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Power Bank Global Market Analysis, Trends, Growth, Research And Forecast 2033
Power Bank Global Market
According to The Business Research Company's, The power bank market size has grown rapidly in recent years. It will grow from $16.96 billion in 2023 to $18.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to growth in mobile devices and smartphones, demand for portable and backup power solutions, expansion of travel and outdoor activities, use in emergency and disaster preparedness, regulatory standards for battery safety..
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Market Drivers and Trends:
The increasing availability of mobile devices is expected to drive the growth of the power bank market. The availability of mobile devices and the use of social media make people rely heavily on their devices and require reliable charging options to stay connected. Hence, the increasing availability and usage of mobile devices in various aspects of modern life have created a substantial and sustained demand for power banks. For example, in 2022, according to Oberlo, a Lithuania based cloud-based drop shipping solution for online retailers and vendors, the number of global smartphone users is estimated at 6.6 billion, marking a 4.9 % annual increase. Additionally, in January 2022, according to Zippia, a US based company the provides online recruitment services, there are 294.15 million smartphone users in the United States and nearly 85% of American adults use smartphones. Therefore, the increasing availability of mobile devices is expected to drive the demand for power bank during the forecast period.
Major companies operating in the power bank market are focused on partnering or collaborating with other companies to develop innovative solutions and expand their geographic presence. Collaboration and partnership refer to the act of working together with others to achieve a common goal or objective. For instance, in June 2023, Tempt, an India based audio technology and lifestyle accessories brand, announced its strategic partnership with Staunch Electronics India, an India based electronics manufacturing company. The collaboration aims to bolster the Make-in-India initiative by localizing the production of Tempt power banks within the country. With the manufacturing Tempt power banks within India, the companies aim to contribute to the growth of the country's manufacturing sector and enhance the local supply chain.
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Major Key Players of the Market:
Ambrane India Pvt. Ltd.; ADATA Technology Co. Ltd.; Anker Innovations Technology Co. Ltd.; AsusTeK Computer Inc.; Griffin Technologies Inc.; Intex Technologies india Ltd.; Lenovo Group Ltd.; Panasonic Corporation.; Rav Power And Infra (India) Private Limited; Sony Corporation.; Xiamoi Corporation.; Aukey Technology Co. Ltd.; Dell Technologies Inc.; Duracell Inc.; Changsha Meng Tuo Electronic Commerce Co. Ltd.; iWALK Global Co Ltd.; Microsoft Corporation; myCharge; OmniCharge Inc.; Syska led lights Pvt Ltd.; TP-Link Technologies Co. Ltd.; Uimi Technology Pvt. Ltd.; OnePlus Technology Co. Ltd.; UNU Electronics Inc.; Samsung SDI Co Ltd.; Belkin International Inc.; Zendure Deutschland.; Jackery Inc.; Shenzhen Value in Action Technology Co.Ltd.; Poweradd; Tylt Inc.; ROMOSS Technology Co. Ltd; Maxell Holdings Ltd.; GP Batteries International Limited; Toshiba Corporation.; Huawei Technologies Co. Ltd.; ZTE Corporation; LG Electronics Inc.; HP Inc.; Acer Inc.
Power Bank Market 2024 Key Insights:
• The power bank market size is expected to grow to $29.95 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Increasing Availability Of Mobile Devices
• Focus On Collaborations And Partnerships
• Asia-Pacific was the largest region in the power bank market in 2023.
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