Power Bank Rental Services Market - Size, Industry Share, Growth Trends and Forecasts (2024 - 2031)

By Power Capacity :

Based on the power capacity, the market is bifurcated into below 5,000 mAh, 5,000 mAh - 10,000 mAh, and above 10,000 mAh. The 5,000 mAh - 10,000 mAh segment accounted for the largest revenue share in the year 2023. Power banks with battery capacity ranging from 5,000 mAh - 10,000 mAh are typically used for charging devices such as smartphones and tablets among others. Moreover, power banks with battery capacity ranging from 5,000 mAh - 10,000 mAh provide a convenient and flexible approach to charging smartphones and tablets at a relatively economical price.

For instance, Power Qube is a provider of these rental services that offers PQB-8 model of power banks for rent in its product portfolio. The company's PQB-8 power banks have a battery capacity of 5,000 mAh and are integrated with micro USB/type-C charging cables. Thus, the increasing availability of power bank rental solutions with battery capacity ranging from 5,000 mAh - 10,000 mAh is among the prime factors driving the expansion of the segment.

The above 10,000 mAh segment is anticipated to register fastest CAGR during the forecast period. As per the analysis, power banks with battery capacity above 10,000 mAh are primarily used for charging larger devices with higher power requirements such as laptops or for efficiently charging smaller devices such as smartphones or tablets multiple times. Moreover, the utilization of power banks with battery capacity above 10,000 mAh offer several benefits including high capacity, multiple device charging, increased convenience, portability, and reliable backup power source among others.

For instance, Travobro Technologies Pvt. Ltd offers power bank with battery capacity of 20,000 mAh on rent. The power bank is equipped with 2 Type-A ports and 1 micro USB type C that supports fast charging. Therefore, the rising availability of these rental services with battery capacity above 10,000 mAh is anticipated to boost the expansion of the segment during the forecast period.

By Application :

Based on the application, the market is segregated into smartphone, laptop, and others. The smartphone segment accounted for the largest power bank rental services market share of 67.45% in the year 2023. The expansion of smartphone segment is attributed to several factors including increasing pace of digitalization, rising disposable income, emergence of budget-centric smartphones, and increasing adoption of smartphones worldwide.

For instance, according to GSM Association, smartphone adoption in Latin American region is projected to increase up to 82% by 2025, depicting a growth from 77% in 2021. The rental services provide a convenient and accessible charging option for smartphone users on the go. Hence, the rising adoption of smartphones is driving the expansion of the power bank rental services market.

Laptop segment is expected to witness significant CAGR during the forecast period. Factors including expansion of corporate offices, rising remote/hybrid work culture, and increasing adoption of laptops for entertainment or learning practices are fostering the expansion of the laptop segment.

For instance, Apple Inc. witnessed a net sales of USD 40,177 million for its Mac laptops in 2022, representing a growth of 14.2% in comparison to USD 35,190 million in 2021. Thus, the increasing adoption of laptops is anticipated to drive the demand for bank rental services to attain a convenient and affordable approach for businesses and individuals to access portable power on the go, in turn driving the market expansion during the forecast period.

By End Use :

Based on the end use, the market is segregated into cafes & restaurants, offices, hotels, shopping malls, and others. The shopping malls segment accounted for a substantial revenue share in the year 2023. Power bank rental stations are often installed in shopping malls to enable shoppers to rent power banks to keep their mobile devices powered during shopping spree. The availability of power bank rental stations in shopping malls enables users to easily access power banks for emergency charging at an economical price. Moreover, factors including rising investments in expansion of shopping centers, increasing purchasing power of consumers, and rising popularity of outdoor shopping, and entertainment activities are vital aspects proliferating the expansion of the shopping mall segment.

For instance, in February 2022, IKEA launched its new shopping mall in West London, United Kingdom. Additionally, according to Geodatindustry, there are approximately 1,200 shopping malls in France as of 2021, with an average of 42 million visitors per year. The increasing developments associated with shopping malls are driving the demand for these rental services to provide easy access to power banks for emergency charging at an economical price, in turn boosting the expansion of the market.

Cafes & restaurants is expected to witness fastest CAGR during the forecast period. Power bank rental stations are installed in cafes and restaurants to ensure that guests do not run out of battery throughout their dining experience. The expansion of cafes & restaurants segment is driven by multiple factors including rising pace of urbanization, growing trend of outdoor dining, and increasing expansion of new restaurants and café outlets among others.

For instance, Brick Technology AB is a rental service providers that offers power bank rental stations for deployment in cafes and restaurants among others. Moreover, Brick Technology's power bank rental stations are installed in a range of European restaurants Bizu Restaurant & Sushi Bar, Simon's Burger, Part Café Restaurant, and others. Hence, the increasing integration of power bank rental station in cafes & restaurants is projected to drive the market expansion during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia Pacific accounted for the revenue share of USD 2,213.10 Million in 2023 and is expected to reach USD 6,447.73 Million by 2031, registering the highest CAGR of 14.3% during the forecast period. In addition, in the region, the China accounted for the maximum revenue share of 29.8% in the same year.

Based on the power bank rental services market analysis, the rising pace of urbanization and increasing disposable income is providing lucrative expansion prospects for the market in the region. Additionally, the growing travel and tourism activities is a significant factor boosting the market demand for these rental services in the Asia-Pacific region.

For instance, according to Trading Economics, foreign tourist arrivals in Indonesia reached 917.4 thousand in November 2023, witnessing a growth of 30.17% year-on-year. Similarly, international tourist arrivals in Vietnam reached 1.37 million in December 2023, depicting a growth of 93.9% in comparison to December 2022. These rental services are ideal for catering to the needs of travelers and tourists by providing portable power solutions at several travel destinations without the need for long-term investments. Therefore, rising travel and tourism activities is projected to boost the market expansion in the Asia-Pacific region during the forecast period.

North America is expected to register CAGR of 13.8% during the forecast period. The market expansion for these rental services in the North American region is mostly driven by the rising adoption of smartphones and the expansion of commercial spaces including shopping malls, restaurants, hotels, and others.

For instance, according to GSM Association, smartphone adoption in North American region is estimated to increase up to 85% by 2025, depicting a from 82% in 2021. The rising number of smartphone users in North America is increasing the demand for portable and economical power solutions charging smartphones during travel or outdoor activities, in turn boosting the power bank rental services market growth in North America.