Global Power Bank Market Value Anticipated to Reach more than US$ 26 Billion by 2023

The global power bank market has experienced exponential growth over the past few years. The increasing demand for electronic devices along with the availability of economical products has stimulated the growth of the market.

According to the latest report by IMARC Group, titled “Power Bank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global power bank market exceeded a value of US$ 8 Billion in 2017. A power bank is defined as a portable device used to charge electronics like smartphones and tablets. With the onset of digitalization, the demand for electronic gadgets has gradually increased worldwide. As a result, power banks are progressively being acquired as a common source of battery backup for devices with USB capability. Other factors such as mobility and versatility of power banks have also augmented their demand.

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Market Trends:

One of the major forces which has been proactive in maintaining the growth of the market is the availability of low-cost power banks. The escalating sales of power banks through various online portals and e-commerce websites are also propelling the market growth. Moreover, setting up a power bank production facility requires less capital investment, which has created a positive outlook for both the existing manufacturers and new entrants. Further, as internet usage on smartphones leads to heavy drainage of their inbuilt batteries, the rising internet penetration has driven the consumption of power banks, especially in emerging countries. Apart from this, the introduction of eco-friendly solar and hydrogen fuel-based power banks is expected to catalyze the market growth. Looking forward, the market value is anticipated to reach more than US$ 26 Billion by 2023, registering a CAGR of 21.5% during 2018-2023.

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Global Power Bank Market Segmentation:

Market Breakup by Product Type:

1. Portable Power Banks

2. Solar Power Banks

3. Battery Cases

Based on product types, the market has been segmented as portable power banks, solar power banks and battery cases. Amongst these, portable power banks account for the largest market share.

Market Breakup by Battery Type:

1. Lithium-Ion

2. Lithium-Polymer

The global power bank market is bifurcated by battery type into lithium-ion and lithium polymer batteries. At present, lithium-ion battery holds the dominant share, representing the most popular type.

Market Breakup by Power Ratings (Capacity):

1. Below 3,000 mAh

2. 3,001 mAh – 8,000 mAh

3. 8,001 mAh – 20,000 mAh

4. Above 20,000 mAh

On the basis of capacity range, batteries with 8001 mAh-20,000 mAh range account for the biggest share. Other categories include 3,001 mAh- 8,000 mAh; up to 3,000 mAh; and above 20,000 mAh.

Market Breakup by Application:

1. Smartphones

2. Tablets

3. Portable Media Devices

4. Others

Based on applications, smartphones are the major application segment of power banks, holding the dominant share. Other major segments include tablets and portable media devices.

Market Breakup by Region:

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, Asia Pacific is the leading market for power banks across the globe.

Competitive Landscape:

The key players operating in the market include Samsung Electronics Co., Ltd., Sony Corporation, Anker, GP Batteries, Xtorm, Huawei Technologies, Xiaomi Corporation, Intex, Zagg Inc. and Lenovo Group Ltd.

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This release was published on openPR.