Power banks have become a necessary item for people due to the increasing global adoption of smartphones. Online video streaming, gaming programs, and rising social media trends all demand a steady power source in order for the phone to be completely charged and to be used continuously. However, consumers feel that taking a power bank on the go is highly cumbersome. As a result, a burgeoning market for renting power banks has emerged on a global scale, enabling consumers to do so for a certain amount of time.

"Increased Demand for Smartphones to Provide Impetus to the Market"

Globally increasing smartphone demand, decreased power bank prices, and rising need for power banks for laptops and wearable technology are all factors influencing the growth of the global power bank industry. But the development of wireless charging for smartphones and users' growing preference for rental power banks have a substantial detrimental effect on market growth. A solid distribution network, rising trends toward wireless power banks, and increased use of solar and hydrogen cells in power banks are other important influencing variables.

RESTRAINING FACTORS

"New Products to Impede Market Expansion"

The expansion of the power bank market is hampered by factors such new wireless charging trends, increased battery capacity in electronic devices, and rising customer preference for rental power banks. This is anticipated to constraint portable power bank market growth.