Power banks are gadgets which act as reservoirs for the battery backup, storing energy from the input source and venting it out as and when required. They have currently gained immense popularity across the world owing to the popularisation of digital products. This is also due to their distinct characteristics which include durability, portability, multiple sockets, fast charging, low cost, etc. In case of a prolonged power outage or an unstable electricity supply, power banks save the device from turning off. 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 reached a value of US$ 9.8 Billion in 2018.
Digitalisation has made humans dependent upon various gadgets for a simpler and convenient life. A rapid demand for the compact electronic devices such as smartphones, tablets and laptops has boosted the growth of the global power bank market. Apart from this, the advent of 4G networks and consistent use of internet services have made these devices less efficient in terms of power consumption. This has created a huge demand for power banks across the world, thereby stimulating the market growth. Furthermore, the introduction of power banks with solar and hydrogen cell is expected to broaden the growth prospects. Looking forward, the market value is projected to reach approximately US$ 29.5 Billion by 2024, registering a CAGR of more than 20% during 2019-2024.
This report provides a deep insight into the global power banks market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists and all those who have any kind of stake or are planning to foray into the power banks industry in any manner.
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