Power Banks Market - Portable Power Banks to Retain High Preference in Coming Years

The issue of mobile battery drainage is swelling with the rising penetration of high-speed internet. Social media mobile applications enabled by the internet and other services such as mobile games and video streaming consume high power, which in turn drains the battery. This is, thereby, escalating the demand for power banks. Besides this, the proliferation of smartphones is also working in favor of the global power banks market.

According to a report by Transparency Market Research (TMR), the opportunity in the market will rise to a valuation of US$36.15 bn by the end of 2022, expanding at a remarkable CAGR of 25.9% between 2014 and 2022. The market holds immense potential, which is likely to encourage small players to foray into the arena. However, this will boost the competitive pressure on large players to offer quality products at low prices, which is expected to act as a stumbling block for key players. Furthermore, the advent of smartphones with solar panel fixed over screens is likely to slow down the rate of adoption of power banks in the long run.

Demand for Portable Power Banks to Remain High through 2022

On the basis of product type, the global power banks market is segmented into solar power banks, portable power banks, and phone charging case. The portable power banks segment will continue to account for the leading share in the market in terms of both value and volume until 2022. The convenience offered by them is the primary factor that makes portable power banks the most preferred type. Moreover, rapid technological advancements are leading to the increase in functionality in portable power banks, thereby driving the growth of the segment.

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Based on power ratings, the report divides the market into above 20,000mAh, 8,001–20,000mAh, 3,001–8,000mAh, and up to 3,000mAh. The 3,001–8,000mAh segment will remain dominant in terms of revenue throughout the forecast horizon. The spiraling demand for power banks with this power rating in industrialized economies in North America and Western Europe is supplementing the growth of the segment. These regions have a wide consumer base with two or more gadgets, which prefers cost-effective power banks that can charge multiple gadgets simultaneously.

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Asia Pacific to Offer Ample Lucrative Opportunities Owing to Rising Penetration of High-Speed Internet

From the geographical standpoint, the global power bank market is categorized into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. North America will be the forefront of growth throughout the same period, closely followed by Europe. The growth of these regions can be attributed to the presence of a large number of key players coupled with rapid technological advancements. The surging demand for power banks that can charge multiple devices at a time is also supplementing the growth of these regions.

Asia Pacific, on the other hand, will expand at a phenomenal pace during the review period, with developing economies such as India and China emerging as sights of high growth rates. The proliferation of smartphones in these countries is playing a vital part in the expansion of the power bank market in the region. The rising penetration of high-speed mobile internet and availability of power banks at cheap prices are propelling the growth of the region.

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Some of the prominent companies operating in the global power bank market are MiPow Limited, Mophie Inc., Xtorm BV, Hitachi Maxell Ltd., EassyAcc.com Inc., Limefuel LLC, Sony Corporation, Panasonic Corporation, Apacer Technologies Inc., Samsung Electronics Co. Ltd., and Anker and GP Batteries International Ltd.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.