According
to the new market research report "Power Bank Market by Capacity (1,000–5,000 mAh,
5,001–10,000 mAh, 10,001–15,000 mAh, 15,001–20,000 mAh, Above 20,001 mAh),
Units of USB Port, Indicator, Battery Type, Application (Smartphone, Tablet,
Wearable Device), and Region - Global Forecast to 2024", the global power bank market size is
estimated to be USD 10.7 billion in 2019 and is projected to reach USD 17.9
billion by 2024, at a CAGR of 10.8%. The power bank industry is likely to
exhibit lucrative growth potential during the forecast period.
The
growth of this market is expected to be driven by the integration of advanced
technology in power banks, an increase in power consumption in smartphones due
to various software applications, and a decline in the price of power banks.
These factors have helped the power bank market gain traction in applications,
such as smartphones, tablets, portable media players, wearable devices, digital
cameras, and others. The market also has several opportunities that can be
explored by existing and entry-level companies to expand businesses.
Lithium-ion battery type segment held the
largest share of power bank market in 2018
The
power bank industry, based on battery type, is led by the lithium-ion battery
segment (in terms of size). The most common types of batteries in the market
are lithium-ion batteries. Lithium-ion batteries have a higher energy density,
i.e., they can store more electrical charge in a given size or volume, and are
cheaper to manufacture because they have lower production cost and require
lower maintenance than lithium-polymer battery. Factors such as high energy
capacity, cheaper rate, low production and maintenance cost, and higher battery
conversion rate are fueling the growth of the Li-ion battery-based power banks.
The market for more than 2 USB ports
segment to grow at highest CAGR during the forecast period
The
demand for power banks with more than 2 USB ports is expected to witness the
highest CAGR during the forecast period. Power banks with more than 2 USB ports
are equipped with safeguard technology and super-fast charging technology, as
well as are equipped with high battery capacities to charge 5 electronic
devices simultaneously. These portable chargers also have variations in the
type of USB ports, such as Type-C USB port.
APAC accounts for the largest market
size during the forecast period
APAC
held the largest power bank market share in 2018, followed by North America and
Europe. The market in APAC mainly comprises developing economies, such as China
and India, which have tremendous potential for power banks. Increasing demand
for portable consumer electronic devices and next-generation gadgets in
countries such as China, Japan, and South Korea is driving the market for power
banks in APAC. The power bank market in APAC is highly competitive with the
presence of established players and the entry of new market players. These
players are continually upgrading their product portfolio with the launch of
technologically advanced products.
Anker
Innovations (China), AUKEY (China), Xiaomi (China), ADATA (Taiwan), RAVPower
(US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), and INTEX
(India) are among the major players in this market.
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