Report Ocean has recently published a report on the global power bank market, titled “Power Bank Market by Battery Type (Lithium Ion and Lithium Polymer), Power Rating (Up to 3000 mAh, 3,001 – 8,000 mAh, 8,001 – 20,000 mAh, and Above 20,000 mAh), Distribution Channel (Online and Offline), and Price Range (Low, Mid-Range, and Premium Range): Global Opportunity Analysis and Industry Forecast, 2020 – 2027.”
The global power bank market stood at US$17.41 bn in 2019. Proliferating at a CAGR of 3.40% during the period from 2020 to 2027, it is likely to reach US$22.34 bn by the end of the forecast period.
The advent of new technologies in consumer electronics, such as artificial intelligence, wireless technologies, and IoT services, and the rising penetration of internet services, has increased the need for gadgets and devices, thereby, boosting the demand for power banks across the world.
The rising penetration smartphones across the world, increasing sales of power banks on online portals and the surge in the demand of power banks for laptops and wearable devices are expected to drive the growth of the worldwide power bank market in the years to come. However, the emergent trends of wireless charging, enhanced battery capacity of electronic devices, and the rising preference for rental power banks among consumers may hamper the market’s growth in the coming years. Nonetheless, the advent of solar and hydrogen fuel-based power banks and wireless power banks are expected to present lucrative opportunities for market players in the years to come.
Impact of Covid 19 on Global Power Bank Market
Among many markets that have been impacted by the outbreak of Coronavirus pandemic is the global power bank market. Due to the economic slowdown, people are hesitating in spending on things which are not of absolute necessity. Also, as these days, people are staying indoors most of the time, they are depending more on electricity to charge their devices rather than power banks, which is reflecting negatively on this market.
Demand for Lithium-ion Battery Type to Remain High
In this research report, the global power bank market has been assessed on the basis of the battery type, power rating, distribution channel, price range, and the region. Based on the battery type, the market has been classified into lithium-ion and lithium-polymer. Among the two, the demand for lithium-ion batteries is relatively higher and the scenario is likely to remain so over the next few years.
Based on the power rating, the maret has been classified into up to 3,000 mAh, 3,001–8,000 mAh, 8,001–20,000 mAh, and above 20,000 mAh. Thanks to the high application of power banks in mobile charging, the 3,001–8,000 mAh segment leads the global market at present and is expected to continue doing so over the forthcoming years.
Online Distribution Channel to Gain Momentum in Near Future
In terms of the distribution channel, the market has been segmented into online and offline channels. Hitherto, the offline channel is more popular among consumers for the purchase of power banks. However, a shift towards online channel can be seen in the years to come.
As per the price range, the market has been categorized into low range, mid-range-range, and premium range. Regionally, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA in this research report.
The key power bank manufacturers profiled in the report are Samsung Electronics Co., Ltd., Sony Corporation, Anker, Huawei Technologies, Mi, Intex, Zagg Inc., Panasonic Corporation, GP Batteries, and Lenovo Group Ltd.
- The demand for lithium-ion batteries is relatively higher and the scenario is likely to remain so over the next few years.
- The offline channel is more popular among consumers for the purchase of power banks.
The global power bank market is segmented into:
By Battery Type
- Lithium Ion
- Lithium Polymer
By Power Rating
- Up to 3,000 mAh
- 3,001–8,000 mAh
- 8,001–20,000 mAh
- Above 20,000 mAh
By Distribution Channel
By Price Range
- Low Range
- Premium Range
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- Samsung Electronics Co., Ltd.,
- Sony Corporation
- Huawei Technologies
- Zagg Inc.
- Panasonic Corporation
- GP Batteries
- Lenovo Group Ltd.
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