Australia's portable battery pack market, commonly known as power banks, is estimated to witness high growth owing to increasing smartphone penetration and growing reliance on portable electronic devices. Power banks provide backup power to smartphones, tablets, cameras and other devices when an AC outlet is not available or the device's battery runs low. They are portable, rechargeable external batteries that allow users to charge their device multiple times without being tied to a power outlet. Advancements in battery capacity and power delivery technologies have made power banks lighter and more compact while providing longer run times.
The Australia Portable Battery Pack (Power Banks) Market is estimated to be valued at USD 187.2 Mn in 2024 and is expected to reach USD 312.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 7.59% from 2024 to 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.
Growing demand for wireless charging technology presents a massive opportunity for manufacturers to launch power banks with built-in wireless charging pads. The advent of fast charging standards like Qualcomm Quick Charge has increased battery charging speeds significantly.
Technological advancements have enabled the development of portable battery packs with higher energy densities and faster recharging capabilities. Dual input and output, usb-C PD charging and GaN/SiC based circuitry allows Australia Portable Battery Pack (Power Banks) to charge devices quickly while also recharging rapidly themselves.
Market Drivers
The ubiquitous use of smartphones and uptake of wireless earbuds drives demand for portable battery packs as backup chargers. Continuous evolution of mobile chipsets and displays requires larger battery capacities which spurs auxiliary charging needs.
Increasing popularity of outdoor recreational activities like hiking and camping has led to demand for compact portable chargers that provide emergency battery power. Power outages during heavy storms or natural disasters also favors adoption of reliable portable batteries as temporary backup solutions.
Current challenges in Australia portable battery pack (power bank) market
The Australia Portable Battery Pack (Power Banks) Market is facing challenges due to rising prices of raw materials used in battery manufacturing. Lithium reserves in Australia have reduced significantly over the years creating dependency on imports which is escalating costs. Additionally, stringent safety regulations by Australian Standards for battery safety have increased compliance requirements raising production costs. Changing consumer preferences towards slim and lightweight devices is compelling manufacturers to invest in new cell chemistries like lithium polymer which has high upfront costs. Slow economic growth in recent times has also impacted consumer spending power affecting the uptake of non-essential electronics accessories in the country.
SWOT Analysis
Strength: Technology advancements have improved battery capacities allowing higher charge storage in compact sizes. Manufacturers focus on fast charging capabilities and universal compatibility with different device platforms.
Weakness: High price points of premium power banks constrain sales in the mass market segment. Sub-standard products available through online channels can impact brand perceptions on quality and safety.
Opportunity: Growing sales of smartphones, cameras and other mobile devices driving demand for on-the-go charging solutions. Increasing penetration of e-commerce will facilitate easy access to power banks in rural regions.
Threats: Stiff competition from Chinese manufacturers offering cheaper alternatives pressures margins. Stringent import duties and regulations make international expansion plans difficult. Shift towards implementing wireless charging standards can reduce reliance on physical battery packs.
Geographical concentration: By value, nearly 40% of the total Australia Portable Battery Pack (Power Banks) Market is concentrated in Victoria, New South Wales and Queensland states due to high urbanization levels.
Fastest growing region: Western Australia region is expected to witness strong growth in demand for portable battery packs between 2024-2031 on account of rapid infrastructure developments, growing tourism sector and increasing smartphone usage in remote areas.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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