As mobile devices are becoming the primary asset in our lives, keeping an eye on its battery percentage is turning into a new habit. However, forgetting to switch on the charger, low battery lives of devices, and other such reasons somewhere brings out the most painful scenarios when devices give a hint of battery hunger. Nevertheless, the advent of power bank has saved us from most of such situations.
The power bank is an innovative portable device that is utilized to charge up smartphones, tablets, and other smart devices. Portable power banks assure those devices to not go off abruptly due to low battery. Another major reason is that it is handy and therefore offers a back-up to the devices during traveling, or in situations where there may be difficult finding a switch.
The increasing dependency on mobile devices has highly increased the demand for power banks in the industry. Owing to which the stakeholders are growingly investing in further advancements of power banks. Furthermore, the industry players are also adopting new strategies including new product launches to attract the fancies of the customers and enhance productivity scale. The market is fostering a number of activities.
Following are some of the recent happenings in the market-
The launch of a new product is one of the major trends adopted by industry players to increase the stakes. Recently, Oppo mobile telecommunications, a leading brand has launched the latest power bank in India. The oppo power bank 2 has a 10,000mAh battery capacity along with 18w fast charging for both devices as well as self-charging. Furthermore, the power bank offers features including 12-factor safety assurance along with overvoltage protection, overcurrent protection, and short-circuit protection.
Another industry giant, MI as well has launched MI power bank 3i with 10,000mAh and 20,000 mAH battery capacity. The power banks have dual input through USB type-c and Micro-USB port. In addition, the power banks upkeep 18W fast charging and have advanced 12-layer circuit guard as well as smart power management characteristic.
Latest Launch and Collaborations:
These novel launches are highly contributing to the market growth. According to a report published, the global power bank market is anticipated to garner $19.40 billion by 2025. The increase in the implementation of digital products fortified with rechargeable batteries including smartphones, Bluetooth speakers, iPads, notepads, and headphones majorly boosts the development of the industry. The arrival of new technology, on the other hand, in consumer electronics including wireless technologies, artificial intelligence, and IoT services is further frosting the market.
The penetration of internet services is growing widely, and as a result, it has fueled the utilization of gadgets. Furthermore, the demand for smartphones increasing across the globe is thereby driving the market growth. In addition, the increasing offers provided by the online and e-commerce sectors are majorly contributing to boosting the growth of the sales. The market players are highly investing to bring improvement in wireless technology along with improving battery capacity of electronic devices.
Moreover, the new product launches and other such strategies adopted by the market players are leading the market growth to another level. Nevertheless, the development of hydrogen fuel-based and solar power banks and surge in the trend of wearable devices are the factors that are anticipated to usher a number of opportunities for the market players in the industry along with leading the industry to grow exponentially.
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