According to the latest report by IMARC Group, titled “Power Bank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global power bank market reached a value of US$ 9.9 Billion in 2021. A power bank, or portable charger, refers to an electronic device designed for recharging electronic gadgets on the go. It is widely used for charging devices, such as mobile phones, portable speakers, laptops, earphones, tablets and cameras. It comprises a special battery with electronic circuits to control the power flow and can range from pocket-sized, slim devices to larger and higher-capacity chargers. It commonly consists of Lithium-Ion (Li-Ion) and Lithium-Polymer (Li-Po) batteries and is equipped with a circuit to store energy from the input source and vent it out as and when required. As a result, power banks are handy, portable, affordable, reusable, customizable, durable and emergency friendly.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Power Bank Market Trends:
The increasing adoption of smartphones, tablets, digital watches and headphones across the globe is creating a positive outlook for the market. Moreover, the widespread product adoption among technologically advanced consumers due to its portability, durability, fast charging, cost-effectiveness and multiple sockets is favoring the market growth. Apart from this, various product innovations, such as the introduction of portable power strips with a built-in power bank and wireless charging, are providing an impetus to the market growth. In line with this, the launch of power banks with fast charging and two USB ports that aid in providing two times more charging speeds and are compatible with all devices is positively influencing the market growth. Additionally, the increasing energy consumption by electronic gadgets due to the availability of internet-based applications and games is propelling the market growth. Other factors, including easy product availability across e-commerce platforms, development of solar and hydrogen fuel cell-based power banks and increasing product demand due to reduced costs and enhanced charging speed, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 15.2 Billion by 2027, exhibiting a CAGR of 7.2% during 2022-2027.
- On the basis of the product type, the market has been categorized into portable power banks, solar power banks and battery cases.
- Based on the battery type, the market has been bifurcated into Lithium-Ion and Lithium-Polymer.
- On the basis of the power rating, the market has been categorized into below 3,000 mAh, 3,001 mAh – 8,000 mAh, 8,001 mAh – 20,000 mAh and above 20,000 mAh.
- Based on the application, the market has been classified into smartphones, tablets, portable media devices and others.
- On the basis of region, the market has been categorized into Asia Pacific, North America, Europe, Middle East and Africa and Latin America.
- The competitive landscape of the industry has also been examined, with some of the key players being Beijing Xiaomi Technology Co. Ltd., Lenovo Group Ltd., Microsoft Corporation, Panasonic Corporation, Sony Corporation, Adata Technology Co., Ltd., Asustek Computer Inc., Ambrane India Pvt. Ltd., Anker Technology Co. Ltd., Intex Technologies (India) Ltd., OnePlus Technology (Shenzhen) Co. Ltd., UNU Electronics Inc. and Samsung SDI Co. Ltd.
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