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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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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