Increased Use of Consumer Electronics makes Power Banks Market to Expand at CAGR of 25.9% till 2022

2024-11-02 06:15:09 News & Society

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Power banks are external batteries that are portable and compact and can be used for charging laptops, tablets, MP3 players, or smartphones. Power banks are useful devices that can be used while traveling, when the batteries on mobile devices are exhausted. Power banks allow the storage of electrical energy for later use and can also be used to charge cameras, GPS systems, portable speakers, or other USB-charged devices.The global power bank market is expected to develop in terms of volume at a strong CAGR of 25.9% during 2014 to 2022. The growing use of the internet, particularly services such as video streaming, and mobile applications drains batteries faster. Hence, the use of power banks has increased globally.Technologically advanced consumer electronics devices are available at relatively low rates in regions where pricing is a deciding factor for sales. Hence, the increased sales of electronic devices is a major market driver for power banks.

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Customized Power Banks with Advanced Features Boosting Market Expansion

Power bank manufacturers are creating products that complement the consumer?s lifestyle needs with such features as LCD displays and remote app control. Various types of power banks such as solar charged power banks, universal power banks, and customized power banks can match any configuration to suit the user?s particular needs. Smartphone companies are also increasingly partnering with OEMs and certifying power banks that meet their standards. All these factors are pushing the market for power banks across the world.

Segments of the global power banks market based on product type are portable power banks (excluding solar power banks), solar power banks, and phone charging cases (battery case). The portable power bank segment had the largest share in 2013 in terms of revenue, and is expected to continue the dominance from 2014 to 2022.

Li-ion, Portable Power Banks to Dominate Global Power Banks Market

On the basis of type of battery, the global power banks market is segmented into Li-polymer power banks and Li-ion power banks. In 2013, Li-ion power banks had the major market share, accounting for 86% of total unit shipments in the global power banks market.

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The segmentation of the global power banks market based on power rating is 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh, up to 3,000 mAh, and above 20,000 mAh. The 3,001 mAh-8,000 mAh rating power banks had the highest revenue in 2013 in the power banks market and are anticipated to continue to dominate demand from the market over the next few years. A large consumer base owning more than one gadget in the mature economies in Western Europe and North America is helping the market for portable power banks.

Considerable escalation in the use of mobile devices and expansion of wireless services (3G and 4G) is also among the factors responsible for the growth of the global power banks market. Intensified online retailing and reduced prices for power banks are fueling the power banks market worldwide. Emerging economies such as China, India, and Brazil are being viewed as markets with a high potential by resellers, OEMs, and distributors. The key market players in the power banks market are MiPow Limited, Mophie, Inc., Hitachi Maxell, Ltd., Limefuel LLC, Xtorm BV, EassyAcc.com, Inc., Sony Corporation, Panasonic Corporation, Apacer Technologies, Inc., GP Batteries International Ltd Samsung Electronics Co. Ltd., and Anker, among others.

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