According to the latest report by IMARC Group, titled “Power Bank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global power bank market exceeded a value of more than US$ 9.8 Billion in 2018. 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 around US$ 25.5 Billion by 2024, registering a CAGR of more than 20% during 2019-2024.
- 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.
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