The global power bank market reached a value of US$ 9.8 Billion in 2018. Power banks are portable chargers that are designed for recharging electronic gadgets on the go. They can range from pocket-sized, slim devices to larger and higher-capacity chargers. Owing to their convenient nature, power banks are used for charging various devices, such as tablets, portable speakers, laptops, mobile phones and cameras. Depending on the budget limits and power requirement of the user, portable chargers are available in varied shapes and sizes. Generally made from Lithium-Ion (Li-Ion) and Lithium-Polymer (Li-Po) batteries, these chargers are categorized as universal/standard, and solar power bank. The standard or universal charger can be charged through conventional USB sources, whereas solar power banks can use both USB chargers and sunlight.
At present, various factors are driving the growth of the industry, which include a significant shift toward 3G and 4G networks, the rising popularity of digital content, and the increasing processing power of devices. Along with this, burgeoning demand for smartphones and the declining prices of power banks are some of the other drivers that are influencing market growth. Also, the industry has been witnessing a rise in the number of new entrants as power banks are emerging as fast-moving consumer electronics and require low capital investment for the establishment of manufacturing facilities. This increase in competition has prompted manufacturers to introduce innovative solutions in the market to retain and expand their consumer base. For instance, in 2019, the Portugal-based technology company, EGG Electronics, launched EGG Traveler, the world’s first portable power strip with a built-in power bank and wireless charging. Owing to the aforementioned factors, the market is projected to exhibit a robust growth at a CAGR of around 20% during 2019-2024, reaching a value of US$ 29.5 Billion by 2024.
Breakup by Product Type:
Currently, portable power banks are mostly preferred by consumers.
Breakup by Battery Type:
The majority of the power banks consist of lithium-ion batteries.
Breakup by Power Rating:
Presently, 8,001 mAh – 20,000 mAh is the largest segment.
Breakup by Application:
At present, most power banks are used for charging smartphones.
On a regional basis, Asia Pacific is the biggest market for power banks, accounting for the largest market share. It can be attributed to the increasing sales of smartphones and other portable devices across the region.
The competitive landscape of the market 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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