ALBANY, N.Y., Oct. 8, 2020 /PRNewswire/ — The drive for power bank devices stems from the need for a reliable charging option for electric gadgets, especially when they need constant charging such as while travelling.
Analysts at TMR foresee massive demand coming from Generation X and millennials who make extensive use of smartphones and electronic gadgets. Rise in tourism around the world has spurred the prospects of the power bank market.
Globally, the power bank market was worth 376.7 million units in 2018. Clocking a CAGR of 6.5% from 2019 to 2027, the valuation of the market is projected to climb to US$ 15,994.6 Mn by 2027-end.
The major product type in 2018 was portable power banks which is projected to clock CAGR of 6.4% during 2019–2027. Wide availability has further stimulated their sales.
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Key Findings of Power Bank Market
- Of all the key product segments, portable power bank held the major share
- Portable power bank segment was valued at US$ 4,152.4 Mn in 2018
- Among the various power rating, the 5,000 mAh – 12,000 mAh segment led the global power bank market in 2018
- Based on port type, type C charging port held the major share in 2018
- Based on application, smartphone held the leading market share in the same year
- Based on the different types of charging, electric source held the major market share in 2018
- Geographically Asia Pacific market is forecast to expand at a prominent rate
- Being the major electronic devices manufacturing hub, Asia Pacific also garnered the major share in the global power bank market
Explore 229 pages of top-notch research, incisive insights, and detailed country-level projections on Power Bank Market (Product Type – Portable Power Banks, Phone Charging Cases, Solar Power Banks; Capacity – Up to 5,000 mAh, 5,001 mAh – 12,000 mAh, 12,001 mAh – 20,000 mAh, Above 20,000 mAh; Battery Type – Lithium Polymer, Lithium Ion; Port Type – Standard, Type C, DC Power Jack; Application – Smartphone, Tablet/Laptops, PCs, Camera, Others(Bluetooth Speakers, Kindle etc.); Charging Source – Electric, Solar, Hybrid; Distribution Channel – Online Distribution Channel, Offline Distribution Channel, Supermarkets and Hypermarkets, Exclusive Stores, Multiband Retail Stores) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/power-banks-market.html
Power Bank Market: Key Driving Factors and Promising Avenues
- Over the years, the proliferating use of smart consumer devices has also spurred the demand for reliable and convenient power option, thereby fueling the demand for power banks.
- Rising demand for better portable powering options on-the-go among Millennials and Gen X has spurred the use of power banks.
- Changing lifestyle and income patterns of populations, especially in developing regions, has propelled the need for long-distance travelling and commute. This has boosted the demand for portable power banks.
- A great deal of changing lifestyle has to do with the rapid pace of urbanization.
- Manufacturers are constantly coming out with new technologies to meet elevated scale of convenience and reliability.
- Rise in use of smartphones, tablets, laptops, and cameras has spurred the need for portable powering options, thus boosting the sales of technologically advanced power banks
Analyze global power banks market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Key Impediments to Power Bank Market Stakeholders
In recent years, manufacturers of smart consumer electronics are giving due attention to their battery capacity. Thus, they are incorporating advanced chipsets in these devices. This has eliminated the need for power banks even when consumer electronics are used for longer duration.
On the other hand, a number of gadget makers who develop consumer electronics are also developing power banks. Also, rise in power-intensive apps among consumers has fueled the need for power banks.
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The Power Bank Market can be segmented as follows:
By Product Type
- Portable Power Banks
- Phone Charging Cases
- Solar Power Banks
- Up to 5,000 mAh
- 5,001 mAh – 12,000 mAh
- 12,001 mAh – 20,000 mAh
- Above 20,000 mAh
By Battery Type
- Lithium Ion
- Lithium Polymer
By Port Type
- Type C
- DC Power Jack
By Charging Source
By Distribution Channel
- Online Distribution Channel
- Offline Distribution Channel
- Supermarkets & Hypermarkets
- Exclusive Stores
- Multiband Retail Stores
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Rest of Middle East & Africa
- South America
- Rest of South America
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