The global power banks market will register double-digit CAGR over the forecast period, 2019-2029. Rising usage of smartphones in tandem with increasing internet-related services via mobile devices are critical in defining growth curve. Emergence of wearable devices, including fitness trackers, smart watches, and health monitors are further contributing to revenue generation.
Digital maturity is synonymous to staying ahead of competitors. Smartphones have been making significant strides over the recent past owing to subsequent tech-driven advances and user-centric models. Several businesses are embracing smartphones to access and share classified information in order to streamline business operations. Amidst the coronavirus pandemic, a majority of companies have announced WFH until the virus is contained. This again has offered lucrative prospects to power bank manufacturers.
“Global power bank market is fairly fragmented, owing to low capital investment required to enter the market. As such, leading companies are focusing on consumer preferences including, compact size, and sleek designs, to reach wider customer base. E-commerce platforms are considered a preferred medium among manufacturers to penetrate into untapped markets,” says the Fact.MR study.
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Power Bank Market: Key Takeaways
- 8,001 mAh – 20,000 mAh power banks capture leading revenue share, owing to increasing demand for high-performance power backups to recharge multiple electronic gadgets.
- Solar power banks are seeing rapid adoption, given their reduced carbon footprint attribute.
- Benefits of excellent capacity coupled with prolonged service life are adding to revenue pool of power banks equipped with lithium ion (Li-ion) batteries.
- Brick and mortar stores account for nearly half of power bank sales; manufacturers to turn their sights to e-commerce channels in near term.
- East Asia continues to engage market players; China, and Japan represent the region.
Anticipated Impact of Coronavirus Pandemic
Nationwide lockdowns, and social distancing regulations due to the pandemic has influenced customers to staunchly turn to mobile applications for various purposes. Prevalence of several smartphone apps has resulted in greater battery consumption. Sales of power banks are poised to surge after the containment of the pandemic. At present, manufacturing downtime in several industries to avoid further contagion has adversely affected power bank market during Q1 of 2020.
Power Bank Market – Key Driving Factors
- Gradual drop in prices of power banks are enabling their broader usage.
- Tech-enabled advancements in power banks will propel market growth.
- Increasing power consumption by smartphones is translating into increasing adoption of power banks.
Power Bank Market – Key Restraints
- Complex design procedure of power banks
- Additional costs required to recycle Li-ion batteries
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The study offers detailed competitive and company profiles of players in power bank market. Key players covered in power bank market report include, Beijing Xiaomi Technology Co., Ltd, Ravpower, Griffin, Lenovo, Mophie, Ambrane India Private Limited, Intex Technologies, Microsoft Corporation, Samsung SDI Co. Ltd., AsusTeK Computer Inc., Sony Corporation, and Panasonic Corporation. These players are forming strategic collaborations with value chain shareholders in target regions. Moreover, they are focusing on product differentiation on the basis of size, design, and battery capacity.
About the Report
This 170-page report provides a comprehensive synopsis of the power bank market, covering current and future growth opportunities, on the basis of capacity (up to 3,000 mAh, 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh, and above 20,000 mAh), energy source (electric, and solar), batter type (lithium-ion, lithium polymer, and petroleum refining), distribution channel (E-commerce, and brick and mortar) and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).