Global Power Bank Market to Grow at a CAGR of 7.43% From 2021-2026
Increase in power consumption of electronic devices and use of the
internet, inadequate battery capacity of smartphones and other portable
consumer electronic products among others are anticipated to be the driving
factors for the growth of the Global Power Bank Market.
According to TechSci Research report, “Global Power
Bank Market By Battery Type (Lithium-Ion (Li-Ion) Battery, Lithium Polymer
(Li-Polymer) Battery), By Capacity (Up to 3,000 mAh, 3,0001 mAh-8000 mAh, 8,001
mAh-20,000 mAh, Above 20,000 mAh), By Application (Smart Phone, Tablet, Laptop,
Portable Media Device, Digital Camera) By Region (North America, Europe, APAC,
South America, MEA), Competition Forecast & Opportunities, 2016 – 2026’’, the Global Power Bank Market is
projected to grow from USD10.98 billion in 2020 to USD17.25 billion by 2026
with a growth rate of 7.43%. Increasing internet-related services through smartphones
and tablets, declining price of power banks, frequent electric outages in
certain countries, increase in power consumption of smartphones, and sudden
shift to work-from-home and remote learning due to COVID-19 has resulted in a spike
in the demand for laptops, thereby driving the Global Power Bank Market.
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Global Power Bank Market"
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The Power Bank Market is segmented into battery type,
capacity, application, and region. Based on battery type, the Global Power Bank
Market can be segmented into Lithium Polymer (Li-Polymer), and Lithium-Ion
(Li-Ion), with the 'Lithium-Ion' category having the leading market share of
about 63.64 % in 2020. Based on capacity, the market is segmented into up to
3,000 mAh, 3,0001 mAh-8000 mAh, 8,001 mAh-20,000 mAh, Above 20,000 mAh. Based
on application, the market is segmented into smartphones, tablets, portable media
devices, laptops, and digital cameras.
Power bank manufacturers prefer installing lithium polymer
batteries in their recently launched and upcoming products, as these batteries
are lighter in weight, more compact, devoid of electrolytes, offer fast
charging and discharging feature, and have a flexible form factor compared to
lithium-ion batteries. Therefore, to avoid the risks of electrolyte leakage and
battery explosions along with the development of lightweight power banks, the
manufacturers are offering Li-polymer batteries-installed devices.
The Global Power Bank Market size research report delivers an
acute valuation and taxonomy of the power bank industry by practically
splitting the market into different battery types, capacities, applications,
and regions. Through the analysis of the historical and projected trends, all
the segments and sub-segments were evaluated through the Top-Down approach, and
different market sizes have been projected for 2016 to 2026. The regional
segmentation of the Global Power Bank industry includes the complete
classification of all the major continents including North America, Europe, APAC,
and MEA, South America. Further, country-wise data for the Global Power Bank
industry is provided for the leading economies of the world.
The Power
Bank Market has historically been subjected to moderate growth due to the rise
in demand for consumer electronics with heavy features and usage. This is
expected to drive the growth of the market during the forecast period. The
recent COVID-19 pandemic has resulted in a decline in the growth rate. The
pandemic has resulted in limited production leading to a serious decline in
business inputs. The recovery depends on government assistance as well as the
level of corporate debt and how the companies and markets cope with the demand.
The market for 2020 is witnessing a sudden decrease due to COVID-19, which has
majorly affected the R&D and supply chain of power banks. It may also
affect the planned investments in this market. In addition, the per capita
income of individuals has also been affected due to the pandemic. Thus, the
demand for consumer electronics accessories such as power banks has decreased.
With the trend of work-from-home, consumers are spending most of the time at
their homes with constant access to electricity to power their devices.
However, in countries such as India, where power cut is a major issue, power
banks have been used to power their device during power shortages.
Some of the leading players in the Global Power Banks Market
are Anker Innovations, Xiaomi Corporation, AsusTek Computer Inc, Samsung
Electronics Co., Ltd, AUKEY®, MOPHIE (ZAGG), POWERadd, China BAK Battery Inc.,
RAVpower, BELKIN Sony Corporation, Panasonic Corporation.
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APAC held the
largest share of 35.44% in the
Global Power Bank Market in 2020.
Major factors such as increasing adoption of wearables and other
consumer electronic products, presence of prominent manufacturers of power
banks, increasing population and economic growth of developing countries are fueling the
market growth of power banks in APAC. The market in APAC is most severely
impacted by the COVID-19 pandemic. The consumer electronics industry in China
is witnessing a decline in the production rate owing to the outbreak of COVID-19. However, continuous product launches by leading companies might boost the growth.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global
Power Bank Market By Battery Type (Lithium-Ion (Li-Ion) Battery, Lithium
Polymer (Li-Polymer) Battery), By Capacity (Up to 3,000 mAh, 3,0001 mAh-8000
mAh, 8,001 mAh-20,000 mAh, Above 20,000 mAh), By Application (Smart Phone,
Tablet, Laptop, Portable Media Device, Digital Camera) By Region (North
America, Europe, APAC, South America, MEA), Competition Forecast &
Opportunities, 2016 – 2026” has
evaluated the future growth potential of Global Power Bank Market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the Global Power Bank Market.
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