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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