The global power bank market accounted for a value of USD 13.3 billion in 2019. The global power bank market is projected to register growth at a CAGR of 4.1% during the forecast period.
COVID-19 has impacted all the businesses across the globe. The power bank market is also deeply affected by this global pandemic and it is expected to showcase some decline during forecast period. The supply chain is deeply disrupted due to lowdown and movement restriction norms. The manufacturing was on halt for few months. The supply of raw material is difficult. The recovery in power bank sector is totally dependent on how markets and companies cope with the low demand.
For more details, visit: Global Power Bank Market By Type(Lithium-ion, Lithium-Polymer), By Capacity(1,000-5,000mAh, 5,001- 10,000mAh, 10,001-15,000mAh, Above 15,001mAh), By Application(Smart Phone, Laptop, Tablet, Others), By Region–Forecast & Opportunities to 2026
The competition in power bank market is rising day-by-day because of presence of large number of players in the market. The companies are adopting many strategies to strengthen their market position. One of the strategies is to reduce price of the product. This is major driving factor for growth in power bank industry during forecast period.
On the basis of capacity, the power bank market is segmented into 1,000-5,000mAh, 5,001- 10,000mAh, 10,001-15,000mAh, 15,001-20,000mAh, above 20,001mAh. The 10,001-15,000mAh segment is estimated to register growth at highest CAGR during the forecast period. Power bank of this capacity have longer battery life and high output efficiency. They have LCDs or LEDs in order indicate battery level. The demands for these power banks are quite high by consumers because of reasonable price and large-sized power bank with additional features.
On the basis of battery type, the market is segmented into lithium polymer and lithium-ion. The Li-ion segment is accounted for largest market share of 80% in 2019. It has many advantages such as lower self-discharge, low maintenance and high energy density. They are expensive to produce due complex process and high material cost.
On the basis of application, the power bank market is segmented into smart phone, laptop, tablet, portable media device, digital camera, wearable device and others. The smart phone segment is estimated to account for largest market share during the forecast period. The use of internet and data services in mobile phones is extensively increasing. The extensive use of internet is responsible for draining the battery and the demand for power bank increases. To run the smart phone for longer hours the power bank is required. The growth in this segment is attributed by these factors.
Asia-Pacific region accounted for largest market share and it is expected to register growth at highest CAGR during the forecast period. The increase in adoption of smart phones, wearables and other electronic devices leads to increase in demand for power bank. The presence of leading manufacturers in this region is another driving factor. the population is increasing immensely along with economic growth in developed and developing countries, therefore the use of electronic gadgets is also increasing which consists of rechargeable battery and in order to charge battery at any place and anytime, the power bank is required. Thus, drives growth in power bank market in Asia-pacific region. .
The key market players in power bank segment are ADATA, AUKEY, Anker Innovations, Xiaomi, Lenovo, RAV Power, GRIFFIN, Mophie, AMBRANE, INTEX, Omnicharge, UIMI, ROMOSS, Mycharge, UNu Electronics and Zendure. All these companies are focusing on improving R&D segment and on launching new products in the market to strengthen their position.
- What are the expected industry trends over the next three to five years?
- Which of the power bank type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?