Power banks are used to recharge devices such as smartphones, laptops, and tablets by the means of electric current or solar energy. Power banks can provide charging to electric devices without connecting to a power socket. Power banks are available in different sizes, battery capacity, wired and wireless technology, and price range. In addition, power banks are also compact with maximum power capacity, and they are easy carry and use. All these factors are expected to increase the demand for power banks across the world during the forecast period.
Rise in inclination toward easy and convenient charging options is resulting in the demand for power banks in recent years
Improved features in gadgets made available at low prices are driving the demand for portable devices and gadgets, thus boosting the growth of the power banks market
Large screens and security features are estimated to boost the purchase of devices and gadgets, thus resulting in the growth of the power banks market
Additionally, continuous research and development undertaken by manufacturers in order to develop power banks with multiple ports to provide easy charging options to several gadgets at the same time is resulting in the rise in demand for power banks
The global power banks market can be segmented based on type, power rating, battery type, application, distribution channel, and region
In terms of type, the power banks market can be segmented into portable power banks, phone charging cases, and solar power banks. Portable power banks dominated the market in 2017 as it is considered as the most convenient charging option. Increasing usage of electronic devices such as smartphones, tablets, iPads, and laptops across the globe has resulted in the rise in demand for portable power banks.
In terms of power rating, the market has been segmented into up To 3,000 mAh, 3,001 mAh – 8,000 mAh, 8,001 mAh – 20,000 mAh, and above 20,000 mAh
Based on battery type, the market has been segmented into lithium ion and lithium polymer
In terms of application, the market has been bifurcated into industrial/B2B and consumer electronics
Based on distribution channel, the global power banks market can be classified into online and offline. The offline segment is sub-segmented into supermarkets & hypermarkets, exclusive stores, multiband retail stores, and others.
Based on region, the global power banks market can be divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, Italy, and Rest of Europe), Asia Pacific (India, Japan, China, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America). Asia Pacific dominated the market, owing to the rising number of usage of electronic devices such as smartphones, iPads, notepads, Bluetooth speakers, smart watches, etc. The region is one of the largest manufacturing hub for electronic devices that provides power banks at a reasonable rates. In addition, continuous product innovation among the manufacturers as a result of intensive competition has resulted in providing power banks of premium quality at an affordable rates. This has resulted in Asia Pacific as one of the largest consumer of power banks in the global power banks market.
Key players operating in the global power banks market are Anker Technology Co. Limited, Apacer Technologies, Inc., Braven LC – INCIPIO Technologies, Inc., EasyAcc.com, Inc., Goal Zero Corporation, GP Batteries International Ltd, IEC Technology, LLC, Maxell Holdings, Ltd., MiPow Limited, Mophie, Inc., Panasonic Corporation, RavPower, Samsung Electronics Co., Ltd, Sony Corporation, and Xtorm Bv, among others
These market players are focused toward adoption of business strategies such as mergers & acquisition and geographical expansion. Furthermore, market players are more focused on product development and enhancement to have competitive advantage over others.