According to a recent report published by Allied Market Research, titled, “Power Bank Market by Battery Type, Power Rating, Distribution Channel and Price Range: Opportunity Analysis and Industry Forecast, 2020–2027,” the global power bank market size was valued at $17.41 billion in 2019, and is projected to reach $22.34 billion by 2027, registering a CAGR of 3.4% from 2020 to 2027.
The power bank market is currently in its maturity stage and is expected to register substantial growth in the near future, owing to high investment in R&D activities by market players and increase in focus toward Internet of Things (IoT) and wireless connectivity. Other factors that drive the market growth include increase in demand for wireless power banks and emergence of wearable devices.
North America is the second largest region, in terms of revenue generation, in the global power bank market. The consumer electronics industry is well-established in North America, which has led to increased adoption of enhanced technologies. In addition, rapid growth in the sales of smart consumer electronic products supplements the market growth. Moreover, increasing adoption toward wireless technologies among consumers and widespread use of power banks for laptops, smart watches, speakers, and other smart devices, drive the power bank market growth.
5G enabled devices are slowly gaining traction in the global market. According to global researches, 5G enabled devices consume 20% more power than 4G enabled devices. This suggests that a 20% increase in battery size is needed for a 5G phone to achieve the same endurance as a 4G variant. Due to the increased power consumption for 5G devices, there is a need for better battery optimization among devices. In addition, consumer relies on secondary power sources such as power banks to keep their devices such as smartphones, laptops, mobile tablets, wearable devices among others, fully charged.
However, major mobile phone manufacturers are coming up with the latest mobile charging technologies such as wireless chargers, which are expected to be offered along with its 5G mobile phone. Wireless chargers enable charging of smartphones and other devices within a short span of time and provide a hassle & cable free experience. This provides feasibility to the consumers as the devices can be charged instantly without having the need of external power source such as power banks. This hampers the market to a certain extent.
Furthermore, various mobile phone accessories manufacturers such as Oppo, Samsung, and Mi among others, are expected to offer power banks along with its 5G enabled smartphone to promote battery optimization. For instance, on May 8, 2020, Chinese smartphone maker Xiaomi launched its Mi 10 5G smartphone with Mi Wireless Power Bank 10000mAh. The offer can only be availed when the product is pre-booked.
According to the power bank market trends, China accounts for 50% of worldwide consumer electronics consumption. The outbreak of COVID-19 is having a major impact on both customers and companies.
Electronics manufacturing hubs have temporarily been shut down to limit the virus spread. This is affecting the global supply chain, which is further expected to impact the suppliers and manufacturers, globally. COVID-19 is highlighting potential risk and vulnerability of electronics industry and semiconductor value chain model.
The increasing trends toward wireless power bank are expected to increase due to factors such as operational efficiency and eliminating problems such as overheating as well as portability. In addition, in the medium to long term, COVID-19 is expected to further push up the need for digital transformation, technologies such as 5G, the IoT, AI, and intelligent edge computing for future optimization, which is expected to create lucrative opportunities for overall mobile phone accessories globally, and will positively affect the power bank market.
Key Findings Of The Study
- By battery type, the lithium ion segment generated the highest revenue in the global power bank market in 2019.
- By power rating, the 8,001 mAh-20,000 mAh segment generated the highest revenue in the global power bank market forecast in 2019.
- By distribution channel, the online segment generated the highest revenue in the global market in 2019.
- By price range, the mid-range segment generated the highest revenue in the global market in 2019
The key power bank industry leaders profiled in the report include Samsung Electronics Co., Ltd., Sony Corporation, Anker, Huawei Technologies, Mi, Intex, Zagg Inc., Panasonic Corporation, GP Batteries, and Lenovo Group Ltd. These key players adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the power bank market share during the forecast period.