According to a recent report published by Allied Market Research, titled,"Power Bank Market by Battery Type, Power Rating, Distribution Channel, and Price Range: Global Opportunity Analysis and Industry Forecast, 2019 - 2025,"the global power bank market was valued at $16,338.0 million in 2017 and is projected to reach at $19,404.2 million by 2025, growing at a CAGR of 2.0% from 2019 to 2025.
Power bank is a portable consumer durable containing a rechargeable battery, which can be used for charge mobile phones and tablets. Lithium ion (Li-ion) and lithium polymer (Li-polymer) are the two most common types of batteries used in power banks, with the former witnessing higher demand. Li-ion batteries exhibit various characteristics such as high energy density and low cost. However, the efficiency of Li-ion batteries decreases with time even when not in use.
The growth of the global power bank market is driven by rise in demand for smartphones across the globe and increase in sales of power banks on online portals & e-commerce websites. However, factors such as emerging trends of wireless charging and improved battery capacity of electronic devices hamper the market growth. On the other hand, development of solar & hydrogen fuel-based power banks and increase in trend of wearable devices are expected to offer lucrative opportunities for the market growth.
The power bank market possesses high growth potential in the wearable electronics industry. The current business scenario is witnessing an increase in the demand for smart wearable devices, particularly in the developing regions such as China, India, and others, due to upsurge in population and rise in demand for consumer electronics. Companies in this industry are adopting various innovative techniques such as mergers and acquisition to strengthen their business position in the competitive matrix.
On the basis of region, North America accounts the largest Power Bank Market Share. The Asia-Pacific region has witnessed significant rise in the usage of power banks. This trend has encouraged China manufacturers to launch low-priced, high-end power banks. For instance, Xiaomi to introduce a wide range of power banks along with its smartphone offerings. Furthermore, massive sales of smartphones in China and India is the key factor boosting the growth of the market in the Asia-Pacific region. Moreover, power bank manufacturers have focused on tapping the potential in these countries by offerings customer-centric products. Besides, prominent presence of top industry players in Japan and China and their increased focus on developing low-cost wireless products boost the growth of the global power bank market.
Key Findings of the Power Bank Market:
- In 2017, the online sub-segment generated the highest revenue in the global power bank market
- In 2017, the lithium ion segment generated the highest revenue among the other battery types in the global power bank market
- APAC is anticipated to exhibit the highest CAGR during the forecast period
The key players profiled in the power bank market report include Samsung Electronics Co., Ltd., Sony Corporation, Anker, Huawei Technologies, Xiaomi Corporation, Intex, Zagg Inc., GP Batteries, Xtrom, and Lenovo Group Ltd. These key players have adopted strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their power bank market share.
For instance, In January 2018, Huawei launched new power bank, which provides battery pack that is small and lightweight. It has a capacity of 6,700 mAh and uses lithium-ion batteries. Moreover, In April 2017, Anker Innovations launched new PowerCore+ 26800 power bank, which enables charging of the Nintendo Switch in portable mode, Apples iPad Pro, and a wide variety of USB-C Power Delivery-enabled devices at full speed.