Summary

The power bank market is expected to register a CAGR of 8.28% over the forecast period 2021 - 2026. The global market for power bank has become highly competitive with the presence of a significant number of players and an increasing number of new entrants. The vendors reduce the prices of their power bank products to remain competitive and increase their customer base. For instance, since 2019, the 20,000 mAh Mi Power Bank 2i price in India declined and now retails for USD 21.8.

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. Companies are also trying to provide fast charging through all its charging ports to leverage competitive advantage.​
In August 2019, Xiaomi announced the launch of Mi PowerBank 2i 20000mAh with 18W fast charging and two USB ports. In 2018, US-based Duracell also launched its power banks range. These power banks are claimed to provide two times more charging speeds and are compatible with Android, iOS, and other USB-powered devices.
With a rise in media consumption through handheld devices, there is always a need for a backup power source such as power banks to keep the devices charged. However, carrying a power bank comes with its hassles. Users need to maintain their power banks, keep them charged, and carry them along. In public places like railway stations, shared plugs remain engaged, which creates a significant issue for the users. ​
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 growth of the market during the forecast period. The ongoing Coronavirus pandemic has resulted in a significant decline in the growth rate. ​
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 of business inputs. ​


Key Market Trends

Wireless​ 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 cutting edge technology-enabled wireless charging and are integrating this into their existing technology to provide an excellent touchless experience for employees. They are also using resulting data to optimize the safety and efficiency of their areas.​The e-commerce industry has transformed the way business is done across the world.
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. ​
While every day, new devices continue to launch with Qi wireless power, such as the recently announced Google Pixel 3, Wireless Charging Stand, and Huawei’s Mate 20 Pro, which also acts as a wireless charging power bank to charge with Qi devices.​
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 social distancing policy. This will further boost the demand for wireless power banks in the post-COVID-19 pandemic scenario.​


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.​
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 cost.​
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.​
Increasing focus on research & development initiatives to develop miniaturized power banks in the region creates growth opportunities for the market. For instance, in November 2019, SMARTCOBY, one of the smallest and lightest power banks, had launched on Kickstarter later in November by CIO Co., Ltd., which is a Japanese smartphone accessory company in Osaka. The newly developed power bank is a credit card-sized 8000mAh capacity, which enables customers to carry it around everywhere.​
Tablets are another promising device for the power banks in the region. As of the recent statistics, India had just about 5.3% penetration of tablets, and this is expected to go up to only about 10% in 2022. The rising penetration is an opportunity for studied market vendors as tablets offer relatively larger screens that consume more energy due to HD content compared to smartphones.​


Competitive Landscape

The global 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. Some of the recent developments in the market are:


In June 2020 - Xiaomi Corporation launched the Mi Power Bank 3 with a massive 30,000mAh battery capacity, enough to charge the latest iPhone SE more than ten times and its flagship Mi 10 about five times. The newest power bank from Xiaomi is a significant upgrade over Power Bank 2 and comes in a rock-solid design.
In May 2020 - Gionee has announced the launch of a new GBuddy 10,000mAh wireless power bank in India. The newly developed power bank is priced at INR 3,999 in the country and is available to buy via e-commerce site Amazon India. As a part of its introductory offer, the company had started selling the power bank for INR 1,299.​


Additional Benefits:

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

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