We salute industry experts
helping companies survive and sustain in this economic pandemic; they are
working day and night to help companies take rapid-decisions by finding
- Covid Impact on Power
Bank Market, growth/decline in product type/use cases of Power Bank
Market due to cascaded impact of Covid on Extended Ecosystem..
- How top 50 companies in Power
Bank Market are making rapid shifts in their strategies as we speak
here...
- Outside-in view of top 50
companies client and client's clients shifting short-term priorities
The global power
bank market size is
estimated to grow from USD 10.7 billion in 2019 to USD 17.9 billion by 2024, at
a CAGR of 10.8%. Increasing internet-related services through smartphones and
tablets, the decline in the price of power banks, frequent electric outages in
certain countries, and an increase in power consumption of smartphones are among
the factors driving the market for power banks. The report covers the power
bank industry segmented into battery type, capacity, unit of USB port,
indicator, application, and geography.
The
market for lithium-polymer battery segment to grow at a higher rate during the
forecast period
Based on battery type, the lithium-polymer
battery segment is expected to grow at a higher rate during the forecast period
within the global power bank market. These lightweight power banks have an
extremely low profile with the flexible form factor and do not suffer from
electrolyte leakage, as well as do not wear out; this encourages manufacturers
to improve their power bank offerings in terms of weight and safety.
Power bank manufacturers are continually
working toward developing slim, lightweight with a flexible form factor,
compact power banks. Due to these benefits, the lithium-polymer battery is
being preferred over other battery types.
Power
banks with capacity ranging 10,001–15,000 mAh to witness highest CAGR during the
forecast period
Based on capacity, the 10,001–15,000 mAh
segment of the power bank market is expected to grow at the highest rate during
the forecast period. These are based mostly on lithium-ion batteries.
These power banks have high output efficiency and longer battery life, as
well as have LEDs or LCDs to indicate battery level. These power banks are in
high demand by consumers as they are priced reasonably than power banks with
capacities of more than 15,000 mAh. These power banks are large-sized, come
with a lot of additional features such as DC output ports used to recharge
laptops, USB Type C ports, and Quick charge functionality.
Smartphones
application to account for the largest market share during the forecast period
Smartphones are a major application market
for power banks. The extensive use of data and internet services over
smartphones is among the main factors that attribute to drain the battery power
rapidly. This creates a huge demand for power banks to keep smartphones running
for a longer duration. Smartphones are equipped with batteries having a short
life, which increases the need for power banks. Thus, this creates a vast
potential for power banks in the smartphone application.
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APAC
to dominate power bank market during the forecast period
APAC held the largest share of the power bank
market in 2018. Major factors such as increasing adoption of wearables and
other consumer electronic products, presence of prominent manufacturers of
power banks, and increasing population and economic growth of developing
countries are fueling the market growth of power banks in APAC.
Besides APAC, North America holds a
significant market share. Manufacturers such as Griffin Technology (US),
RAVPower (US), Zendure (US), ZeusBattery (US), Duracell (US), Belkin (US), and
Zagg (mophie) (US) are based in this region.
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