According to Million Insights, the global power bank market size is projected to account for USD 27.8 billion by 2027 and is expected to grow with 18.4% CAGR over the forecast period, from 2020 to 2027. Currently, the power bank has become an essential mobile accessory. Therefore, market players are striving to offer advanced power banks for their customers at affordable prices. Further, factors such as insufficient smartphone battery capacity and growing usage of the internet are driving the demand for power banks across the globe.
Increase in the number of smartphone users and rising spending capacity on consumer electronics devices are other factors expected to fuel market growth. Additionally, the demand for power banks is growing due to the low battery backup of tablets and smartphones. Power banks having 8,001 mAh–20,000 mAh battery capacities are expected to lead the market due to the high capacity to charge devices multiple times.
In 2019, Asia Pacific held the largest market share and expected to grow with a significant CAGR over the forecast period. This growth is attributed to increasing digitalization, rising spending capacity and industrial development in several countries such as China, Japan, South Korea and other South Asian countries. Moreover, the high growth of the e-commerce industry is also expected to drive the market growth in this region.
Over the past few years, smartphones have gained traction owing to the availability of user-friendly models coupled with integration of advanced features in smartphones and tablets. These devices are used for social media, online shopping, mobile banking, ordering food and other activities which leads to high consumption of data as well as batteries, thereby, expected to drive the power bank market growth. However, smartphone manufacturers are striving to improve their battery capacity which is expected to hinder the market growth to some extent.
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Further key findings from the report suggest:
• The online distribution channel segment is projected to witness significant growth during the forecast period due to growing penetration of e-commerce, especially in emerging regions.
• In 2019, electric segment held the largest market share in terms of revenue, wherein the solar segment is projected to grow with the higher CAGR over the forecast period due to increasing demand for energy-efficient consumer electronics devices.
• Online retail channel is gaining traction among consumers due to the availability of multi-brand along with offers and discounts.
• In battery types, lithium-ion battery segment is anticipated to grow with the faster CAGR over the forecast period, as it reduces harmful gas emission and have the high energy density.
• Countries such as Mexico, India, China, Japan and U.S. are expected to witness substantial growth in the next few years due to robust industrial development.
• Microsoft Corporation; Ambrane India Private Limited.;Panasonic Corporation; Sony Corporation; AsusTeK Computer Inc.; Anker Technology Co.; Beijing Xiaomi Technology Co. Ltd.; Lenovo Group Ltd.; and Intex Technologies are key players operating in this industry.
Million Insights has segmented the global power bank market on the basis of capacity range, distribution channel, battery type, energy sourc and region:
Power Bank Capacity Range Outlook (Revenue, USD Billion, 2016 - 2027)
• Up to 3,000 mAh
• 3,001 mAh-8,000 mAh,
• 8,001 mAh-20,000 mAh
• Above 20,000 mAh
Power Bank Energy Source Outlook (Revenue, USD Billion, 2016 - 2027)
Power Bank Battery Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Lithium Polymer
Power Bank Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)
• Brick and Mortar
Power Bank Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa