- Increase in demand for smartphones across the globe, abridged cost of power banks, and rise in need for the devices for laptops and wearable gadgets drive the growth of the global power bank market.
PORTLAND, Ore., Oct. 27, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Bank Market by Battery Type (Lithium Ion and Lithium Polymer), Power Rating (Up to 3000 mAh, 3,001 - 8,000 mAh, 8,001 - 20,000 mAh, and Above 20,000 mAh), Distribution Channel (Online and Offline), and Price Range (Low, Mid-Range, and Premium Range): Global Opportunity Analysis and Industry Forecast, 2020 - 2027." According to the report, the global power bank industry was estimated at $17.41 billion in 2019, and is anticipated to hit $22.34 billion by 2027, registering a CAGR of 3.4% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for smartphones across the globe, abridged cost of power banks, and rise in need for the devices for laptops and wearable gadgets drive the growth of the global power bank market. On the other hand, increasing preference toward rental power banks among users restrains the growth to some extent. However, emerging trends toward wireless power banks and use of solar cells and hydrogen cells in the devices are expected to create multiple opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic caused huge disruptions in the supply chain thereby impacting the global power bank market negatively. Also, the trend of staying at home has resulted in decreased demand for portable battery charging devices from individuals.
- At the same time, China has always been the largest supplier of portable power banks. But, the wake of Covid-19 has naturally put a number of bars on the imports and exports from and to the country.
The online segment to dominate by 2027-
Based on distribution channel, the online segment accounted for more than two-thirds of the global power bank market revenue in 2019 and is anticipated to rule the roost by the end of 2027. The same segment is also expected to manifest the fastest CAGR of 3.6% throughout the forecast period, owing to rising penetration of the Internet in developing economies.
The mid segment to hold the lion' share-
Based on price range, the mid segment contributed to nearly three-fifths of the global power bank market share in 2019 and is expected to lead the trail by 2027. The same segment would portray the fastest CAGR of 3.7% during the study period, due to easy availability of mid-range power banks.
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Asia-Pacific, followed by North America, held the major share in 2019 -
Based on geography, Asia-Pacific, followed by North America, held the major share in 2019, generating nearly half of the global power bank market. The same region is also projected to register the fastest CAGR of 4.2% from 2020 to 2027. This is due to high usage of smartphones in the province.
Key players in the industry-
- Sony Corporation
- Anker
- Lenovo Group Ltd.
- Samsung Electronics Co., Ltd.
- Mi
- Intex
- Zagg Inc.
- Panasonic Corporation
- GP Batteries
- Huawei Technologies
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