The power
bank market is projected to grow from USD 9.0 billion in 2020 to USD 13.4
billion by 2025; it is expected to grow at a CAGR of 8.1% from 2020 to 2025.
Increasing internet-related services through smartphones and tablets, the
decline in the price of power banks, frequent electric outages in certain
countries, increase in power consumption of smartphones, and sudden shift to
work-from-home and remote learning due to COVID-19 resulting in spike in demand
for laptops are among the factors driving the market for power banks. The
report covers the power bank industry segmented into battery type, price range,
capacity, unit of USB port, indicator, application, and geography.
The power bank market in APAC is projected to
grow at the highest CAGR during the forecast period.
APAC held the
largest share of the power bank market in 2019. 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. The power bank market in APAC is most severely impacted by
the COVID-19 pandemic. The consumer electronics industry in China is witnessing
a decline in production owing to the outbreak of COVID-19. However, continous
product launches by leading companies might boost the growth. For instance, in
June 2020, Xiaomi launched a massive 30,000 mAh power bank with Quick charge
technology despite the COVID-19 situation.
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.
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.
The smartphone industry, which is one of the largest consumers of power banks,
is disturbed due to the COVID-19 pandemic. The shutdown of manufacturing
facilities is leading to a halt in smartphone production, and decreasing
consumer expenditure has affected the demand for power banks. However, the
power bank market will gain momentum once the situation becomes stable.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=127595596
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 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. The COVID-19 outbreak has resulted in a substantial slowdown in
terms of global economic growth and decreasing per capita income of the
population owing to pay cuts. These factors have affected the production of
power banks with 10,001–15,000 mAh capacity, as these batteries are high cost
and are not affordable for all customers in the current situation. However, the
market for this capacity range will grow at a significant rate when the
situation becomes stable.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B
research on 30,000 high growth niche opportunities/threats which will impact
70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers
worldwide including 80% of global Fortune 1000 companies as clients. Almost
75,000 top officers across eight industries worldwide approach
MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at
MarketsandMarkets™ are tracking global high growth markets following the
“Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with
the clients to identify new opportunities, identify most important customers,
write “Attack, avoid and defend” strategies, identify sources of incremental
revenues for both the company and its competitors. MarketsandMarkets™ now
coming up with 1,500 MicroQuadrants (Positioning top players across leaders,
emerging companies, innovators, strategic players) annually in high growth
emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000
companies this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive
intelligence and market research platform, “Knowledgestore” connects over
200,000 markets and entire value chains for deeper understanding of the unmet
insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™
INC.
630
Dundee Road
Suite
430
Northbrook,
IL 60062
USA: 1-888-600-6441
No comments:
Post a Comment