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.
COVID-19
impact on the power bank market
The power bank
market has historically been subjected to moderate growth due to the rise in
demand for consumer electronics with heavy features and usage. This is expected
to drive the growth of the market during the forecast period. The recent
COVID-19 pandemic has resulted in a decline in the growth rate.As a result of
COVID-19, the expected growth of power bank across applications is expected to
decline as the pandemic is restricting the supply chain and adoption due to the
severe disruptions to businesses and the global economy. The pandemic has
resulted in limited production leading to a serious decline in business inputs.
The recovery depends on government assistance as well as the level of corporate
debt and how the companies and markets cope with the lower demand. The market
for 2020 is witnessing a sudden decrease due to COVID-19, which has majorly
affected the R&D and supply chain of power banks. It may also affect the
planned investments in this market. In addition, the per capita income of
individuals has also been affected due to this pandemic. Thus, the demand for
consumer electronics accessories such as power banks has decreased. With the
trend of work-from-home, consumers are spending most of the time at their homes
with constant access to electricity to power their devices. However, in
countries such as India, where power cut is a major issue, power banks have
been used to power their device during power shortage.
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.
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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.
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