Increasing Adoption of Mobile Phones and Increasing Sales of PCs to Augment Growth of Portable Battery Pack (Power Banks) Market

 

Portable Battery Pack (Power Banks) Market

Power banks are an extremely popular product and many people have one in their possession today. It is a great thing to have and can be used for many different things from charging up your cell phone or laptop, to charging all of your power needs at home or work. These batteries are very popular as they can be bought for a fairly cheap price and last a very long time with proper care. In addition to this, the cost of these batteries when you go to dispose of them is very low, so it is definitely a good investment to make.

Market Dynamics

Increasing adoption of mobile phones is expected to propel growth of the portable battery pack (power banks) market. For instance, according to Pew Research Center’s February 2019 report, over 5 billion people have mobile devices and over 50% of these connections are smartphones. Moreover, growing e-commerce sector is also expected to aid in growth of the market. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.

Increasing sales of PCs is expected to offer lucrative growth opportunities for players in the portable battery pack (power banks) market. For instance, according to Gartner, Inc., a research and advisory firm, worldwide PC shipments totaled 70.6 million units in the fourth quarter of 2019, a 2.3% increase from the fourth quarter of 2018.

However, launch of smartphones with reverse charging feature is expected to hinder growth of the global portable battery pack (power banks) market. For instance, as of May 2019, there were 10 models from 4 brands on the current market that support reverse wireless charging including Samsung Galaxy S10 series, Galaxy Fold, Huawei Mate 20 Pro, P30 Pro, ZTE Axon 10 Pro series.

Competitive Analysis

Key players operating in the global portable battery pack (power banks) market include, BYD Company Limited, mophie, Inc., Energizer Holdings, Inc., RavPower, Cheero USA, Inc., Simplo Technology Co. Ltd., Braven LC, Simplo Technology Co. Ltd., Anker Technology Co. Limited, Sony Corporation, Xiaomi, and Panasonic Corporation.

Major players in the global portable battery pack (power banks) market are focused on launching new products to expand their product portfolio. For instance, in November 2019, RavPower launched RP-PB186, a 29W power bank.

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