The Global Power Bank Rental Services Market was valued at USD 7.1 billion in 2021 and is expected to reach USD 15.9 billion by 2030, growing at a CAGR of 13.5% during 2021-2030. Power bank rental services refer to the short-term rental of a portable power bank. It can be used in cafes, metro stations, stores, shopping malls, restaurants, university campuses, parking lots, and other public or private establishments. People can buy the rental service by finding a charging station nearby and scanning the QR code on the charging machine. When a power bank appears from the charging station, users can take it with them. Furthermore, they return a power bank to the same or any other charging station of a similar brand after charging or a predetermined period of time. As a result, people can avoid using sockets by renting out energy from power banks.
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COVID-19 has the potential to impact the global economy in three ways: directly affecting production and demand, disrupting supply chains and marketplaces, and having a financial impact on businesses and financial markets. The Covid-19 outbreak has had an impact on a wide range of businesses and industries, resulting in travel disruptions, lockdowns, and social isolation, among other things. These have hampered the companies' routine operations, resulting in supply chain issues, a lack of vendor coordination, and other problems. Customers' demand for Power Bank Rental Services reduces the value and volume of the Power Bank Rental Services industry significantly in 2021. The COVID-19's negative global impacts are already evident, threatening the market for Power Bank Rental Services in 2021.
Adoption Of Digital or Technological Solutions, As Well As Increased Adoption of The Sharing Economy
With a rapidly growing smartphone consumer base, in worldwide is fairly open to adopting digital or technology solutions. Along with youth, the sharing economy is becoming more popular. According to study for the Covid-19 pandemic has increased the acceptance of digital technologies by human and health services, with having one of the highest acceptance rates. According to the survey, video and phone consultations have received the most acceptance of any technology solution. Furthermore, people believe that using the sharing economy makes life more efficient and convenient also sharing economy is strengthening the community. With the rapid expansion of the internet, more online platforms, such as online shopping, mobile payment, and so on, have emerged in the market. Customers can shop with a free spirit, with no obligation to buy.
Global Power Bank Rental Services Market Report Coverage
|Market Size in 2021:||USD 7.1 Billion|
|Forecast Period 2021-2030 CAGR:||13.5%|
|2030 Value Projection:||USD 15.9 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||189|
|Tables, Charts & Figures:||117|
|Segments covered:||By Type, By Application, By End User, By Region, COVID-19 Impact Analysis|
|Companies Covered:||A3 Charge Pvt. Ltd., Spykke, Laidian Technology, Energy Monster, Xiaodian Technology, RedShare, ChargedUp, Powerqube, Brickshare, PowerNow|
|Growth Drivers:||1) Adoption Of Digital or Technological Solutions, As Well As Increased Adoption of The Sharing Economy. 2) Increasing Uses of Smart Phone and Other Smart Device Drive Market Growth|
|Pitfalls & Challenges:||Power Banks Based on Solar and Hydrogen Fuel Cells Hamper Market Growth|
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Increasing Uses of Smart Phone and Other Smart Device Drive Market Growth
The increase in power consumption of smartphones and other smart devices can be attributed to technological advancements as well as the rapid growth and development of online retail platforms. The insufficient battery capacity of various smartphones and other smart devices, as well as the increasing use of the internet, are expected to continue to be driving factors in the growth of power bank sales. Because of their ability to pay for power bank rental as a service and the high utilization hours of smartphones and other smart devices, Generation Z and Millennials are key customers of power bank rental as a service.
The number of power bank rental companies has grown rapidly in recent years, reflecting rising customer interest in power bank rental services. Since the 2017s, the power bank rental market has grown at a rapid pace and is expected to continue growing over the forecast period.
Power Banks Based on Solar and Hydrogen Fuel Cells Hamper Market Growth
Several companies are currently developing power banks that charge using solar energy or hydrogen fuel cells. TW Horizon Fuel Cell Technologies a Chinese company, has introduced the MINIPAK, a hydrogen fuel cell-based power bank. It recharges smartphones and other smart devices with refillable and replaceable fuel cartridges. The HYDROSTIK cartridge from the company is UN-certified for metal hydrides. They are user-friendly and do not emit any pollution when producing electricity. These features are expected to significantly increase demand for solar power banks, posing a challenge to the global power bank rental services market in the coming years. In addition, the introduction of the lightest and smallest power banks. The newly designed power bank has an 8000mAh capacity and is credit card-sized, allowing customs to carry it anywhere.
The Global Power Bank Rental Services market is segmented based on, Type, Application, End User, Service, and Region. Based on the Type, the market is further classified based on Micro USB, Type C, and iOS Cable. Based on the Application, the market is further classified based on Mobiles, Laptops, and others. By End User, market is categorized into Cafes and Restaurants, Bars and Clubs, Retail and Shopping Centers, Transportation Hub, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Power Bank Rental Services Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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The Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period owing to the rising technological advancement and the rising number of internet users in the Asia Pacific region are anticipated to drive market expansion. The Power Bank Rental Services market for is expanding as increasing the adoption of the laptop, mobiles and other wireless devices. The increasing use of end user industry in the Asia Pacific is driving may driving the growth of the market in the forecast period.
MARKET: COMPETITIVE LANDSCAPE
Companies in this Technology are focusing more on efficient growth, improving operational efficiency and productivity, achieving high safety standards, and focusing on long-term development. The players are concentrating their efforts on establishing a dominant position in this technology. They are constantly looking for ways to improve their competitive advantage. To increase market share and develop a socially responsible business, various strategic pillars such as mergers and acquisitions, new product launches, product enhancement, and others must be identified.
MARKET: RECENT DEVELOPMENT
- February 2022 – A3Charge has revolutionized the rental power bank market with their cutting-edge technology that meets all safety standards and sleek design that can be found at multiple strategically located stations that are open 24 hours a day, seven days a week. It is ideal for modern consumers who want to stay connected while on the go.
MARKET: KEY PLAYERS
- A3 Charge Pvt. Ltd.
- Laidian Technology
- Energy Monster
- Xiaodian Technology
SCOPE OF THE REPORT
The reports also assist in understanding the dynamic and structure of the Power Bank Rental Services market. The study serves as an investor's guide with its clear representation of competitive analysis of key competitors by product, price, financial condition, product portfolio, growth plans, and regional presence in the market for Power Bank Rental Services. Power banks are becoming more popular as battery-powered devices become more common: everything from cell phones to battery-powered headphones, MP3 players, and portable speakers can be charged using a power bank. They can function as portable chargers.
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