Press release
Portable Battery Pack Market will Account for Around US$ 13.7 Billion by 2024-end
Key findings in the report, titled “Power Battery Pack (Power Bank) Market: Global Industry Analysis and Forecast, 2016-2024,” predict that consumers will remain more inclined towards power banks with higher storage capacity. Concurrently, the report estimates that about 200 million units of power banks with 5000-7500 mAh capacity were sold globally in 2016. In the years to come, demand for power battery packs with even higher capacity will grow robustly, compelling power bank manufacturers to extend their product portfolio for 7500-10000 mAh and above 10000 mAh capacity power banks. By the end of 2024, power banks with more than 10000 mAh capacity are likely to get sold at the fastest rate across the globe.
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Similar to their prevalence today, Lithium-ion (Li-ion) power banks will remain to be the dominant type of power battery packs being preferred by consumers. Efficiency of Li-ion batteries in charging and transmitting power will keep factoring the growth in global demand for Li-ion power battery packs. Through 2024, every second power bank that will be sold globally will be equipped with a Li-ion battery. However, popularity of Li-ion power battery packs will contested with rising preference to Lithium-polymer (Li-polymer) power banks. By 2024-end, nearly 500 million units of Li-polymer power battery packs are anticipated to get consumed, globally.
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More than two-third of global power bank revenues amassed between 2016 and 2024 will be accounted by smartphones and mobile phones. Prominence of mobile phones over other multimedia devices is less likely to cease in the future. Leading smartphone manufacturers have also entered the global power battery pack market by offering a range of power bank products, with an intention to specifically cater to their customers. Tablets will remain second-most prominent product for use of power battery packs. In 2016, power battery packs used by tablet users exceeded 150 million units in volume. Over the assessment period, the report projects a healthy growth in global power bank revenues accounted by tablets.
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