The
power bank market is expected to be valued at USD 25.16 billion
by 2022, at a CAGR of 21.2% between 2017 and 2022. The growth of this market is
propelled by the increasing usage of electronic devices such as smartphones and
tablets, increased power consumption of electronic devices due to technological
advancements, and electric outage in certain countries.
The
capacity range of 9500–12499mAh accounted for the largest share of the market
in 2016. The rising adoption of power banks that are capable of charging a
device several times is expected to drive the growth of the market for power
banks with a capacity range of 9500–12499mAh.
The
power bank market for more than two USB ports is expected to grow at a high
rate between 2017 and 2022. Consumers demand for power banks with three or four
USB ports as they are capable of charging three to four devices,
simultaneously. Moreover, these devices are now available with higher
capacities; this has increased the demand for power banks with three or four
USB ports.
Power
banks that derive power from electric power grids accounted for a major market
share in 2016. The benefits offered by these devices such as easy
accessibility, low prices, lightweight, compact size, and suitability for
charging any portable electronic devices are contributing to the increasing the
demand for electric-based power banks.
Lithium
ion batteries held the largest size of the market in 2016. Li-ion batteries
offer various advantages such as high energy density, relatively low
self-discharging, and low maintenance. The power bank market for lithium
polymer batteries is expected to grow at a high rate between 2017 and 2022.
Lithium polymer batteries are moldable, lightweight, and come in a flat shape;
these factors enable electronic device manufacturers to develop thin and
compact electronic devices. These batteries are preferred as they are light in
weight and have a flexible form factor, and are safer than other batteries.
Smartphones
hold the largest size of the power bank market; the market for smartphones is
expected to grow at a high rate between 2017 and 2022. The increasing
penetration of smartphones, along with the extensive use of Internet services,
is draining the battery power of smartphones rapidly. Hence, the demand for
power banks to run smartphones for a longer duration is increasing in the
market.
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