According to the latest report by IMARC Group, titled “Power Bank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global power bank market exceeded a value of US$ 8 Billion in 2017. A power bank is defined as a portable device used to charge electronics like smartphones and tablets. With the onset of digitalization, the demand for electronic gadgets has gradually increased worldwide. As a result, power banks are progressively being acquired as a common source of battery backup for devices with USB capability. Other factors such as mobility and versatility of power banks have also augmented their demand.
One of the major forces which has been proactive in maintaining the growth of the market is the availability of low-cost power banks. The escalating sales of power banks through various online portals and e-commerce websites are also propelling the market growth. Moreover, setting up a power bank production facility requires less capital investment, which has created a positive outlook for both the existing manufacturers and new entrants. Further, as internet usage on smartphones leads to heavy drainage of their inbuilt batteries, the rising internet penetration has driven the consumption of power banks, especially in emerging countries. Apart from this, the introduction of eco-friendly solar and hydrogen fuel-based power banks is expected to catalyze the market growth. Looking forward, the market value is anticipated to reach more than US$ 26 Billion by 2023, registering a CAGR of 21.5% during 2018-2023.
- Based on product types, the market has been segmented as portable power banks, solar power banks and battery cases. Amongst these, portable power banks account for the largest market share.
- The global power bank market is bifurcated by battery type into lithium-ion and lithium polymer batteries. At present, lithium-ion battery holds the dominant share, representing the most popular type.
- On the basis of capacity range, batteries with 8001 mAh-20,000 mAh range account for the biggest share. Other categories include 3,001 mAh- 8,000 mAh; up to 3,000 mAh; and above 20,000 mAh.
- Based on applications, smartphones are the major application segment of power banks, holding the dominant share. Other major segments include tablets and portable media devices.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, Asia Pacific is the leading market for power banks across the globe.
- The key players operating in the market include Samsung Electronics Co., Ltd., Sony Corporation, Anker, GP Batteries, Xtorm, Huawei Technologies, Xiaomi Corporation, Intex, Zagg Inc. and Lenovo Group Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Phone No: (D) +91 120 433 0800 | www.imarcgroup.com
Americas :- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331