Portable battery packs, also known as power banks, are a versatile and portable source of power that can charge various electronic devices on the go. Power banks allow users to charge electronic devices like smartphones, tablets, portable gaming devices and smart watches multiple times without needing a power outlet. They are compact, lightweight devices that offer immense convenience to users. Increasing usage of battery-powered devices and the inclination of users towards untethered digital experiences has fuelled demand for power banks across Australia in recent years.
The Australia Portable Battery Pack (Power Banks) Market is estimated to be valued at US$ 177.52 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Australia Portable Battery Pack (Power Banks) Market are Anker Innovations, Xiaomi Corporation, Samsung Electronics Australia, Belkin Australia, Sony. Anker Innovations dominates the market with its wide range of power bank options at affordable prices.
The key opportunities in the Australia Portable Battery Pack (Power Banks) Market include increasing sales through online channels and growing demand from corporate travelers and outdoor enthusiasts. Advancements in fast charging technology allow power banks to charge devices quickly, enhancing user experience.
Market Drivers
The main driver for the Australia Portable Battery Pack (Power Banks) Market is the widespread adoption of smartphones and other wireless devices among Australian consumers. As mobile device users increasingly rely on their devices for work, entertainment and connectivity, there is growing demand for portable chargers and power banks to ensure devices do not run out of battery when away from AC power outlets. Long battery life enabled by power banks drives their demand.
Current Challenges In Australia Portable Battery Pack (Power Banks) Market
The Australia Portable Battery Pack (Power Banks) Market is currently facing challenges due to fluctuating raw material prices and supply chain disruptions caused by the ongoing COVID-19 pandemic. The prices of lithium-ion batteries, which are the key components of power banks, have risen substantially over the past year due to limited global supply and high demand from the electric vehicle industry. Manufacturers are struggling to maintain reasonable profit margins in this scenario. Supply chain bottlenecks induced by lockdowns and labor shortages have also impacted the timely delivery of power banks to customers. Battery technology advancements allowing faster charging capabilities are progressing at a gradual pace. Overall, unstable macroeconomic conditions and external environmental factors have posed difficulties for market players in recent times.
SWOT Analysis
Strength: Power banks offer mobile consumers portability and flexibility to charge their devices anywhere, anytime without being tied to a fixed power source. This on-the-go functionality addresses a significant consumer need.
Weakness: Compared to regular chargers plugged into walls, power banks have limited battery capacities. Frequent recharges are needed if used heavily. Lifespans of built-in lithium-ion batteries also reduces over time with usage.
Opportunity: Growing sales of smartphones, Bluetooth headphones and other portable electronic devices drive the demand for complementary battery backup solutions. New product features centered around rapid charging and multi-device compatibility present opportunities.
Threats: Increased competitiveness within the large and cluttered portable batteries industry. Strict regulatory frameworks governing lithium-ion battery safety also needs to be adhered to closely.
Geographical Regions
Around 40% of the total Australia Portable Battery Pack (Power Banks) Marketvalue is concentrated in the populous eastern region comprising New South Wales, Victoria and Queensland. Higher consumer electronics usage, denser population and purchasing power in major cities across these states contribute to their prominence.
Southeast Australia region including the capital city of Canberra is projected to witness the fastest value growth during the forecast period. Significant infrastructure and technology investments boosting digitalization as well as growing public awareness about utility of portable charging solutions will fuel demand upticks from the region going ahead.
What Are The Key Data Covered In This Australia Portable Battery Pack (Power Banks) Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Australia Portable Battery Pack (Power Banks) Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Australia Portable Battery Pack (Power Banks) Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Australia Portable Battery Pack (Power Banks) Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Australia Portable Battery Pack (Power Banks) Market vendors
FAQ’s
Q.1 What are the main factors influencing the Australia Portable Battery Pack (Power Banks) Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Australia Portable Battery Pack (Power Banks) Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Australia Portable Battery Pack (Power Banks) Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Priya Pandey
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