of
cutting-edge technology in power banks will favorably influence market
expansion. Additionally, it is anticipated that widespread digitization and the
accessibility of affordable power banks would actively fuel the expansion of
the power bank industry. Additionally, the rapid expansion of e-commerce in the
electronics sector would greatly increase demand for power banks and propel the
market's expansion.
However, it is anticipated
that the poor quality of power banks and the complex design process will act as
the main barriers to the growth of power banks in the aforementioned forecasted
period, while the closure of power bank manufacturing facilities and the high
cost of li-ion battery recycling could pose a threat to the growth of the India
Power Bank Market in the aforementioned forecasted period of 2024 to 2028.
Moreover, due to launch of
solar charging and hydrogen cells, customers across the nation are inclining
toward the use of power bank without electricity, which has led to the increase
in demand for solar based power banks during the forecast period.
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India Power
Bank Market is segmented into by type, by capacity, by USB ports, by distribution
channel, by energy source, by price range, by end user and by region. On the basis of
Type, the Lithium-ion is expected to dominate the India Power Bank Market
because lithium-ion offer several advantages including improved discharge and
charge efficiency, longer life span and the ability to deep cycle while
maintaining power. No maintenance and super long life make
them a worthwhile investment and a smart long-term solution. However,
lithium-ion batteries often come with a higher price tag, owing to high
material costs and the complex preparation processes involved.
On the other
hand, due to the increased rigidity and light weight of Li-polymer batteries,
lithium polymer is anticipated to expand during the projected period. These
batteries also have lower chance of leaking due to their gel-like
characteristics. However, are unable to get around the memory effect problem.
In addition, other elements like its high specific energy compared to other
lithium batteries, its small size and light weight, high capacity, and safety
from explosion are used in lightweight devices like smartphones, thin laptops,
and smart wearables, which is one of the key factors driving the segment
growth.
On the basis of
Energy Source, the solar segment is expected to dominate the India Power Bank
Market owing to the key advantages of using solar power banks include affordability,
environment friendliness, cost-saving, high compatibility with mobile devices, hybrid
devices for reliable backup power and a reliable source of power supply for gadgets.
In addition to being portable, solar power banks enable users to charge their
phones anywhere and anytime. These devices can also store a lot of electricity.
Hence, due to such benefits offered, solar based power banks are likely to grow
during the forecast period.
Major
market players operating in the India Power Bank Market are:
- Intex Technologies
(India) Ltd.
- Xiaomi Technology India
Private Limited
- Lenovo (India) Private
Limited
- Zebronics India Pvt.
Ltd.
- Ambrane India Pvt. Ltd.
- Philips India Limited
- SSK Group
- Portronics Digital
Private Limited
- Sony India Private
Limited
- Best It World (India)
Private Limited
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“Power banks’ demand is
increasing significantly because it extends the operating duration of portable
electronic gadgets and mobile phones which are part of modern life. Moreover,
during the COVID-19 pandemic, to avoid the spread of virus, the work from home
(WFH) trend is increased rapidly and it is still being adopted by many
organizations due to which the demand for smartphones, laptops, tablets are
increased, augmenting the growth of India power bank market.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“India
Power Bank Market
By Type (Lithium-ion & Lithium Polymer), By Capacity (Up to 4000 mAh, 4001
- 8000 mAh, 8001 - 12000 mAh & Above 12000 mAh), By USB Ports (One Port,
Two Ports, & Three Ports & Above), By Distribution Channel (Online Vs.
Offline), By Energy Source (Electric, Solar), By Price Range (Low, Mid-Range
and Premium Range), By End User (Consumer Power Banks and Industrial Power
Banks), By Region, Competition”, has evaluated the future growth potential of India Power
Bank Market and provides statistics & information on market size, structure,
and future market growth. The report intends 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 in India Power Bank Market.
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